<SEC-DOCUMENT>0001178913-16-005124.txt : 20160420
<SEC-HEADER>0001178913-16-005124.hdr.sgml : 20160420
<ACCEPTANCE-DATETIME>20160420121854
ACCESSION NUMBER:		0001178913-16-005124
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		108
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160420
DATE AS OF CHANGE:		20160420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ituran Location & Control Ltd.
		CENTRAL INDEX KEY:			0001337117
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32618
		FILM NUMBER:		161580822

	BUSINESS ADDRESS:	
		STREET 1:		3 HASHIKMA STREET
		CITY:			AZOOR
		STATE:			L3
		ZIP:			58001
		BUSINESS PHONE:		972-3-557-1333

	MAIL ADDRESS:	
		STREET 1:		3 HASHIKMA STREET
		CITY:			AZOOR
		STATE:			L3
		ZIP:			58001
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>zk1618361.htm
<DESCRIPTION>20-F
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WASHINGTON, D.C. 20549</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="ituran.jpg" alt=""></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 16pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 16pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Exact name of Registrant as specified in its charter and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">translation of Registrant&#8217;s name into English)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Israel</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Jurisdiction of incorporation or organization)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">3 Hashikma Street, Azour, Israel</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Address of principal executive offices)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Eli Kamer, Chief Financial Officer, 3 Hashikma Street, Azour, Israel, Tel: 972-3-5571314, Facsimile: 972-3-5571327</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Securities registered or to be registered pursuant to Section 12(b) of the Act:</font></div>

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<td valign="bottom" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Title of each class</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Name of each exchange on which registered</font></div>
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<td valign="bottom" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Ordinary Shares, par value NIS 0.33</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; FONT-WEIGHT: bold">1</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">/</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub; FONT-WEIGHT: bold">3 </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">per share</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Nasdaq Global Select Market</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Securities registered or to be registered pursuant to Section 12(g) of the Act:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">None</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Title of Class)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Title of Class)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Indicate the number of outstanding shares of each of the Issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

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<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Yes </font><font style="DISPLAY: inline;" face="Wingdings">o </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">No </font><font style="DISPLAY: inline;" face="Wingdings">x</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If this report is an annual or transition report, indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Yes </font><font style="DISPLAY: inline;" face="Wingdings">o </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">No </font><font style="DISPLAY: inline;" face="Wingdings">x</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the proceeding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Yes </font><font style="DISPLAY: inline;" face="Wingdings">x </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">No </font><font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for shorter period that the registrant was required to submit and post such files).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Yes </font><font style="DISPLAY: inline;" face="Wingdings">x </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">No </font><font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act (check one):</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Wingdings">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;</font><font style="DISPLAY: inline;" face="Wingdings">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;&#160;&#160; </font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="top" width="33%" style="TEXT-ALIGN: center">Large Accelerated Filer <font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></td>
<td valign="top" width="34%" style="TEXT-ALIGN: center">Accelerated Filer <font style="DISPLAY: inline; FONT-FAMILY: wingdings">x</font></td>
<td valign="top" width="33%" style="TEXT-ALIGN: center">Non-accelerated filer <font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></td>
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;Indicate by check mark which basis of accounting the registrant had used to prepare the financial statements included in this filing:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="top" width="33%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">U.S. GAAP </font><font style="DISPLAY: inline; FONT-FAMILY: wingdings">x</font></font></div>
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<td valign="top" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">International Financial Reporting Standards as issued </font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">by the International Accounting Standards Board </font><font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Other </font><font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the Registrant has elected to follow:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Item 17 </font><font style="DISPLAY: inline;" face="Wingdings">o </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">Item 18 </font><font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Yes </font><font style="DISPLAY: inline;" face="Wingdings">o </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">No </font><font style="DISPLAY: inline;" face="Wingdings">x</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS]</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;Yes </font><font style="DISPLAY: inline;" face="Wingdings">o </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">No </font><font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">TABLE OF CONTENTS</font></font></div>

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<div align="left">
<table cellpadding="2" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="2" valign="top" width="8%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#use">USE OF CERTAIN TERMS</a></font></div>
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<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">IV</font></div>
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<td colspan="2" valign="top" width="8%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#forward">FORWARD LOOKING STATEMENTS</a></font></div>
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<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">IV</font></div>
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</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item1">ITEM 1.</a></font></div>
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<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item1">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></font></div>
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<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1</font></div>
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</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item2">ITEM 2.</a></font></div>
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<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item2">OFFER STATISTICS AND EXPECTED TIMETABLE</a></font></div>
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<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1</font></div>
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</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item3">ITEM 3.</a></font></div>
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<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item3">KEY INFORMATION</a></font></div>
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<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1</font></div>
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</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">A.</font></div>
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<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SELECTED FINANCIAL DATA</font></div>
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<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1</font></div>
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</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">B.</font></div>
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<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">CAPITALIZATION AND INDEBTEDNESS</font></div>
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<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4</font></div>
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</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">C.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">REASONS FOR THE OFFER AND USE OF PROCEEDS</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">D.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">RISK FACTORS</font></div>
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<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item4">ITEM 4.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item4">INFORMATION ON THE COMPANY</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15</font></div>
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</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">A.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">HISTORY AND DEVELOPMENT OF THE COMPANY</font></div>
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<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">B.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">BUSINESS OVERVIEW</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">C.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ORGANIZATIONAL STRUCTURE</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">D.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">PROPERTY, PLANTS AND EQUIPMENT</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item4a">ITEM 4.A.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item4a">UNRESOLVED STAFF COMMENTS</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">29</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item5">ITEM 5:</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item5">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">29</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">A.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">OPERATING RESULTS</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">29</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">B.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">LIQUIDITY AND CAPITAL RESOURCES</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">41</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">C.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">D.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TREND INFORMATION</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">E.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">OFF-BALANCE SHEET ARRANGEMENTS</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">G.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SAFE HARBOR</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45</font></div>
</td>
</tr></table>

<div>&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">i</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<table cellpadding="2" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item6">ITEM 6.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item6">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">A.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">DIRECTORS AND SENIOR MANAGEMENT</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">B.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">COMPENSATION</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">C.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">BOARD PRACTICES</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">53</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">D.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EMPLOYEES</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">57</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">E.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SHARE OWNERSHIP</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">60</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item7">ITEM 7.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item7">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">61</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">A.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">MAJOR SHAREHOLDERS</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">61</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">B.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">RELATED PARTY TRANSACTIONS</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">63</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">C.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">INTERESTS OF EXPERTS AND COUNSEL</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">69</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item8">ITEM 8.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item8">FINANCIAL INFORMATION</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">69</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">A.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">CONSOLIDATED STATEMENTS AND OTHER FINANCIAL&#160;&#160;INFORMATION</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">69</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">B.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SIGNIFICANT CHANGES</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">71</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item9">ITEM 9.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item9">THE OFFER AND LISTING</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">72</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">A.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">OFFER AND LISTING DETAILS</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">72</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">B.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">PLAN OF DISTRIBUTION</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">C.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">MARKETS</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73</font></font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">D.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SELLING SHAREHOLDERS</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73</font></font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">E.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">DILUTION</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73</font></font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EXPENSES OF THE ISSUE</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73</font></font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item10">ITEM 10.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item10">ADDITIONAL INFORMATION</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73</font></font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">A.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SHARE CAPITAL</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73</font></font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">B.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">MEMORANDUM AND ARTICLES OF ASSOCIATION</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">74</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">C.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">MATERIAL CONTRACTS</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">82</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">D.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">EXCHANGE CONTROLS</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">82</font></font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">E.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TAXATION</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">82</font></font></div>
</div>
</td>
</tr></table>

<div>&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ii</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<table cellpadding="2" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">DIVIDENDS AND PAYING AGENTS</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">G.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">STATEMENT BY EXPERTS</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90</font></font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">H.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">DOCUMENTS ON DISPLAY</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90</font></font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">I.</font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SUBSIDIARY INFORMATION</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">91</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item11">ITEM 11.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item11">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET&#160;&#160;RISK</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">91</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item12">ITEM 12.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item12">DESCRIPTIONS OF SECURITIES OTHER THAN EQUITY SECURITIES</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">92</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item13">ITEM 13.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item13">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">92</font></font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item14">ITEM 14.A</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item14">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">92</font></font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item15">ITEM 15.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item15">CONTROLS AND PROCEDURES</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">93</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16">ITEM 16.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16">[RESERVED]</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16a">ITEM 16A.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16a">AUDIT COMMITTEE FINANCIAL EXPERT</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98</font></font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16b">ITEM 16B.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16b">CODE OF ETHICS</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98</font></font></font></div>
</div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16c">ITEM 16C.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16c">PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98</font></font></font></div>
</div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16d">ITEM 16D.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16d">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98</font></font></font></div>
</div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16e">ITEM 16E.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16e">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98</font></font></font></font></div>
</div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16f">ITEM 16F.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16f">CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98</font></font></font></div>
</div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16g">ITEM 16G.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16g">CORPORATE GOVERNANCE</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99</font></div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16h">ITEM 16H.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item16h">MINE SAFETY DISCLOSURE</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99</font></font></font></div>
</div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item17">ITEM 17.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item17">FINANCIAL STATEMENTS</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99</font></font></font></div>
</div>
</div>
</td>
</tr><tr>
<td valign="top" width="7%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item18">ITEM 18.</a></font></div>
</td>
<td valign="top" width="87%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item18">FINANCIAL STATEMENTS</a></font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99</font></font></font></div>
</div>
</div>
</td>
</tr><tr>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><!--EFPlaceholder--><a name="USE">USE </a>OF CERTAIN TERMS</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">As used herein, and unless the context suggests otherwise, the terms &#8220;we&#8221;, &#8220;us&#8221;, &#8220;our&#8221; or &#8220;Ituran&#8221; refer to Ituran Location and Control Ltd. and its consolidated subsidiaries.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">We have prepared our consolidated financial statements in US Dollars. Our consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;). All references herein to &#8220;dollars&#8221; or &#8220;$&#8220;or &#8220;USD&#8221; are to United States dollars, and all references to &#8220;NIS&#8221; are to New Israeli Shekels.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-WEIGHT: bold"><a name="FORWARD">FORWARD </a>LOOKING STATEMENTS</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">This Annual Report on Form 20-F contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The use of the words &#8220;projects,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;may,&#8221; &#8220;plans&#8221; or &#8220;intends,&#8221; or words of similar import, identifies a statement as &#8220;forward-looking.&#8221; The forward-looking statements included herein are based on current expectations that involve a number of risks and uncertainties. These forward-looking statements are based on the assumption that we will not lose a significant customer or customers or experience increased fluctuations of demand or rescheduling of purchase orders, that our markets will continue to grow, that our products will remain accepted within their respective markets and will not be replaced by new technology, that competitive conditions within our markets will not change materially or adversely, that we will retain key technical and management personnel, that our forecasts will accurately anticipate market demand, and that there will be no material adverse change in our operations or business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. In addition, our business and operations are subject to substantial risks which increase the uncertainty inherent in the forward-looking statements. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives or plans will be achieved. Factors that could cause actual results to differ from our expectations or projections include the risks and uncertainties described in this annual report in Item 3D: Risk Factors.</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline">Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statements or other information contained in this report, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures we make in our reports on Form 6-K filed with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;).</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SELECTED FINANCIAL DATA</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The selected consolidated financial data below is provided under generally accepted accounting principles in the U.S. (U.S. GAAP). You should read the selected consolidated financial data presented in this Item together with Item 5 &#8211; Operating and Financial Review and Prospects and with our consolidated financial statements included elsewhere in this annual report.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our selected consolidated statements of income data for the years ended December 31, 2013, 2014 and 2015, and our selected consolidated balance sheet data as of December 31,&#160;&#160;2014 and 2015 have been derived from our consolidated financial statements included elsewhere in this report. The selected consolidated statements of income data for each of the years ended December 31,&#160;&#160;2011 and 2012, and the selected consolidated balance sheet data as of December 31, 2011,&#160;&#160;2012 and 2013, are derived from our audited consolidated financial statements not included in this report.</font></div>

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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">In thousands, except per share amounts</font></div>
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<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Location based services</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">127,683</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">133,692</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">126,951</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">114,565</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">120,410</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Wireless communications products</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">47,945</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">48,435</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43,216</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">35,753</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">39,757</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Total Revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">175,628</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">182,127</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">170,167</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">150,318</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">160,167</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost of Revenues:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Location based services</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46,823</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46,852</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,850</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,974</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">49,731</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Wireless communication products</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,924</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,142</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">36,015</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">29,786</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">29,758</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total cost of revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">85,747</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">84,994</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80,865</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">74,760</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">79,489</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Gross profit</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89,881</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">97,133</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89,302</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">75,558</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80,678</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Research and development expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,401</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,526</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,414</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,066</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,877</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;Selling and marketing expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,303</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,264</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,715</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,489</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,543</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;General and administrative expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,801</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,617</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,483</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33,439</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,984</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Other expenses (income), net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(268</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">856</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,760</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,617</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,691</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Operating Income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40,644</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45,870</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,930</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">29,947</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26,583</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Other income (expenses), net</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(166</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,755</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(819</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Financing income, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,189</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,704</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">238</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">987</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income before income tax</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">41,833</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">47,574</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,002</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,689</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,864</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income tax</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,822</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(14,246</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,447</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(11,690</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5,655</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Share in losses of&#160;&#160;affiliated companies, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,439</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(421</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(39</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(23</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income for the year</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26,572</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,907</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,554</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,960</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,186</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less: net income attributable to non-controlling interest</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,601</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,478</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,792</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,080</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(908</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td align="right" valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net income attributable to Company stockholders</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30,429</font> </td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,762</font> </td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,880</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21,278</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Earning per share</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Basic</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.45</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.13</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.01</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Diluted</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.45</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.13</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.01</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -6.85pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted average number of shares outstanding</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Basic</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>
</div>
</div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consolidated Balance Sheets Data</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended December 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">In USD</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt">In thousands, except per share amounts</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash &amp; Cash Equivalent; deposit in escrow (short and long term) and investment in trading marketable securities</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">29,051</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40,780</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160; <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46,679</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160; <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,392</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160; <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40,226</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Working Capital</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,124</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">56,910</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">57,259</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,145</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">48,474</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total Assets</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">142,003</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">152,337</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">160,542</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">147,339</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">157,457</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total Liabilities</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">54,182</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">57,754</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">65,057</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">55,332</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">52,105</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Retained Earnings</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">57,739</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">49,067</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,831</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,187</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43,185</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Stockholders Equity</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">83,698</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90,696</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90,918</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">88,027</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">101,194</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dividend declared per share</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.76</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.93</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.86</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.81</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.23</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Other Data:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended December 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(unaudited)</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="10" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Subscribers of our location-based services<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">948,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">817,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">741,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">667,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">623,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Average monthly churn rate</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>) number of subscribers are rounded to the nearest thousand.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CAPITALIZATION AND INDEBTEDNESS</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Not applicable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REASONS FOR THE OFFER AND USE OF PROCEEDS</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Not applicable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">D.</font></font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">RISK FACTORS</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Our business, operating results and financial condition could be seriously harmed due to any of the following risks, among others. If we do not successfully address the risks to which we are subject, we could experience a material adverse effect on our business, results of operations and financial condition and our share price may decline, which may result in a loss of all or part of your investment . We cannot assure you that we will successfully address any of these risks. You should carefully consider the following factors as well as the other information contained and incorporated by reference in this annual report before taking any investment decision with respect to our securities. See &#8220;Forward Looking Statements&#8221; on page iv above.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RISKS RELATED TO OUR BUSINESS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Failure to maintain our existing relationships or establish new relationships with insurance companies could adversely affect our revenues and growth potential.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues from our stolen vehicle recovery services, which we refer to as <font style="DISPLAY: inline; FONT-WEIGHT: bold">SVR services</font>, and automatic vehicle location products, which we refer to as <font style="DISPLAY: inline; FONT-WEIGHT: bold">AVL products</font>, are primarily dependent on our relationships with insurance companies. In Israel, insurance companies drive demand for our SVR services and AVL products by encouraging and, in some cases, requiring customers to subscribe to vehicle location services and purchase vehicle location products such as ours. In Brazil and Argentina, insurance companies enter into written agreements to subscribe to our services and purchase or lease our products directly. Our inability to maintain our existing relationships or establish new relationships with insurance companies could adversely affect our revenues and growth potential.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Changes in practices of insurance companies in the markets in which we provide our SVR services and sell our AVL products could adversely affect our revenues and growth potential.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We depend on the practices of insurance companies in the markets in which we provide our SVR services and sell our AVL products. In Israel, insurance companies either mandate the use of SVR services and AVL products, or their equivalent, as a prerequisite for providing insurance coverage to owners of certain medium- and high-end vehicles, or provide insurance premium discounts to encourage vehicle owners to subscribe to services and purchase products such as ours. In Brazil and Argentina, insurance companies mainly lease our AVL products directly and subsequently require their customers to subscribe to our SVR services.</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Therefore, we rely on insurance companies&#8217; continued practice of:</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">accepting vehicle location and recovery technology as a preferred security product;</font></font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">requiring or providing a premium discount for using location and recovery services and products;</font></div>
</td>
</tr></table>
</div>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">mandating or encouraging use of our SVR services and AVL products, or similar services and products, for vehicles with the same or similar threshold values and for the same or similar required duration of use; and</font></font></div>
</td>
</tr></table>
</div>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">with respect to insurance companies in Brazil and Argentina, deciding to lease SVR services and AVL products from us directly.</font></font></div>
</td>
</tr></table>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If any of these policies or practices change, revenues from sales of our SVR services and AVL products could decline, which could adversely affect our revenues and growth potential.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">A reduction in vehicle theft rates may adversely impact demand for our SVR services and AVL products.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Demand for our SVR services and AVL products depends primarily on prevailing or expected vehicle theft rates. Vehicle theft rates may decline as a result of various reasons, such as the availability of improved security systems, implementation of improved or more effective law enforcement measures, or improved economic or political conditions in markets that have high theft rates. If vehicle theft rates in any or all of our existing markets decline, or if insurance companies or our other customers believe that vehicle theft rates have declined or are expected to decline, demand for our SVR services and AVL products may decline. &#160;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">A decline in sales of new medium and high end cars and commercial vehicles in the markets in which we operate could result in reduced demand for our SVR services and AVL products.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our SVR services and AVL products are primarily used to protect medium- and high-end cars and commercial vehicles and are often installed before or immediately after their initial sale. Consequently, a reduction in sales of new medium- and high-end vehicles could reduce our addressable market for SVR services and AVL products. New vehicle sales may decline for various reasons, including an increase in new vehicle tariffs, taxes or gas prices. A decline in vehicle production levels or labor disputes affecting the automobile industry in the markets where we operate may also impact the volume of new vehicle sales. A decline in sales of new medium- and high-end vehicles in the markets in which we provide our SVR services or sell our AVL products could result in reduced demand for such services and products. &#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">There is significant competition in the markets in which we offer our services and products and our results of operations could be adversely affected if we fail to compete successfully.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The markets for our services and products are highly competitive. We compete primarily on the basis of the technological innovation, quality and price of our services and products. Our most competitive market is the location-based services market and the related AVL products market, due to the existence of a wide variety of competing services and products and alternative technologies that offer various levels of protection and tracking capabilities, including global positioning systems, or <font style="DISPLAY: inline; FONT-WEIGHT: bold">GPS</font> (although we also provide services based on GPS/GPRS technology), satellite- or network-based cellular systems and direction-finding homing technologies. Some of these competing services and products, such as certain GPS-based products, are installed in new cars by vehicle manufacturers prior to their initial sale, which effectively precludes us from competing for such subscribers in the SVR market. Furthermore, providers of competing services or products may extend their offerings to the locations in which we operate or new competitors may enter the location-based services market. Our AVL products also compete with less sophisticated theft protection devices such as standard car alarms, immobilizers, steering wheel locks and homing devices, some of which may be significantly cheaper. Some of these competing products have greater brand recognition than our AVL products, including LoJack Corporation in the United States.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">The development of new or improved competitive products, systems or technologies that compete with our wireless communications products may render our products less competitive or obsolete, which could cause a decline in our revenues and profitability.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are engaged in businesses characterized by rapid technological change and frequent new product developments and enhancements. The number of companies developing and marketing new wireless communications products has expanded considerably in recent years. The development of new or improved products, systems or technologies that compete with our wireless communications products, for both our SVR and fleet management services, may render our products and services less competitive and we may not be able to enhance our technology in a timely manner. In addition to the competition resulting from new products, systems or technologies, our future product enhancements may not adequately meet the requirements of the marketplace and may not achieve the broad market acceptance necessary to generate significant revenues. Any of the foregoing could cause a decline in our revenues and profitability.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">The inability of local law enforcement agencies to timely and effectively recover the stolen vehicles we locate could negatively impact customers&#8217; perception of the usefulness of our SVR services and AVL products, adversely affecting our revenues.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our AVL products identify the location of vehicles in which our products are installed. Following a notification of an unauthorized entry, or if we receive notification of the vehicle&#8217;s theft from a subscriber, we notify the relevant law enforcement agency of the location of the subscriber&#8217;s vehicle and generally rely on local law enforcement or governmental agencies to recover the stolen vehicle. We cannot control nor predict the response time of the relevant local law enforcement or other governmental agencies responsible for recovering stolen vehicles, nor that the stolen vehicles, once located, will be recovered at all. In the past, some stolen vehicles in which our AVL products were installed were not recovered and the average stolen vehicle recovery time in the markets in which we operate was 20 minutes from the time an unauthorized entry is confirmed or reported to the time the vehicle is recovered. To the extent that the relevant agencies do not effectively and timely respond to our calls and recover stolen vehicles, our recovery rates would likely diminish, which may, in turn, negatively impact customers&#8217; perception of the usefulness of our SVR services and AVL products, adversely affecting our revenues.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">The ability to detect, deactivate, disable or otherwise inhibit the effectiveness of our AVL products could adversely affect demand for such products and our revenues.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The effectiveness of our AVL products is dependent, in part, on the inability of unauthorized persons to deactivate or otherwise alter the functioning of our AVL products or the vehicle anti-theft devices that work in conjunction with our AVL products. As sales of our AVL products increase, criminals in the markets in which we operate may become increasingly aware of our AVL products and may develop methods or technologies to detect, deactivate or disable our tracking devices or the vehicle anti-theft devices that work in conjunction with our AVL products. We believe that, as is the case with any product intended to prevent vehicle theft, over time, there may be an increased ability of unauthorized persons to detect, deactivate, disable or otherwise inhibit the effectiveness of our AVL products, although it is difficult to verify this fact. An increase in the ability of unauthorized persons to detect, deactivate, disable or otherwise inhibit the effectiveness of our AVL products could adversely affect demand for our products and our revenues.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">We rely on some intellectual property that we license from third parties, the loss of which could preclude us from providing our SVR services or market and sell some of our AVL products, which would adversely affect our revenues.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We license from third parties some of the technology that we need in order to provide our SVR services and market and sell some of our AVL products. In the event that such licenses were to be terminated, or if such licenses were rendered unenforceable or invalid and we would not be able to license similar technology from other parties, it would require us, at a minimum, to obtain rights to a different technology and reconfigure our AVL products accordingly. In addition, some of the licenses we obtained from third parties are non-exclusive, which may enable other entities to obtain identical licenses from such third parties to operate in the places in which we conduct our business resulting in increased competition and could adversely affect our revenues.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">We depend on proprietary technology and our failure to protect and enforce our intellectual property rights or our need to defend against infringement claims could result in a significant increase in costs and decline in revenues.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our business is dependent on the uninterrupted use of proprietary technology, both owned and licensed, from third parties. If we fail to protect, enforce and maintain our intellectual property rights, we may not be able to compete and our business and operating results could be negatively impacted. We seek to protect our intellectual property rights through a combination of patents, trademarks, copyrights, trade secret laws, know-how, confidentiality procedures and licensing arrangements. Even with the intellectual property protection currently in place, we may not be able to protect our technology from misappropriation or infringement and we may lose, or the relevant owners may restrict or lose, our current rights of use of the technology that we license from such owners. Any of our existing intellectual property rights may be invalidated, circumvented, challenged or rendered unenforceable. In addition, the laws of some countries in which we operate or plan to operate, may not protect intellectual property rights to the same extent as the laws of Israel or the United States, increasing the possibility of piracy of our technology and products. It may be necessary for us to litigate in order to enforce our intellectual property rights or to determine the validity and scope of the proprietary rights of others, which litigation can be time consuming, distracting to management, expensive and difficult to predict.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">It is possible that we have or will inadvertently violate the intellectual property rights of other parties and those other parties may choose to assert infringement claims against us. If a court were to determine that our technology infringes on third parties&#8217; intellectual property, in addition to exposure to substantial damages, we could be required to expend considerable resources to modify our products, to develop non-infringing technology or to obtain licenses to permit our continued use of the technology that is the subject matter of the litigation.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our failure to protect and enforce our intellectual property rights, or our need to defend against claims of infringement of intellectual property rights of others or the loss of any such claims, could result in a significant increase in costs and decline in revenues.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Our ability to sell our services and products depends upon the prior receipt and maintenance of various governmental licenses and approvals and our failure to obtain or maintain such licenses and approvals, or third-party use of the same licenses and frequencies, could result in a disruption or curtailment of our operations, a significant increase in costs and a decline in revenues.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are required to obtain specific licenses and approvals from various governmental authorities in order to conduct our operations. For example, our AVL products use radio frequencies that are licensed and renewed periodically from the Ministry of Communications in Israel and similar agencies worldwide. As we continue to expand into additional markets, we will be required to obtain new permits and approvals from relevant governmental authorities. Furthermore, once our AVL infrastructure is deployed and our AVL end-units are sold to subscribers, a change in radio frequencies would require us to recalibrate all of our antennas and replace or modify all end-units held by subscribers, which would be costly and may result in delays in the provision of our SVR services. In addition, some of the governmental licenses for radio frequencies that we currently use may be preempted by third parties. In Israel, our license is designated as a &#8220;joint&#8221; license, allowing the government to grant third parties a license to use the same frequencies, and in Brazil our license is designated as a &#8220;secondary&#8221;, non-exclusive license, which allows the government to grant a third party a primary license to use such frequencies, which third-party use could adversely affect, disrupt or curtail our operations. Our inability to maintain necessary governmental licenses and frequency approvals, or third-party use of or interference with the same licenses or frequencies, could result in a significant increase in costs and decline in revenues.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Our SVR services business model is based on the existence of certain conditions, the loss or lack of which in existing or potential markets could adversely affect our revenues generated in existing markets or our growth potential.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our SVR services business model and, consequently, our ability to provide our SVR services and sell our AVL products, relies on our ability to successfully identify markets in which:</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">the rate of car theft or consumer concern over vehicle safety is high;</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
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<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">satisfactory radio frequencies are available to us that allow us to operate our business in an uninterrupted manner; and</font></font></div>
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<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
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<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">insurance companies or owners of cars believe that the value of cars justifies incurring the expense associated with the deployment of SVR services.</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The absence of such conditions, our inability to locate markets in which such conditions exist or the loss of any one of the above conditions in markets we currently serve could adversely affect our revenues generated in existing markets or our growth potential.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Some of our agreements restrict our ability to expand into new markets for our SVR services, which could adversely affect our growth potential.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2008, we entered into an agreement with Telematics, pursuant to which Ituran and Telematics designated parts of the world as their exclusive territories for selling their AVL products and SVR services using any RF location technology compatible to the RF vehicle location systems. This agreement restricts our ability to expand our business and operations and sell our products and services in certain markets, which could adversely affect our growth potential.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">The loss of key personnel could adversely affect our business and prospects for growth.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our success depends upon the efforts and abilities of key management personnel, including our President and our Co-Chief Executive Officers. Loss of the services of one or more of such key personnel could adversely affect our ability to execute our business plan. In addition, we believe that our future success depends in part upon our ability to attract, retain and motivate qualified personnel necessary for the development of our business. If one or more members of our management team or other key technical personnel become unable or unwilling to continue in their present positions, and if additional key personnel cannot be hired and retained as needed, our business and prospects for growth could be adversely affected.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">We rely on third parties to manufacture our wireless communications products, which could affect our ability to provide such products in a timely and cost-effective manner, adversely impacting our revenues and profit margins.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We outsource the manufacturing of a significant part of our wireless communications products to third parties. We use one manufacturer for production of a significant portion of our wireless communications products and we do not maintain significant levels of inventories to support us in the event of an unexpected interruption in its manufacturing process. If our principal manufacturer or any of our other manufacturers is unable to or fails to manufacture our products in a timely manner, we may not be able to secure alternative manufacturing facilities without experiencing an interruption in the supply of our products or an increase in production costs. Any such interruption or increase in production costs could affect our ability to provide our wireless communications products in a timely and cost-effective manner, adversely impacting our revenues and profit margins.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We rely on Telematics Wireless Ltd. (previously owned by us) and ERM (our subsidiary)_to supply us with various products and services. Each of these suppliers supply us with different type of products and services and act as single supplier of such products and services. Termination of our agreement with Telematics in respect of such products and services could adversely affect our revenues and operations.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Following the sale of our subsidiary, Telematics Wireless Ltd. in 2007 to a third party and the execution of a 10-year supply agreement (with purchase orders to date are until the end of 2018). with Telematics as a result of such sale, we rely on Telematics as a single supplier of products and services. Termination of our relations with Telematics would adversely affect our operations and revenues. Risk from ERM, our other major supplier is significantly smaller due to it being our subsidiary.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We depend on the use of specialized quality assurance testing equipment for the production of our wireless communications products, the loss or unavailability of which could adversely affect our results of operations.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We and our third-party manufacturers use specialized quality assurance testing equipment in the production of our products. The replacement of any such equipment as a result of its failure or loss could result in a disruption of our production process or an increase in costs, which could adversely affect our results of operations.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">The adoption of industry standards that do not incorporate the technology we use may decrease or eliminate the demand for our services or products and could harm our results of operations.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There are no established industry standards in all of the businesses in which we sell our wireless communications products. For example, vehicle location devices may operate by employing various technologies, including network triangulation, GPS, satellite-based or network-based cellular or direction-finding homing systems. The development of industry standards that do not incorporate the technology we use may decrease or eliminate the demand for our services or products and we may not be able to develop new services and products that are in compliance with such new industry standards on a cost-effective basis. If industry standards develop and such standards do not incorporate our wireless communications products and we are unable to effectively adapt to such new standards, such development could harm our results of operations.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Expansion of our operations to new markets involves risks and our failure to manage such risks may delay or preclude our ability to generate anticipated revenues and may impede our overall growth strategy.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We anticipate future growth to be attributable to our business activities in new markets, particularly in developing countries, where we may encounter additional risks and challenges, such as longer payment cycles, potentially adverse tax consequences, potential difficulties in collecting receivables and potential difficulties in enforcing agreements or other rights in foreign legal systems. The challenges and risks of entering a new market may delay or preclude our ability to generate anticipated revenues and may impede our overall growth strategy.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Part of our services rely on GPS/GPRS-based technology owned and controlled by others, the loss, impairment or increased expense of which could negatively impact our immediate and future revenues from, or growth of, our services and adversely affect our results of operations.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Part of our business relies on signals from GPS/GPRS satellites built and maintained by third parties. If GPS/GPRS satellites become unavailable to us, or if the costs associated with using GPS/GPRS technology increase such that it is no longer feasible or cost-effective for us to use such technology, we will not be able to adequately provide our fleet management services. In addition, if one or more GPS/GPRS satellites malfunction, there could be a substantial delay before such satellites are repaired or replaced, if at all. The occurrence of any of the foregoing events could negatively impact our immediate and future revenues from, or growth of, our fleet management services and adversely affect our results of operations.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Material cyber security failure may harm our operations, which rely on use of information technology and wireless transmission.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our AVL and SVR services, relies on the use of information technology which under a major cyber security breach, could harm our operations. We are using physical services, wireless transmitting stations, GPRS/GPS, and in lesser account cloud computing to provide our services. There are risks associated with storing and transmitting data, which due to cyber security breach may be corrupted, and the store data on remote servers may be destroyed, damaged, seized, or otherwise no longer accessible, which may temporary decrease our ability to deliver AVL and SVR services.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We implemented cyber security controls &#8211; which consists of three pillars prevention, detection and response (data recovery in the event of a cyber breach). We perform an ongoing review of our systems and an annual external review of our cyber security controls and their implementation. However, such cyber security controls may not be able to prevent all unexpected weaknesses. &#160;In the event of a cyber-attack, we could experience the corruption or loss of data, misappropriation of assets or sensitive information, including customer information, or operational disruption. This could result in response costs and various financial loss, and may subject us to litigation and cause damage to our reputation, for which we may not<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"> be covered under our current insurance policies and may lead to substantial loss of revenues.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Due to the already high penetration of SVR services and AVL products in Israel and moderate overall growth of the addressable market in Israel, our prospects for growth in such market may be limited.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our AVL products are primarily installed in medium- and high-end cars and commercial vehicles. Therefore, our ability to increase demand for our SVR services and revenues from sales of our AVL products is limited by the number of potential vehicles in which our products can be installed in each relevant market. We estimate that our AVL products are installed in a significant portion of the medium- and high-end cars and commercial vehicles in Israel. We anticipate that revenues from sales of our SVR services and AVL products in Israel will not increase significantly due to the already high penetration of SVR services and AVL products in Israel and moderate overall growth of the addressable market in Israel, which could adversely affect our prospects for growth in such markets.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Some of our employees in our subsidiaries in Brazil and Argentina are members of labor unions and a dispute between us and any such labor union could result in a labor strike that could delay or preclude altogether our ability to generate revenues in the markets where such employees are located.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Some of our employees in our subsidiaries in Brazil and Argentina<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>are members of labor unions. If a labor dispute were to develop between us and our unionized employees, such employees could go on strike and we could suffer work stoppage for a significant period of time. A labor dispute can be difficult to resolve and may require us to seek arbitration for resolution, which arbitration can be time consuming, distracting to management, expensive and difficult to predict. The occurrence of a labor dispute with our unionized employees could delay or preclude altogether our ability to generate revenues in the markets where such employees are located.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">We are subject to litigation that could result in significant costs to us.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 19, 2015, Ituran Location and Control Ltd. (the &#8220;Company&#8221;) received a purported class action lawsuit which was filed against the Company in the District Court of Central Region in Tel-Aviv on July 13, 2015, by one plaintiff who is a subscriber of the Company, alleging that the Company, which was declared a monopoly under the Israeli Restrictive Trade Practices Law, 1988, unlawfully abused its power as a monopoly and discriminated between its customers. The lawsuit is yet to be approved as a class action. The total amount claimed if the lawsuit is approved as a class action was estimated by the plaintiff to be approximately NIS 300 million (approximately USD 77 million). Based on an opinion of its legal counsels, the Company believes that the lawsuit lacks substantiation, and that the Company has good defense arguments in respect of claims made by the plaintiff and that the chances that the suit will not be approved as a class action lawsuit are higher than it will be approved. Notwithstanding the aforesaid, at this preliminary stage, the Company is unable to assess the lawsuit's chances of success. While we cannot predict the outcome of this case, if we are not successful in defending our claim, we could be subject to significant costs, adversely affecting our results of operations.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For additional information on this lawsuit and for information concerning additional litigation proceedings, please refer to Item 8.A &#8211; &#8220;Consolidated Statements and other Financial Information&#8221; under the caption &#8220;Material Legal Proceedings&#8221; below.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">We have not obtained nor applied for several of the permits required for the operation of some of our base sites. To the extent enforcement is sought, the breadth, quality and capacity of our network coverage could be materially affected.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The provision of our SVR services depends upon adequate network coverage for accurate tracking information. In Israel, we have installed 103&#160;&#160;&#160;base sites that provide complete communications coverage in Israel. Similarly, we have communications coverage in Sao Paulo and Rio, Brazil and Buenos Aires, Argentina. The installation and operation of most of our base sites require building permits from local or regional zoning authorities as well as a number of additional permits from governmental and regulatory authorities.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Currently most of our base sites in Israel and Brazil and some of our base sites in Argentina operate without local building permits or the equivalent. Although relevant authorities in Israel, Brazil and Argentina have not historically enforced penalties for non-compliance with certain permit regulations, following ongoing press coverage and actions by various public interest groups, relevant Israeli and Argentine authorities have begun seeking enforcement of permit regulations, especially with respect to antennas constructed for cellular phone operators. Some possible enforcement measures include the closure or demolition of existing base sites or the imposition of limitation on erection of new base stations. Should these enforcement measures be imposed upon us in Israel or Argentina, the extent, quality and capacity of our network coverage and, as a result, our ability to provide SVR services, may be adversely affected. In Israel we are in process of achieving compliance with the regulation of our base stations, such process can take several years.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Currency fluctuations may result in valuation adjustments in our assets and liabilities and could cause our results of operations to decline.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The valuation of our assets and liabilities, our revenues received and the related expenses incurred are not always denominated in the same currency. This lack of correlation between revenues and expenses exposes us to risks resulting from currency fluctuations. These currency fluctuations could have an adverse effect on our results of operations, such currency fluctuations take place in Argentina Brazil and Israel which affects our operation results in these countries. In addition, fluctuations in currencies may result in valuation adjustments in our assets and liabilities which could cause our results of operations to decline.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RISKS RELATED TO OUR OPERATIONS IN ISRAEL</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">We are headquartered in Israel and therefore our results of operations may be adversely affected by political, economic and military instability in Israel.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our headquarters and sole research and development facilities are located in Israel and our key employees, officers and directors are residents of Israel. Accordingly, security, political and economic conditions in Israel directly affect our business. Over the past several decades, a number of armed conflicts have taken place between Israel and its Arab neighbors. During July-August 2014 and November 2012, Israel was engaged in an armed conflict with a militant group and political party who control the Gaza Strip, and during the summer of 2006, Israel was engaged in an armed conflict with Hezbollah, a Lebanese Islamist Shiite militant group and political party. These conflicts involved missile strikes against civilian targets in various parts of Israel, including areas in which our employees and some of our consultants are located, and negatively affected business conditions in Israel. Continued or increased hostilities, future armed conflicts, political developments in other states in the region or continued or increased terrorism could make it more difficult for us to conduct our operations in Israel, which could increase our costs and adversely affect our financial results.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Israel has experienced in recent years, unionized general strikes in connection with the legislation of new economic reforms. A prolonged general strike in Israel would affect our ability to provide our wireless communications products that are manufactured in Israel and would negatively impact our operations. Furthermore, there are a number of countries, primarily in the Middle East, that still restrict business with Israel or Israeli companies and as a result our company is precluded from marketing its products in these countries. Restrictive laws or policies directed toward Israel or Israeli businesses could have an adverse affect on our ability to grow our business and our results of operations.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Under Israeli law, we are considered a &#8220;monopoly&#8221; and therefore subject to certain restrictions that may negatively impact our ability to grow our business in Israel.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have been declared a monopoly under the Israeli Restrictive Trade Practices Law, 1988 (the "Israeli Antitrust Law"), in the market for the provision of systems for the location of vehicles. Under Israeli law, a monopoly is prohibited from taking certain actions, such as predatory pricing and the provision of loyalty discounts, which prohibitions do not apply to other companies. The Israeli antitrust authority may further declare that we have abused our position in the market. Any such declaration in any suit in which it is claimed that we engage in anti-competitive conduct would serve as <font style="FONT-STYLE: italic; DISPLAY: inline">prima facie</font> evidence that we are a monopoly or that we have engaged in anti-competitive behavior. Furthermore, we may be ordered to take or refrain from taking certain actions, such as set maximum prices, in order to protect against unfair competition. If we breach certain provisions of the Israeli Antitrust Law, including as a monopoly, the Israeli antitrust authority may also impose on us in an administrative procedure, financial sanctions in an amount of up to the lower of NIS 24.5 million or 8% of our annual revenues for the last financial year prior to such breach. Restraints on our operations as a result of being considered a &#8220;monopoly&#8221; in Israel could adversely affect our ability to grow our business in Israel.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">It may be difficult and costly to enforce a judgment issued in the United States against us, our executive officers and directors, or to assert United States securities laws claims in Israel or serve process on our officers and directors.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are incorporated and headquartered in Israel. As a result, our executive officers and directors are non-residents of the United States and a substantial portion of our assets and the assets of these persons are located outside of the United States. Therefore, service of process upon any of these officers or directors may be difficult to effect in the United States. Furthermore, it may be difficult to enforce a judgment issued against us in the United States against us or any of such persons in both United States courts and other courts abroad.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Additionally, there is doubt as to the enforceability of civil liabilities under United States federal securities laws in actions originally instituted in Israel or in actions for the enforcement of a judgment obtained in the United States on the basis of civil liabilities in Israel.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Provisions of Israeli corporate and tax law may delay, prevent or otherwise encumber a merger with, or an acquisition of, our company, which could prevent a change of control, even when the terms of such transaction are favorable to us and our shareholders.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Israeli corporate law regulates mergers, requires tender offers for acquisitions of shares above specified thresholds, requires special approvals for transactions involving directors, officers or significant shareholders and regulates other matters that may be relevant to these types of transactions. In addition, our articles of association contain, among other things, provisions that may make it more difficult to acquire our company, such as classified board provisions and certain restrictions on the members of our board pursuant to regulatory requirements of the Israeli Ministry of Communication. Furthermore, Israeli tax considerations may make potential transaction structures involving the acquisition of our company unappealing to us or to some of our shareholders. See Item 10.B. &#8211; "Memorandum and Articles of Association" - &#8220;Our Corporate Practices under the Israeli Companies Law&#8221; under the caption &#8220;Approval of Transactions under Israeli law&#8221; and Item 10.E. &#8211; &#8220;Taxation&#8221; under the caption &#8220;Israeli Tax Considerations&#8221; for additional discussion of some anti-takeover effects of Israeli law. These provisions of Israeli law and our articles of association may delay, prevent or otherwise encumber a merger with, or an acquisition of, our company or any of our assets, which could have the effect of delaying or preventing a change in control of our company, even when the terms of such a transaction could be favorable to our shareholders.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">The rights and responsibilities of our shareholders will be governed by Israeli law and may differ in some respects from the rights and responsibilities of shareholders under United States law.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are incorporated under Israeli law. The rights and responsibilities of holders of our ordinary shares are governed by our memorandum of association, articles of association and by Israeli law. These rights and responsibilities differ in some respects from the rights and responsibilities of shareholders in typical US-based corporations. In particular, a shareholder of an Israeli company has a duty to act in good faith toward the company and other shareholders and to refrain from abusing his, her or its power in the company, including, among other things, in voting at the general meeting of shareholders on certain matters. Israeli corporate law has undergone extensive revisions in the recent years and, as a result, there is little case law available to assist in understanding the implications of these provisions that govern shareholders&#8217; actions, which may be interpreted to impose additional obligations on holders of our ordinary shares that are typically not imposed on shareholders of US-based corporations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RISKS RELATED TO OUR ORDINARY SHARES AND THE ECONOMY</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Future sales of our ordinary shares could reduce the market price of our ordinary shares.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If we or our shareholders sell substantial amounts of our ordinary shares, either on the Tel Aviv Stock Exchange or the Nasdaq Global Select Market, the market price of our ordinary shares may decline.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">The market price of our ordinary shares is subject to fluctuation, which could result in substantial losses for our investors.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The stock market in general, and the market price of our ordinary shares in particular, are subject to fluctuation, and changes in our share price may be unrelated to our operating performance. The market price of our ordinary shares has fluctuated in the past, and we expect it will continue to do so, as a result of a number of factors, including:</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">changes in earnings estimates, investors' perceptions, recommendations by securities analysts or our failure to achieve analysts' earning estimates;</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">general market conditions and other factors unrelated to our operating performance or the operating performance of our competitors.</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Somewhat significant portion of our ordinary shares are held by a small number of existing shareholders and our articles of association provide for a staggered board, which may hinder change of control.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Moked Ituran Ltd., currently beneficially owns approximately 19.44% of our outstanding ordinary shares (not including treasury stock held by us). The amount of shares owned by Moked Ituran Ltd, was significantly reduced on September 16, 2014, by 6.82% (from 26.26%), due to Moked Ituran Ltd Shareholder, F.K<font style="DISPLAY: inline; FONT-SIZE: 10pt">. Generators and Equipment Ltd. </font>sale of 1,431,000 of our ordinary shares through Moked Ituran Ltd.&#160;&#160;For additional information concerning the transaction, see Item 6.A "Shareholders Agreement and Articles of Association of Moked Ituran Ltd<font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>". Following such sale, it is uncertain whether Moked Ituran Ltd. may be considered as a "Controlling Shareholder" as defined under section 268 of the Israeli Company law (for additional information see Item 10.B "Memorandum and Articles of Association" - &#8220;Our Corporate Practices under the Israeli Companies Law&#8221; under the caption "Shareholders").&#160;&#160;Other than applicable regulatory requirements under applicable law, Moked Ituran Ltd., is not prohibited from selling a interest in our company to a third party.&#160;&#160;In addition, our articles of association provide for a staggered board&#160;&#160;which may delay, prevent or deter a change in control. For additional information concerning our staggered board, see Item 6.A &#8211; Directors and Senior Management.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If, for any taxable year, our passive income or our assets that produce passive income exceed levels provided by law, we may be characterized as a passive foreign investment company, which we refer to as PFIC, for US federal income tax purposes. This characterization could result in adverse US tax consequences to our shareholders who are U.S. Holders. See Item 10.E. &#8211; &#8220;Taxation&#8221; under the caption &#8220;United States Tax Considerations&#8221; below, for more information about which shareholders may qualify as U.S. Holders. If we were classified as a PFIC, a U.S. Holder could be subject to increased tax liability upon the sale or other disposition of our ordinary shares or upon the receipt of amounts treated as &#8220;excess distributions.&#8221; Under such rules, the excess distribution and any gain would be allocated ratably over the U.S. Holder&#8217;s holding period for the ordinary shares and the amount allocated to the current taxable year and any taxable year prior to the first taxable year in which we were a PFIC would be taxed as ordinary income. The amount allocated to each of the other taxable years would be subject to tax at the highest marginal rate in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed on the resulting tax allocated to such other taxable years. In addition, holders of shares in a PFIC may not receive a &#8220;step-up&#8221; in basis on shares acquired from a decedent. U.S. shareholders should consult with their own U.S. tax advisors with respect to the United States tax consequences of investing in our ordinary shares as well as the specific application of the &#8220;excess distribution&#8221; and other rules discussed in this paragraph. For a discussion of how we might be characterized as a PFIC and related tax consequences, please see Item 10.E. &#8211; &#8220;Taxation&#8221; under the caption &#8220;United States Tax Considerations&#8211;Passive foreign investment company considerations&#8221;.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Our ordinary shares are traded on more than one market and this may result in price variations</font>, <font style="DISPLAY: inline; FONT-WEIGHT: bold">which may intensify during the last days prior to the delisting from Tel Aviv Stock Exchange</font>.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Our ordinary shares are traded on the Nasdaq Global Select Market and the Tel Aviv Stock Exchange. Our shares are scheduled to be delisted from the Tel Aviv Stock Exchange on May 25, 2016. Trading in our ordinary shares on these markets takes place in different currencies (dollars on the Nasdaq Global Select Market and NIS on the Tel Aviv Stock Exchange), and at different times (resulting from different time zones, different trading days and different public holidays in the United States and Israel). The trading prices of our ordinary shares on these two markets may differ due to these and other factors. Any decrease in the trading price of our ordinary shares on one of these markets could cause a decrease in the trading price of our ordinary shares on the other market. Such phenomena may intensify on the last days prior to our delisting from Tel-Aviv Stock Exchange. For an information on the delisting from Tel-Aviv Stock Exchange, see Item 9.A &#8211; Price History of Our Shares</font>.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Securities we issue to fund our operations or in connection with acquisitions could dilute our shareholders ownership or impact the value of our ordinary shares.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We may decide to raise additional funds through a public or private debt or equity financing to fund our operations or finance acquisitions. If we issue additional equity securities, the percentage of ownership of our shareholders will be reduced and the new equity securities may have rights superior to those of our ordinary shares, which may, in turn, adversely affect the value of our ordinary shares.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Global and local economic downturns could reduce the level of consumer spending and available credit within the automobile industry, which could adversely affect demand for our products and services and negatively impact our financial results.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Current and future economic conditions could adversely affect consumer spending in the automobile industry, as such spending is often discretionary and may decline during economic downturns when consumers have less disposable income. Consequently, changes in general economic conditions resulting in a significant decrease in dealer automobile sales or in a tightening of credit in financial markets, such as the 2007 U.S. subprime mortgage crisis and resulting credit crunch,&#160;&#160;could adversely impact our future revenue and earnings. Such decreases could also affect the financial security of the automobile dealers with whom we do business. The delayed payment from or closure of our larger dealer groups could affect our ability to collect on our receivables. Similar effects could result from local economic downturns in either one of our main markets of operations, i.e. Israel, Brazil and Argentina. Given the volatile nature of the current market disruption, we may not timely anticipate or manage such existing or new risks. Our failure to do so could materially and adversely affect our business, financial condition, results of operations and prospects.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">HISTORY AND DEVELOPMENT OF THE COMPANY</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are mainly engaged in the area of location-based services, consisting of stolen vehicle recovery, fleet management services and other tracking services. We also provide wireless communication products used in connection with our location-based services and various other applications. We currently primarily provide our services as well as sell and lease our products in Israel, Brazil, Argentina and the United States.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ituran was initially incorporated in February 1994 in Israel as a subsidiary of Tadiran Ltd., an Israeli-based designer and manufacturer of telecommunications equipment, software and defense electronic systems, whose original business purpose was to adapt military-grade technologies for the civilian market. In July 1995, Moked Ituran Ltd. purchased us and the assets used in connection with our operations from Tadiran and Tadiran Public Offerings Ltd. The AVL infrastructure and AVL end-units for the operation of our SVR services were originally developed by an independent division of Tadiran Communications and Systems Group. These operations were later transferred to a Tadiran subsidiary, Tadiran Telematics Ltd. In November 1999, we purchased Tadiran Telematics from Tadiran and in 2002, we changed its name to Telematics Wireless.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In May 1998, we completed the initial public offering of our ordinary shares in Israel and our ordinary shares began trading on the Tel-Aviv Stock Exchange. In September 2005, we publicly offered our ordinary shares in the United States and our ordinary shares are currently quoted on both the Tel-Aviv Stock Exchange and on Nasdaq under the symbol &#8220;ITRN&#8221;. The address of our principal executive office is 3 Hashikma Street, Azour 58001, Israel. Our telephone number is 972-3-557-1333. Our agent for service of process in the United States is Ituran USA Inc.1700 NW 64<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> ST. SUITE 100 Fort Lauderdale, Florida 33309.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2006 we acquired control of E.R.M. Electronic Systems Limited (&#8220;E.R.M&#8221;), a developer, manufacturer, and marketer of innovative vehicle security, tracking, and management GSM based communication solutions for the international market. Since such acquisition, we have been developing our fleet management services and products, which now constitute a material portion of our operations.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2007, we purchased the entire issued share capital of Mapa Group from its shareholders for US$9.9 million. In addition, we invested an additional sum of approximately US$3.1 million in Mapa Group, which was used by Mapa Group to repay shareholders&#8217; loans. Mapa Group is a provider of geographic information (GIS) in Israel and owner of geographic information database for navigation in Israel. On December 31, 2015, Mapa Internet (one the two Mapa Group members) was sold to a company not related to us, for a total consideration of NIS 2.3million (approximately US$600,000).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In January 2008, we entered into a 10 year Frame Product and Service Purchase Agreement with Telematics, pursuant to which the Company and Telematics shall purchase from each other certain products and services as detailed in the agreement for a price and other conditions as detailed in the agreement. In addition, each of Ituran and Telematics undertook toward one another not to compete in each other&#8217;s exclusive markets in the area of RF vehicle location and tracking RF technology or similar RF terrestrial location systems and technology. The agreement is for a term of 10 years, following which it shall be renewed automatically for additional consecutive 12 months periods, unless non-renewal notice is provided by one of the parties to the other. Pursuant to the agreement, each of Telematics and Ituran granted the other party a license to use certain technology in connection with the products and services purchased from each other, which license shall survive the termination or expiration of the agreement.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2010 we launched a new line of AVL products (IturanSave), which is based on our SMART products and tailored to be installed in medium-end vehicles, a market which was not previously targeted by us, offering our customers an affordable tracking device solution. This new line of products led to an increase in our sales since then.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In September 2015 one of the largest global road vehicles manufacturers ("Manufacturer") has signed a four year agreement (which may be extended by the manufacturer for additional 2 years) with us to offer Ituran's services in the Brazilian market. Ituran&#8217;s services includes: vehicle security, personal safety, remote diagnostic, Web and App application and Concierge. The service was launched through a joint venture with Road Truck, called IRT (Ituran Road Track), which is 50% owned by Ituran. The agreement has a long-term timeframe. Ituran expects some investment and expense requirements during the initial period of contract, resulting in a loss at the joint venture in an amount which is not significant to Ituran. During 2017, the joint venture expected to become profitable, making the entire project increasingly accretive to Ituran. On October 2015 the joint venture started to deliver the services for the first Car Model. As the date of the report, a few thousands clients are using the services these days. The equipment for the agreement is provided by another joint venture through a subsidiary in Uruguay which is also a joint venture with Road Truck, which is held 50% by Ituran, called RTI (Road Truck Ituran).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In December 2013 we invested $1.4 million in Bringg delivery technologies Ltd. (formerly Overvyoo Ltd.), an Israeli start-up company developing solutions for the management of mobile/field workforce. According to the agreement with Bringg, we have invested by January 2015 an additional amount of $1.1 million and we now hold 40.8% of its share capital. On July 2015 we invested another US$ 2 million, and during November 2015, additional investors which are not related to Ituran, invested in Bringg. Following such investments, we now hold 41.18% of Bringg&#8217;s share capital.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We had capital expenditures of $18.7 million in 2015, $15 million in 2014, and $14.2 million in 2013. We have financed our capital expenditures with cash generated from our operations.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our capital expenditures in 2015, 2014 and 2013 consisted primarily of acquisition of operational equipment for $13.3 million, $11.2 million and $10.2 million, respectively.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 31, 2015, Mapa Internet (one of the two Mapa Group members) was sold to a company not related to us, for a total consideration of NIS 2.3 million (approximately US$600,000).&#160;&#160;For additional information concerning the sale of Mapa Internet, see Item 4.A- " History and Development of the Company" under the caption "Our history". Except the sale of Mapa Internet, we didn&#8217;t have any material capital divestitures during the last three fiscal years and until the date of this report.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We believe we are a leading provider of location-based services, consisting predominantly of stolen vehicle recovery, fleet management services and other tracking services. We also provide wireless communications products used in connection with our location-based services. We currently primarily provide our services and sell and lease our products in Israel, Brazil, Argentina and the United States. We utilize technologies that enable precise and secure high-speed data transmission and analysis. Some of the technology underlying our products was originally developed for the Israeli Defense Forces in order to locate downed pilots.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We generate our revenues from subscription fees paid for our location-based services and from the sale and lease of our wireless communications products.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We describe below the principal markets in which we compete. For a breakdown of total revenues by category of activity and geographic market for each of the last three financial years, please see Item 5.A - Operating Results under the caption "Revenues".</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2015, 73% of our revenues were attributable to our location-based services. As of December 31, 2015, we primarily provided our services in Israel, Brazil, Argentina and the United States to approximately 381,000, 368,000, 169,000 and 30,000 subscribers, respectively.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our stolen vehicle recovery and tracking services, which we refer to as SVR services, enable us to locate, track and recover stolen vehicles for our subscribers. Our customers include both individual vehicle owners who subscribe to our services directly and insurance companies that either require their customers to install a security system or offer their customers financial incentives to subscribe to SVR services such as ours. In certain countries, insurance companies directly subscribe to our SVR services and purchase automatic vehicle location products supporting these SVR services from us on behalf of their customers.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Fleet management services</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our fleet management services enable corporate and individual customers to track and manage their vehicles in real time. Our services improve appointment scheduling, route management and fleet usage tracking, thereby increasing efficiency and reducing operating costs for our customers. We market and sell our services to a broad range of vehicle fleet operators and individual vehicle owners in different geographic locations and industries. As of December 31, 2015, we provided our services to approximately 140,000 end-users through 31,000 corporate customers in Israel, Brazil, Argentina and the United States.&#160;&#160;We are currently exploring collaborations with local entities in other regions of the world for the marketing of our fleet management services and products in such regions.&#160;&#160;By the date of this report, we have a total of 3,000 end users which are spread in various countries (except Israel, Brazil, US and Argentina).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Value-added services</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The personal locator services that we offer allow customers to protect valuable merchandise and equipment. We currently provide personal locator services in Israel, Brazil and Argentina and, as of December 31, 2015, we few thousands subscribers to this service. In addition, through a call center, we provide 24-hour on-demand navigation guidance, information and assistance to our customers. Such services include the provision of traffic reports, help with directions and information on the location gas stations, car repair shops, post offices, hospitals and other facilities. We offer our concierge services to many of our subscribers in Israel, Argentina and Brazil.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Wireless Communications Products</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2015, 27% of our revenues were attributable to the sale of our wireless communications products. Our wireless communications products employ short- and medium-range communication between two-way wireless modems and are used for various applications, including automatic vehicle location, which we refer to as AVL.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our AVL products enable the location and tracking of vehicles, as well as assets and persons, and are used by us primarily to provide SVR and fleet management services to our customers. Each subscriber to our SVR services has our AVL end-unit installed in his or her vehicle. Subscribers to services for locating equipment and merchandise will use our SMART products. As part of our expansion into additional markets, in 2006 we acquired control of E.R.M. Electronic Systems Limited (&#8220;ERM&#8221;), a developer, manufacturer, and marketer of innovative vehicle security, tracking, and management GSM based communication solutions for the international market. Subscribers to our fleet management services use E.R.M hardware and our proprietary software.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Industry Overview</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">While we believe that the statistical data, industry data forecasts and market research discussed below are reliable, we have not independently verified the data, and we do not make any representation as to the accuracy of the information</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(a) Location-based services</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Stolen vehicle recovery</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The demand for vehicle security products and services is driven by vehicle theft rates, increasing security awareness among customers and insurance companies&#8217; efforts to reduce incidents of loss. In addition, in Brazil, which is one of our primary markets, a regulation was adopted pursuant to which new vehicles (cars, motorcycles, trucks etc.), manufactured in Brazil or imported into the country may only be sold when equipped with a blocking (immobilizing) and GPS location system or tracking system (such as our products). However such regulation was repeatedly postponed and&#160;&#160;in our understanding this regulation will be changed completely in the future or entirely cancelled. In some of our markets, demand for SVR services has been enhanced by incidents of carjacking and car-related kidnappings that have increased consumers&#8217; perceived crime risk. Additionally, theft of trucks carrying valuable or hazardous cargo (e.g., microchips and chemicals) represents a threat to commercial, industrial, public and personal safety and security.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A wide range of vehicle security products, with varying degrees of sophistication and pricing, are available to vehicle owners today. These products can be divided roughly into two categories:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Traditional products, such as locks, alarms and traditional immobilizers. These devices are limited in their effectiveness as most can be disarmed easily and typically require the driver to activate the device upon leaving the vehicle. Also, unmonitored alarms that set off sirens are routinely ignored by people as the incidence of false alarms has been historically high. Furthermore, these products can only help in preventing theft and not in recovering the vehicle once it is stolen.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">More sophisticated products that include some form of remote monitoring and communication. This category can be further separated into devices that simply provide information on the general direction of the vehicle and those that enable the location, tracking and recovery of the vehicle in real time.</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">AVL technology is typically used to report stolen vehicles to police, provide real-time location and tracking information and immobilize the vehicle if necessary. The application of AVL technology has proven to be effective in increasing the recovery rates of stolen vehicles. As a result, many insurance companies in countries such as Israel, Brazil and Argentina either offer discounts between 10% and 20% on insurance premiums for vehicles equipped with AVL systems or require customers to&#160;&#160;install such AVL systems in vehicles above a pre-determined value.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fleet management</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The market for fleet management services ranges from very large fleets of thousands of vehicles to very small fleets of five vehicles or less, with smaller fleets constituting a significant portion of the market given the large number of companies that maintain a fleet today. Fleet management services allow fleet operators and individuals to locate, monitor and communicate with their vehicles and employees in the field in real time. This helps them to better track loads, predict arrival times, schedule customer appointments, reduce fuel usage and manage vehicles&#8217; maintenance schedules. By increasing efficiency and reducing costs, fleet management can provide a quantifiable return on investment for fleet operators, as well as improve customer satisfaction. In addition, fleet management services can enhance driver security and can notify the fleet operator if a vehicle leaves a prescribed geographic region, reducing theft-related liabilities.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A principal factor supporting fleet management industry growth is the presence of millions of vehicles that are in commercial use but which are not yet equipped with fleet management systems.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(b) Wireless communications products</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Automatic vehicle location</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">AVL is one of the many possible applications for wireless location technology and is an umbrella term used for communication equipment and services that facilitate wireless tracking of vehicles, as well as assets and persons.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Typical AVL applications include:</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Currently, the main underlying technologies available for wireless location and tracking in the AVL industry are terrestrial network triangulation, GPS (in combination with wireless communication), network-based cellular communication and radio frequency-based homing.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Terrestrial network triangulation uses the wireless signals transmitted by an end-unit in the vehicle and received by a network of land-based wireless antennas (base stations) installed in the relevant coverage region in order to determine the precise location of the transmitter.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">GPS-based systems utilize specially designed GPS devices in the vehicle that receive data from three or more satellites in order to determine the location of the device. Once located, GPS-based systems require a cellular or another wireless network to communicate with a remote control center.</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Network-based cellular systems utilize signals between the wireless device and the cellular operator&#8217;s network of land-based antennas in order to triangulate the location of the relevant device. These systems require two-way communication between the device and antennas and, therefore, both a transmitter and receiver need to be installed in the vehicle.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">RF-based homing systems utilize direction-finding technology based on a tracking signal transmitted by the end-unit in the vehicle, which is activated by a unique radio signal from the tracking unit once the vehicle is reported stolen.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Our Services and Products</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Location-based services</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Stolen vehicle recovery</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our stolen vehicle recovery system is based on three main components: an AVL end-unit that is installed in the vehicle, a network of base stations and a 24-hour manned control center. Once the control center receives indication of an unauthorized entry into a vehicle equipped with our AVL end-unit, our operators decide whether it is a false alarm or an actual unauthorized entry. If it is determined to be an unauthorized entry, or if a notification of the vehicle&#8217;s theft is received directly from the vehicle operator, our operators transmit a signal that activates the transmitter installed in the vehicle. We then pinpoint the location of the transmitter with terrestrial network triangulation technology or GPRS technology and notify the relevant law enforcement agency. In Israel, Brazil and Argentina, we also maintain private enforcement units, which work together with local police to recover the vehicle. In addition, we have the capability to immobilize vehicles remotely from our control centers.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fleet management</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We offer our customers the ability to use a comprehensive application for fleet management both by using an Internet site and workstations. Our system allows our customers 24-hour access to information on their fleets through our active control center and we are able to tailor our system to our customers' specific needs.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our solutions allow our subscribers to effectively manage and control their fleet, and thereby to reduce their operating costs, optimize work hours and appointment scheduling and improve their services and operations. Our system includes the following features:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">real-time vehicle status indicators: speed, distance driven, direction of travel, driver name, motion start/stop, engine start/stop, speeding, diagnostic alerts, driver behavior and more;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">recording of determined events and analysis of data over time to improve driving and vehicle use;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">remote monitoring and processing of data, such as temperature control in refrigerated or chilled compartments, time stamp, tire pressure and heat and other complementary data;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Value-added services</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Locator services</font>. Our services allow consumers to protect valuable merchandise and equipment. We provide our locator services in Israel, Brazil and Argentina.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Concierge services</font>. Through a call center, we provide 24-hour on-demand navigation guidance, information and assistance to our customers. Such services include the provision of traffic reports, help with directions and information on the location of gas stations, car repair shops, post offices, hospitals and other facilities. We provide our concierge services to subscribers mainly in Israel.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Wireless communications products</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our wireless communications products are used for various applications in the AVL markets and primarily in connection with our location-based services described above.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our AVL products enable the location and tracking of vehicles, as well as assets or persons, and are primarily used by us in providing our SVR and fleet management services. Each subscriber to our SVR services has one of our end-units installed in his or her vehicle. Subscribers to services for locating persons or valuables will use our SMART products. Our key wireless communications products for AVL applications include:&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">n</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Base Site</font>: a radio receiver, which includes a processor and a data computation unit to collect and send data to and from transponders and send that data to control centers as part of the terrestrial infrastructure of the location system;</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Control Center</font>: a center consisting of software used to collect data from various base sites, conduct location calculations and transmit location data to various customers and law enforcement agencies;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">n</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">GPS/GPRS-based products:</font> navigation and tracking devices installed in vehicles; and</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SMART</font>: a portable transmitter installed in vehicles (including motorcycles) that sends a signal to the base site, enabling the location of vehicles, equipment or an individual;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Geographical Information</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table lists the key services and products that we currently sell or lease in different regions of the world:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Country</font></font></div>
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<td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Services offered</font></div>
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<td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Products sold</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Israel</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SVR</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">AVL</font></div>
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<td valign="top" width="17%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fleet Management</font></div>
</td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="#cceeff">
<td valign="top" width="17%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Value-added services</font></div>
</td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brazil</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SVR</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">AVL</font></div>
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</tr><tr bgcolor="white">
<td valign="top" width="17%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fleet Management</font></div>
</td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="17%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Value-added services</font></div>
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<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="#cceeff">
<td valign="top" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Argentina</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SVR</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">AVL</font></div>
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</tr><tr bgcolor="#cceeff">
<td valign="top" width="17%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fleet Management</font></div>
</td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">United States</font></div>
</td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SVR</font></div>
</td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">AVL</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="17%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fleet Management</font></div>
</td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="17%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Value-added services</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Asset protection to Auto Lenders</font></font></div>
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<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In each of the above countries we maintain a control center, which is operated 24 hours a day, 365 days a year. The following is a short description of key operating statistics about our location-based services in the countries in which we operate:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Israel:</font> We commenced operations in Israel in 1995 and we had approximately 381,000 subscribers as of December 31, 2015. We maintain 103 base stations in Israel, which provide complete coverage within the country. We also operate throughout Israel in providing fleet management services through GPS/GPRS based products and services.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Brazil:</font> We commenced operations in Brazil in 2000 and we had approximately 368,000 subscribers as of December 31, 2015. We currently provide RF based products and services only in the metropolitan areas of Sao Paulo, Campinas, Americans and Rio de Janeiro, where we maintain 140 base stations; however we operate throughout Brazil in providing GPS/GPRS based products and services.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Argentina:</font> We commenced operations in Argentina in 2002 and we had approximately 169,000 subscribers as of December 31, 2015. We currently provide RF based products and services only in the metropolitan area of Buenos Aires, where we maintain 43 base sites; however, we also operate throughout Argentina in providing GPS/GPRS based products and services for fleet management.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We market and sell our products and services to a broad range of customers that vary in size, geographic location and industry. In 2013, 2014 and 2015 no single customer or group of related customers comprised more than 10% of our total annual revenues.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our selling and marketing objective is to achieve broad market penetration through targeted marketing and sales activities. As of December 31, 2015, our selling and marketing team consisted of 125 employees.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(A) Location-based services</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our marketing and sales efforts are principally focused on five target groups: insurance companies and agents, car manufacturers, dealers and importers, cooperative sales channels (mostly vehicle fleet operators and owners) and private subscribers.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We maintain marketing and sales departments in each geographical market in which we operate. Each department is responsible for maintaining our relationships with our principal target groups. These responsibilities also include advertising and branding, sales promotions and sweepstakes.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In Israel, Brazil and Argentina, we focus our marketing efforts on insurance companies and private customers; while in Brazil, our primary focus has shifted to the retail market during recent years. In the United States, we believe that insurance companies do not constitute a material influence in the marketing of SVR services or AVL products. Most of our sales in the United States are made through car dealerships and dealers for new or used cars. Our customers in the SVR market include insurance companies as well as individual vehicle owners. As of December 31, 2015, we had a total of approximately 948,000 subscribers for our SVR services.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fleet management</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vehicle fleet management systems are primarily marketed through vehicle fleets' departments, which form a part of our regional marketing departments. We conduct in-depth research to identify companies that will gain efficiency and cost savings through the implementation of our products and services, and conduct targeted marketing campaigns to these companies. In addition, we participate in professional conventions and advertise in professional publications and journals designed for our target customers. Our customers in the fleet management market include small-, mid- and large-size enterprises and individuals. As of December 31, 2015, we provided our services to approximately 140,000 end users through 31,000 corporate customers and individuals in Israel, Brazil, Argentina and the United States. We are currently exploring collaborations with local entities in other regions of the world for the marketing of our fleet management services and products in such regions.&#160;&#160;By the date of this report, we have a total of 3,000 end users which are spread in various countries (except Israel, Brazil, US and Argentina).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our concierge services are provided to existing SVR customers. A few thousands SMART devices were installed in valuable merchandise and equipment.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our AVL end-units are primarily used by us in providing our location-based services, including fleet management and value-added services, in Israel, Brazil, Argentina and the United States. &#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We face strong competition for our services and products in each market in which we operate. We compete primarily on technology edge, functionality, ease of use, quality, price, service availability, geographic coverage, track record of recovery rates and response times and financial strength.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We compete with a variety of companies in each of our markets. The three major technologies utilized by our competitors are GPS/cellular, network-based cellular and radio frequency-based homing systems. In addition, new competitors utilizing other technologies may continue to enter the market.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Argentina.</font> Argentina is also a highly fragmented market with many companies selling competing products and services (including immobilizers and other less-sophisticated vehicle security systems). Our main competitors in Argentina are LoJack Corporation and Megatrans S.A..</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We believe that we are a leading provider of location-based services in Israel, as we are deemed a monopoly in this field; however, we are unable to provide specific market share information in the markets of our operations for various reasons, including the broad range of services and products that compete in these markets, the non-existence of trade publications with respect to the products and services we offer in such markets and the lack of meaningful or accurate market research or data available to us.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fleet Management</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">The vehicle fleet management market is highly fragmented with many corporations offering location products and services. Our major competitors in Israel are Pointer, ISR, Traffilog and Skylock; our major competitors in the United States are GPS Insight, Trimble, Network Fleet, Street Eagle, FleetMatics, Navtrack, Teletrac, Trim Track, FleetBoss, PassTime and Spireon; our major competitors in Brazil are Sascar, Zatix and AutoTrack; and our major competitors in Argentina are LoJack Corporation, Megatrans SA., G4S, Sitrac S.A., American Tracer, Ubicar S.A. and Sky Cop</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(B) Wireless communications products</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our AVL system for automatic vehicle location is based on terrestrial network triangulation technology and primarily competes with companies that use one of three main technologies: GPS/GPRS (in combination with wireless communication), network-based cellular communication and radio frequency-based homing.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Although AVL products based on GPS, network-based cellular and homing technologies do not require the construction of a separate infrastructure of base stations as with terrestrial network triangulation systems such as ours, such solutions have certain drawbacks. GPS receivers require line of sight to at least three satellites, which reduces their effectiveness in areas where the satellite signals are subject to interference and &#8220;noise&#8221; (such as urban areas, buildings or parking garages, forests and other enclosed or underground spaces). GPS and network-based cellular systems are also prone to jamming since the tracking signal receivers are located in the vehicle and can be easily tampered with. In addition, the satellites utilized by GPS devices are managed by the United States Department of Defense and can be subject to forced temporary outages. The main disadvantage of homing systems is that they provide only the general direction and not the precise location of the end-unit. In addition, homing systems require that the vehicle be reported stolen before the tracking signal can be activated, which may result in a delay between vehicle theft and recovery.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Terrestrial network triangulation systems have succeeded in overcoming some of the challenges faced by systems based on other technologies. Terrestrial network triangulation technology does not require line of sight and the signals are not easily interrupted in densely populated or obstructed areas. Also, the signals are transmitted from the end-unit in the vehicle to a network of base stations. Therefore, in order to jam the system, receivers in each individual base station within range of the end-unit would have to be jammed, which is difficult to accomplish. Additionally, since the primary application of terrestrial network triangulation systems in the AVL industry is vehicle location and not continuous two-way communication, short bursts of data are sufficient for tracking purposes, which enable the network of base stations to be deployed at a much lower density in the coverage area than traditional network-based cellular base stations. Terrestrial network triangulation systems are capable of determining the precise location, and not just the general direction, of a vehicle at any moment in time. Furthermore, when connected with the existing theft protection system in the vehicle, terrestrial network triangulation systems automatically alert the control center when a vehicle is stolen and do not require that the vehicle be reported stolen, which can potentially reduce stolen vehicle recovery times to a few minutes. The main disadvantage of terrestrial network triangulation systems is the necessity to deploy a physical infrastructure, including the construction, development and deployment of a network of base stations and a control center and the need to address the various financial, legal and practical issues associated with such deployment. Any such deployment entails an investment of a sizable amount of money prior to the receipt of any revenues.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Since our AVL end-units are primarily used by us in providing our location-based services, the information provided above concerning our competition in this market is applicable to the competition in the wireless communications products' market as well.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our wireless communications products are manufactured and assembled by a limited number of manufacturers in Israel (including our subsidiary E.R.M). We engage with our manufacturers on a full turn-key basis, where we supply detailed production files and materials list and receive a final product that we sell directly to our clients. Other than our dependency on Telematics, as described in Item 3,D, &#8220;Risk Factors&#8221; above, we do not depend on a single manufacturer for the production of our products. Our main manufacturers and assemblers are Telematics and E.R.M Electronic Systems Limited (our subsidiary). For further details of our agreement with Telematics concerning the supply of products and services see Item 4.A &#8211; History and Development of our Company under the caption &#8220;Our History&#8221; above.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our quality assurance and testing operations are performed by our manufacturers at their facilities, while using our quality assurance and testing equipment and in accordance with the test procedures designated by us. We monitor quality with respect to key stages of the production process, including the selection of components and subassembly suppliers, warehouse procedures, assembly of goods, final testing, packaging and shipping. We are ISO 9001 certified. We believe that our quality assurance procedures have been instrumental in achieving the high degree of reliability of our products.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Several components and subassemblies included in our products are presently obtainable from a single source or a limited group of suppliers and subcontractors. We maintain strong relationships with our manufacturers and suppliers to ensure that we receive an adequate supply of products, components and raw materials at favorable prices and to access their latest technologies and product specifications.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Proprietary Rights</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We seek to protect our intellectual property through patents, trademarks, contractual rights, trade secrets, know-how, technical measures and confidentiality, non-disclosure and assignment of inventions agreements and other appropriate protective measures to protect our proprietary rights in the primary markets in which we operate. The continued use of some licenses granted by third parties to use their intellectual property is material to our business. Please refer to Item 3.D &#8211; Risk Factors, under the caption "We rely on some intellectual property that we license from third parties, the loss of which could preclude us from providing our SVR services or market and sell some of our AVL products, which would adversely affect our revenues"<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>above.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We typically enter into non-disclosure and confidentiality agreements with our employees and consultants. We also seek these protective agreements from some of our suppliers and subcontractors who have access to sensitive information regarding our intellectual property. These agreements provide that confidential information developed or made known during the course of a relationship with us is to be kept confidential and not disclosed to third parties, except in specific circumstances.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our stolen vehicle recovery system is based on three main components: (i) an AVL end-unit that is installed in the vehicle, (ii) (for RF technology based AVL units) a network of base stations that relay information between the vehicle location units and the control center, certain components of which were developed by third parties and are currently licensed to us and (iii) a 24-hour manned control center consisting of software used to manage communications and the exchange of information among the hardware components of the AVL system, certain components of which were developed by third parties and licensed to us. For details concerning the non-exclusive license granted by Telematics to us in respect of the RF technology incorporated in some of our products, please refer to Item 4.A. &#8211; History and Development of our Company under the caption &#8220;Our History&#8221; above.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Ituran&#8221;and &#8220;Mr. Big&#8221; and the related logos are our trademarks, which have been registered in Israel. "Mapa" trademark and its related logos where sold as part of the sale of Mapa to an unrelated party to us. For additional information concerning the sale of Mapa Internet , see Item 4.A- " History and Development of the Company" under the caption "Our history".&#160;&#160;&#160;This report also refers to brand names, trademarks, service marks and trade names of other companies and organizations, each of which is the property of its respective holder.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Regulatory Environment</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In order to provide our SVR services in the locations where we currently operate, we need to obtain four primary types of licenses and permits: (i) for our products utilizing the RF technology - a license that allows us to use designated frequencies for broadcasting, transmission or reception of signals and information and to provide telecommunication services to our customers, (ii) for our products utilizing the RF technology - a building permit, which permits us to erect our base sites and transmit therefrom, (iii) product specific licenses (commonly known as type approvals), which enable us to use the equipment necessary for our services, and (iv) a general commerce license, which allows us to offer our services to the public.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The telecommunication services and frequency license and general commerce licenses we require are granted by the applicable national agency regulating communications in the markets in which we operate, specifically, the Ministry of Communication, in Israel, Anatel &#8211; Agencia Nacional de Telecomunicatoes, in Brazil, Ministerio de Comunicaciones, in Argentina , and the Federal Communications Commission, in the United States. The product specific licenses we require are granted in Israel by the Ministry of Communication, in Brazil by IBRACE (the Instituto Brasileiro de Certificatao de Productos para Telecominicatoes), in Argentina by the Autoridad Federal de Tecnologias de la Informaci&#243;n y las Comunicaciones and in the United States by the Federal Communications Commission.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In Brazil, the general commerce licenses, such as the city permits, are granted by the local municipalities and other specific entities, depending on the licenses required.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our frequency licenses in all of the locations where we operate are &#8220;secondary&#8221; or &#8220;joint&#8221;, which means that the government may grant another person or persons, typically a cellular operator, a primary license to the same frequencies and, to the extent our operations interfere with the operations of the other person, we would have to modify our operations to accommodate the joint use of the frequencies. All of these licenses are also subject to revocation, alteration or limitation by the respective authority granting them. While any events that would cause us to change frequencies or to modify our operations could have a material adverse effect on us, we do not believe that this is a likely event in any of the locations where we provide our SVR services.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our frequency license in Israel was renewed for a term of five (5) years until July 31, 2017. Our frequency licenses in Brazil expire in 2019. Except in Brazil, where a request for a new license may have to be filed upon expiration of the license in 2019, we have options to extend all of our frequency licenses for periods ranging from three- to ten-years. In Argentina, the SECOM (Secretary of Communication), on July 15, 1999, granted us a license to provide services and the authorization to use frequencies. These authorizations do not have any expired date.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In Israel and Brazil, like our competitors and most cellular operators, we are not in compliance with all relevant laws and regulations in connection with the erection of transmission antennas (our base sites). As of the date hereof, most of our base sites in Israel and Brazil are operating without local building permits. Currently, there is heightened awareness of this issue in Israel, particularly in connection with base sites of cellular providers, and possible sanctions could include fines and even the closure or demolition of these base sites. In Brazil, Brazilian authorities enforce permit requirements and impose penalties for non-compliance with such requirements. However, we do not believe this is likely. Obtaining such required permits may involve additional fees as well as payments to the Land Administration Authority.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In Israel the required permits and approvals for the erection of the base sites include:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">permits from the Israeli Defense Forces;</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt">approval from Israel's Land Administration and/or from Civil Administration in the Territories, which usually also involves payment for the land use rights; and</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt">building permits from local or regional zoning authorities in Israel and Brazil.</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are continuously in the process of obtaining the relevant permits required for the construction of our base sites in Israel, however, to date, we have been issued only 29 of these permits (13 of them have expired). With respect to the general permit from Israel&#8217;s Land Administration, in 2005 we entered into an agreement with the Israel&#8217;s Land Administration, pursuant to which the general permit has been issued to us against an annual consideration based on the date of approval of our base sites. The agreement had expired on December 31, 2010. In the event that the Israel Land Administration claims consideration for the erection of the base sites without a permit, we may be subject to penalties and payment of annual consideration for the years of use of those base sites.</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In Brazil, very few providers of wireless telecommunications services obtain the required permits for the erection of transmission antennas due to the nature of the approval process. Currently we do not have such permits (except Anatel permits). In Brazil, we try to minimize our risk by locating most of our equipment in sub-leased sites which are already used by other telecommunication service providers, such as cellular operators. In Brazil the required permits for the erection of our base sites include:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black"></font>a permit from IBAMA (Environment national agency) and/or state EPAs</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black"></font>Municipal permits </font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black"></font>a permit from the fire department. </font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black"></font>and a permit from COMAR (Aviation authorities)</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ANATEL permits are required only for sites where we have transmission equipment and we have obtained all the permits required with this agency. Special IBAMA permits need to be obtained only for ground sites which are located in certain preservation areas. We have few sites of this kind, most of them are collocated sites where we pay for the right of use and permits are undertaken by the landowner. Fire Department permits are required only for equipment rooms and we have not applied for any as of this date. COMAR permits are needed only for a very few of our sites, most of which are collocated.</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have been declared a monopoly under the Israeli Restrictive Trade Practices Law, 1988, in the provision of systems for the location of vehicles in Israel. This law prohibits a monopoly from abusing its market position in a manner that might reduce competition in the market or negatively affect the public. For instance, a monopoly is prohibited from engaging in predatory pricing and providing loyalty discounts, which prohibitions do not apply to other companies. The law empowers the Commissioner of Restrictive Trade Practices to instruct a monopoly abusing its market power to perform certain acts or to refrain from taking certain acts in order to prevent the abuse. Additionally, any declaration by the Israeli antitrust authority that a monopoly has abused its position in the market may serve in any suit in which it is claimed that such a monopoly engages in anti-competitive conduct, as <font style="FONT-STYLE: italic; DISPLAY: inline">prima facie</font> evidence that it has engaged in anti-competitive behavior. Our declaration as a monopoly in the market of &#8220;provision of systems for the location of vehicles in Israel&#8221; was not accompanied with any instructions or special restrictions beyond the provisions of the Restrictive Trade Practices Law. Although we may be ordered to take or refrain from taking certain actions, to date we have not been subject to such restrictions.</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ORGANIZATIONAL STRUCTURE</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We were initially incorporated as a subsidiary of Tadiran, an Israeli-based designer and manufacturer of telecommunications equipment, software and defense electronic systems, whose original business purpose was to adapt military-grade technologies for the civilian market. In July 1995, Moked Ituran Ltd. purchased our company and the assets used in connection with its operations from Tadiran and Tadiran Public Offerings Ltd. The AVL infrastructure and AVL end-units for the operation of our SVR services were originally developed by an independent division of Tadiran Communications and Systems Group. These operations were later transferred to a Tadiran subsidiary, Tadiran Telematics Ltd. In November 1999, we purchased Tadiran Telematics from Tadiran and in 2002, we changed its name to Telematics Wireless. In December 2007 we sold our subsidiary Telematics.</font></div>

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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">27</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td align="left" valign="bottom" width="32%" style="BORDER-BOTTOM: black 2px solid">
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<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="21%" style="BORDER-BOTTOM: black 2px solid">
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<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Proportion of</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ownership Interest</font></div>
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<td align="left" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Mapa Mapping &amp; Publishing Ltd.</font></div>
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<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Israel</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">* 88.5% of the shares are held by Ituran U.S.A. Holding Inc., which is our wholly owned subsidiary; and the remaining shares are held by employees of Ituran USA Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">** we indirectly hold 98% of the shares.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PROPERTY, PLANTS AND EQUIPMENT</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of the date of this report, and other than an office building of 8 floors in the area of approximately 5,356 sqm (57,651 square feet), which was purchased by our subsidiary Ituran Sistemas de Monitoramento Ltda (Ituran Brazil) in Sao Paulo, Brazil, and was later, on December 3, 2014 sold to us, we do not own any real estate.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Other than the property in Brazil, all of our offices, headquarters, control centers and facilities are leased in accordance with our specific needs in the areas in which we operate. Additionally, we lease space for our base sites, in order to operate the reception and transmission stations of the system, in each area in which we provide our SVR services.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2015 we leased an aggregate of approximately 48,763 square feet of office space in Azour and Holon, Israel. In 2015, the annual lease payments for these facilities were approximately $683,000. The initial term of the primary lease (in Azour) expired on March 31, 2013; and we renewed the lease until 2020. These premises include our executive offices and the administrative and operational centers for our operations as well as our customer service, value-added services and technical support centers for the Israeli market.&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In Buenos Aires, Argentina, we lease approximately 8,793 square feet of office space for approximately $ 93,392 annually, approximately 720 square feet for our control center for approximately $ 7,487 annually, approximately 5,253 square feet for our installation center for approximately $ 82,141 annually, approximately 2,121 square feet for our warehouse for approximately $ 14,422 annually, and approximately 862 square feet for our third warehouse for approximately $ 5,017 annually.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We lease approximately 7,460 square feet for our offices and control center in Florida for a monthly rate of $ 12,900 USD. As of December 31, 2015, the lease was on a month by month basis. We plan to extend the lease for an additional period of 60 months and to assume additional 1,800 square feet (on top of current 7,460 square feet).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2015, we leased approximately 682 Sq. m 7,341 square feet) of office space and warehouse in Brazil for approximately $133,000 annually.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We believe that our facilities are suitable and adequate for our operations as currently conducted. In the event that additional facilities will be required, we believe that we could obtain such facilities at commercially reasonable rates.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The size of our base station sites varies from approximately 11 to 44 square feet. In Israel, we have 103 base stations and we rent most base station sites independently for a monthly rate ranging from $200 to $2,000 per site depending on the location, size and other factors; for certain sites we do not pay any rent. The typical duration of a lease agreement for our base stations in Israel is five years and we generally have a right to renew the term of the lease agreements for a period ranging between two and five years. In Brazil, we have 140 base station sites, of which 23 sites are leased from the same entity under a 15 years-contract,(commencing from 2012) for a monthly rate ranging from $500 to $1,750 per site . The remaining 117 sites are leased independently for an annual rate ranging from $200 to $550 depending on the location, size and other factors, and the typical duration for these leases is five years. In Argentina, we have 43 base station sites, all of which are leased from six entities for a monthly rate ranging from $300 to $1,300 per site. The duration of the lease ranges from one to two years.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We do not believe that we have a legal retirement obligation associated with the operating leases for our base sites pursuant to the relevant accounting standards, since we do not own any real property. However, we are obligated pursuant to certain of the operating leases for our base sites, mainly for base sites in Israel, Brazil and Argentina, to restore facilities or remove equipment at the end of the lease term. Since the restoration is limited to any construction or property installed on the property, which in our case is only the installed antennas, we do not believe that these obligations, individually or in the aggregate, will result in us incurring a material expense.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UNRESOLVED STAFF COMMENTS</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OPERATING RESULTS</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">The following discussion and analysis should be read in conjunction with our consolidated financial statements and notes thereto included elsewhere in this report.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Introduction</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We believe we are a leading provider of location-based services, consisting predominantly of stolen vehicle recovery, which we refer to as SVR, and tracking services. We also provide wireless communications products used in connection with our SVR services and for various other applications. We currently provide our services and sell and lease our products in Israel, Brazil, Argentina and the United States.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our operations consist of two segments: location-based services and wireless communication products.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our location-based services segment consists of our SVR, fleet management and value-added services. We currently operate stolen vehicle recovery services throughout Israel, in Brazil (Buenos Aires) Argentina and in the United States.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our wireless communications products segment consists of our short- and medium-range two-way wireless communications products that are used for various applications, including AVL. We sell our AVL end-units to customers that subscribe to our SVR services.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outlook</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have historically experienced significant growth in the markets in which we provide our location-based services. These markets are generally characterized by high car theft rates and insurance companies that are seeking solutions to limit their actual losses resulting from car theft, and hence the Brazilian market continues to represent growth potential for our location-based services. The growth in subscribers within our location-based services segment also has a direct impact on the sale or lease of our AVL products, as they are an integral component of our location-based services and are installed in each subscriber&#8217;s vehicle. In Israel, in recent years the market experience an increased car sales which positively affect our sales as compared with previous years.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of December 31, 2015, we had approximately 368,000 subscribers in Brazil. We estimate that the total addressable market in Brazil several million vehicles, and therefore we have a significant opportunity to grow our subscriber base and increase sales of our AVL products.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We expect growth over the next 12 months in our location-based services segment to be driven by increased demand for our services in Brazil and in Israel, as a result of our strong operating results and our customers' increased familiarity with and confidence in our services; additional insurance companies who could seek to establish relationships with us; increased direct sales of SVR services to individual subscribers in Brazil who, due to prevailing high insurance costs, are self-insured and represent an additional market opportunity for our SVR services and AVL products; and increased sales of our fleet management systems and services. In connection with such potential markets and additional growth opportunities, we constantly look to enhance our brand recognition through continuous advertising efforts.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our services and products, including our line of AVL products, which is based on our SMART and GPRS products and tailored for vehicles which are considered medium to high end vehicles, have contributed to an increase in our customer base and sales in Israel, and we expect it to continue to contribute to such increase.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Please refer to Item 3.D. &#8211; Risk Factors above in respect of factors that could negatively impact our business.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Geographical breakdown</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Location-based services' subscriber base</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table sets forth the geographic breakdown of subscribers to our location-based services as of the dates indicated:</font></div>

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</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Israel</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">381,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">340,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">310,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brazil</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">368,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">298,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">262,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Argentina</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">169,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">158,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">145,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">United States</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">948,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">817,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">741,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>

<div>&#160;</div>

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">(1)</font></font></div>
</td>
<td align="left" colspan="4" valign="top" width="95%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">All numbers provided are rounded, and therefore totals may be slightly different than the results obtained by adding the numbers provided.</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Revenues</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table sets forth the geographic breakdown of our revenues for each of our business segments for the relevant periods indicated.</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="22" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Year ended December 31,</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="22" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 10pt">In USD, in Millions</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location</font></div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">based</font></div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">services</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Wireless</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">communications</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">products</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location</font></div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">based</font></div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">services</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Wireless</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">communications</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">products</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location</font></div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">based</font></div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">services</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Wireless</font></div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">communications</font></div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">products</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="28%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Israel&#160;</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">54.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">56</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="28%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brazil</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">56.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">63.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">60.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="28%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Argentina</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="28%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">United States</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="28%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Others</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="28%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
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<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">127.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">47.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">133.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">48.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">127.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">43.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;(<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>) We attribute revenues to countries based on the location of the customer.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Location-based services segment</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We generate revenues from sales and leases of our SVR, fleet management and value-added services. A majority of our revenues represent subscription fees paid to us by our customers, predominately subscribers in Israel, Brazil and the United States, and insurance companies in Brazil and Argentina. We recognize revenues from subscription fees on a monthly basis. Our customers are free to terminate their subscription at any time. In the absence of such termination, the subscription term continues automatically. We also generate subscription fees from our fleet management services. Assuming no additional growth in our subscriber base and based on our historical average churn rates of 3% per month in this segment, we can anticipate that at least 90% of our subscription fees generated in a prior quarter will recur in the following quarter.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">31</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Wireless communications products segment</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost of revenues</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Location-based services segment</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Wireless communications products segment</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The cost of revenues in our wireless communications products segment consists primarily of production costs of our third-party manufacturers and costs associated with installation fees.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating expenses</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Research and development</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our research and development expenses consist of salaries, costs of materials and other overhead expenses, primarily in connection with the design and development of our wireless communications products. We expense all of our research and development costs as incurred.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Selling and marketing</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our selling and marketing expenses consist primarily of advertising, salaries, commissions and other employee expenses related to our selling and marketing team and promotional and public relations expenses.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">General and administrative</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our general and administrative expenses consist primarily of salaries, bonuses, accounting and other general corporate expenses.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating Income</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Location-based services segment</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Wireless communications products segment</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Operating income in our wireless communications products segment is primarily affected by our ability to increase sales of our AVL products.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">32</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Financing expenses (income), net</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Financing expenses (income), net, include, inter alia, short- and long-term interest expenses, financial commissions, and gains and losses from currency fluctuations from the conversion of monetary balance sheet items denominated in currencies other than the functional currency of each entity in the group, gains in respect of marketable securities and interest related tax positions.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Taxes on income</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Income earned from our services and product sales is subject to tax in the country in which we provide our services or from which we sell our products.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Critical Accounting Policies and Estimates</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our critical accounting policies are more fully described in Note 1 to our consolidated financial statements appearing elsewhere in this report. However, certain of our accounting policies require us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. We evaluate our estimates on a periodic basis. We base our estimates on historical experience, industry trends, authoritative pronouncements and various other assumptions that we believe to be reasonable under the circumstances. Such assumptions and estimates are subject to an inherent degree of uncertainty.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following are our critical accounting policies and the significant judgments and estimates affecting the application of those policies in our consolidated financial statements. See Note 1 to our consolidated financial statements included elsewhere in this report.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; TEXT-DECORATION: underline">Revenue recognition</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues are recognized when delivery has occurred and, where applicable, after installation has been completed, there is persuasive evidence of an arrangement, the fee is fixed or determinable and collection of the related receivable is reasonably assured and no further obligations exist. In cases where delivery has occurred but the required installation has not been performed, we do not recognize the revenues until the installation is completed.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues are recognized as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues from sales are recognized when title and risk of loss of the product pass to the customer (usually upon delivery).</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We apply the provisions of ASC Topic 605-25, "Revenue Recognition - Multiple-Element Arrangements", as amended. ASC Topic 605-25 provides guidance on how to account for arrangements that involve the delivery or performance of multiple products, services and/or rights to use assets. For such arrangements, each element of the contract is accounted for as a separate unit when it provides the customer value on a stand-alone basis and if an arrangement includes a right of return relative to a delivered item, delivery or performance of the undelivered item or items is considered probable and substantially in the control of the Company. According to ASC 605-25, as amended, when neither "vendor specific objective evidence" of selling price, nor third party price exists, we are required to develop a best estimate of the selling price of the deliverables and the entire arrangement consideration is allocated to the deliverables based on the relative selling prices.</font></div>

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<div align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues from SVR services subscription fees and from installation services, sold to customers within a single contractually binding arrangement were accounted for revenue recognition purposes as a single unit of accounting in accordance with ASC Topic 605-25, since the installation services element was determined not to have a value on a stand-alone basis to the customer. Accordingly, the entire contract fee for the two deliverables is recognized ratably on a straight-line basis over the subscription period.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Amounts earned by our Brazilian subsidiary earns commissions for arranging a bundle transaction of SVR services subscription and installation services together with insurance services to be supplied by a third party insurance company, such commissions are recognized ratably on a straight-line basis over the subscription period, since the amount allocated to the company, as an agent, is contingent upon the delivery of the SVR services. As the insurance company is the primary obligor of the insurance component, the company recognizes only the net amounts as revenues, after deduction of amounts related to the insurance component.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Deferred revenues include unearned amounts received from customers (mostly for the provision of installation and subscription services) but not yet recognized as revenues.&#160;&#160;Such deferred revenues are recognized as described in paragraph 2, above.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Extended warranty</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues from extended warranty which are provided for a monthly fee and are sold separately are recognized over the duration of the warranty periods.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; TEXT-DECORATION: underline">Accounting for income taxes</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We account for income taxes in accordance with ASC Topic 740-10,<font style="FONT-STYLE: italic; DISPLAY: inline"> "Income Taxes"</font>. According to this guidance, deferred income taxes are determined utilizing the asset and liability method based on the estimated future tax effects of differences between the financial accounting and the tax bases of assets and liabilities under the applicable tax law.&#160;&#160;Deferred tax balances are computed using the tax rates expected to be in effect at the time when these differences reverse. Valuation allowances in respect of the deferred tax assets are provided for if, based upon the weight of available evidence, it is more likely than not that all or a portion of the deferred income tax assets will not be realized.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">US GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is "more-likely-than-not" to be sustained were to be challenged by a taxing authority.&#160;&#160;The assessment of a tax position is based solely on the technical merits of the position, without regard the likelihood that the tax position may be challenged.&#160;&#160;If an uncertain tax position meets the "more-likely-than-not" threshold, the largest amount of tax benefit that is greater than 50% likely to be recognized upon ultimate settlement with the taxing authority is recorded.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We recognize interest as interest expenses (among financing expenses) and penalties, if any, related to unrecognized tax benefits in its provision for income tax.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Goodwill and other Intangible Assets Impairment Test</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in business combinations accounted for in accordance with the "purchase method" and is allocated to reporting units at acquisition.&#160;&#160;Goodwill is not amortized but rather tested for impairment at least annually in accordance with the provisions of ASC Topic 350, "Intangibles - Goodwill and Other".&#160;&#160;We perform goodwill annual impairment test for the reporting units at December 31 of each year, or more often if indicators of impairment are present.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As required by ASC Topic 350, we choose either to perform a qualitative assessment whether the two-step goodwill impairment test is necessary or proceeds directly to the two-step goodwill impairment test. Such determination is made by us for each reporting unit on a stand-alone basis.&#160;&#160;The qualitative assessment includes various factors such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, earnings multiples, gross margin and cash flows from operating activities and other relevant factors. When we choose to perform a qualitative assessment and determines that it is more likely than not (more than 50 percent likelihood) that the fair value of the reporting unit is less than its carrying value, then we proceed to the two-step goodwill impairment test. If the we determine Otherwise, no further evaluation is necessary.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">When we decide or we required to perform the two-step goodwill impairment test, we compare the fair value of the reporting unit to its carrying value ("step 1"). If the fair value of the reporting unit exceeds the carrying value of the reporting unit net assets (including the goodwill allocated to such reporting unit), goodwill is considered not to be impaired, and no further testing is required. If the carrying value exceeds the fair value of the reporting unit, then the implied fair value of goodwill is determined by subtracting the fair value of all the identifiable net assets from the fair value of the reporting unit. An impairment loss is recorded for the excess, if any, of the carrying value of the goodwill allocated to the reporting unit over its implied fair value ("step 2").</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There are a number of generally accepted methods used for valuing a reporting unit:</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The &#8216;income approach&#8217; utilizes discounted forecasted cash flows, the &#8216;Market &#8211; approach which utilize pricing multiples of business entities with publicly traded securities whose business and financial risks are comparable to those of the reporting unit being valued and the &#8216;Asset - based approach&#8217;&#160;&#160;which establishes a value based on the cost of reproducing or replacing the asset being valued. These methods described may be used alone or in combination with one another.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We apply assumption that market participants would consider in determining the fair value of each reporting unit and the fair value of the identifiable assets and liabilities of the reporting units, as applicable.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We perform a qualitative assessment for two reporting units as of December&#160;31, 2015 and 2014, and concluded that the qualitative assessment did not result in a more likely than not indication of impairment, and therefore no further impairment testing was required, with respect to such units.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For other reporting units (two in 2014, one in 2015), operating in Israel, we elected to bypass the qualitative assessment and proceeded directly to performing the first step of the goodwill impairment test.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In order to determine the fair value of such reporting units, we utilized the "income approach". According to the income approach expected future cash flows are discounted to their present value using an appropriate rate of return. Judgments and assumptions related to future cash flows (projected revenues, operating expenses, and capital expenditures), future short-term and long-term growth rates, and weighted average cost of capital, which are based on management's internal assumptions, and believed to be similar to those that would be utilized by market participants under the circumstances and to represent both the specific risks associated with the business, and capital market conditions, are inherent in developing the discounted cash flow model.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Intangible assets with finite lives are amortized using the straight-line basis over their useful lives, to reflect the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up, as follows:</font></div>

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<td valign="bottom" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="50%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Years</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">GIS database</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brand name</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font></div>
</td>
<td valign="bottom" width="50%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3-10</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Contingencies</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are involved in certain legal proceedings that arise from time to time in the ordinary course of their business and in connection with certain agreements with third parties. Except for income tax contingencies, the Company records accruals for contingencies to the extent that the management concludes that the occurrence is probable and that the related liabilities are estimable. Legal expenses associated with contingencies are expensed as incurred.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">35</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our material legal proceedings are fully described in Item 8.A. &#8211; &#8220;Consolidated Statements and other Financial Information&#8221; under the caption &#8220;Material Legal Proceedings&#8221; below.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Results of Operations</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table sets forth for the periods indicated selected items from our consolidated statements of income as a percentage of our total revenues.</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended December 31,</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">%</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consolidated statements of operations data:</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Revenues:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Location based services</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">72.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">74.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Wireless communications products</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total Revenues</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cost of Revenues:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Location based services</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Wireless communication products</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total cost of revenues</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">48.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">47.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Gross profit</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">53.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">52.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating Expenses:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Research and development expenses</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Selling and marketing Expenses</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;General and administrative expenses, net</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Other expenses (income), net</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total operating expenses</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating Income</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other income (expenses)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">----</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">----</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Financing income, net</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income before income tax</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income tax</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(7.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(7.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(7.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Share in losses of affiliated companies, net</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income for the year</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less: net income attributable to non-controlling interests</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income attributable to company stockholders</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16.7</font></td>
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<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14.0</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Analysis of our Operation Results for the Year ended December 31, 2015 as compared to the Year ended December 31, 2014</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Revenues </font>&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Total revenues decreased from $ 182.1 million in 2014 to $175.6 million in 2015, or 3.6%. This decrease consisted of a decrease of $6 million from subscription fees from our location-based services and a decrease of $0.5 million from sales of our wireless communications products.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Location-based services segment</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues in our location-based services segment decreased by $6 million from $133.7 million in 2014 to $127.7 million in 2015, or 4.5%. while the average annual number of subscribers increased from 778,000 in 2014 to 881,000 in 2015; however, this increase was offset by the negative impact of exchange rate fluctuations in the amount of approximately $29 million. If the negative impact of the exchange rate fluctuations was not accounted, our revenues would increase by $23 million.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Wireless communications products segment</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues in our wireless communications products segment decreased from $48.4 million in 2014 to $47.9 million in 2015, or 1%. This decrease of $0.5 million is primarily due to an increase of $3.8 million in our products' sales, mainly in Israel, and a negative effect of exchange rates fluctuation in an amount of $4.3 million.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Cost of revenues</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Total cost of revenues increased from $85 million in 2014 to $85.7 million in 2015, or 0.8%. This increase consisted of an increase of $0.7 million in the location based services segment and while the wireless communication product segment was unchanged. As a percentage of total revenues, cost of revenues increased from 46.7% in 2014 to 48.8% in 2015.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Location-based services segment</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cost of revenues for our location-based services segment decreased slightly from $46.9 million in 2014 to $46.8 million in 2015, or 0.2%. This decrease was primarily the result of an increase in salary expenses of approximately $3.3 million, and depreciation expenses of $3.8 million and increase in other various expenses such as enforcement and installation fees etc. in total of approximately $1.6 million, which was offset by effect of exchange rates fluctuations in an amount of approximately $8.8 million. As a percentage of total revenues for this segment, cost of revenues increased from 35% in 2014 to 36.7% in 2015.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Wireless communications products segment</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cost of revenues for our wireless communications products segment in 2015 increased from $38.1 million in 2014 to $38.9 million in 2015, or 2.1%. This increase was mainly due to the increase in our products' sales in local currencies and product mixture. As a percentage of total revenues for this segment, cost of revenues increased from 78.7% in 2014 to 81.2% in&#160;&#160;2015,&#160;&#160;mainly due to a change in the products sales mixture.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating expenses</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Research and development</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our research and development expenses in 2015 decreased from $2.5 million in 2014 to $2.4 million in 2015. As a percentage of total revenues, research and development expenses remained stable at 1.4%.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Selling and marketing</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our selling and marketing expenses remained stable in 2014 and 2015 at&#160;&#160;$9.3 million.&#160;&#160;As a percentage of total revenues, selling and marketing expenses increased from 5.1% in 2014 to 5.3% in 2015.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">General and administrative</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">General and administrative expenses decreased from $38.6 million in 2014 to $37.8 million in 2015, or 2.1%. This decrease was primarily due to the effect of exchange rates fluctuations in the amount of $8 million which was offset by an increase in salary expenses in the amount of $2.6 million and an increase in legal and professional services in amount of $1.1 million and increase in other net various expenses in amount of $3.5 million. As a percentage of total revenues, general and administrative expenses increased from 21.2% in 2014 to 21.5% in 2015.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other expenses (income), net</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Other expenses (income) increased from of $0.9 million expenses in 2014 to $0.3 million income in 2015, primarily due to a $1 million gain from sale of a subsidiary in 2015.,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Operating income </font>&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Total operating income decreased from $45.9 million in 2014 to $40.6 million in 2015, or 11.5%. This decrease of approximately $5.3 million reflects a decrease of $4.3 million in the operating income in the location-based segment and a decrease of $1 million in the operating income in the wireless communication products segment.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Location-based services segment</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Operating income in our location-based services segment decreased from $42.6 million in 2014 to $38.3 million in 2015, or 10%. This decrease was mainly attributed to the devaluation of local currency against the US dollar.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Wireless communications products segment</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Operating income in our wireless communications products segment decreased from an operating income of $ 3.3 million in 2014 to an operating income of 2.3 in 2015. This decrease in the operating income is mainly attributed to devaluation of the Israeli Shekel against the US dollar.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Financing income, net </font>&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Financing income, net, decreased from $1.7 million in 2014 to $1.2 million in 2015. This decrease was mainly due to a decrease in short term interest expenses and in exchange rate differences.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income Tax</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Income Tax decreased from $14.2 million in 2014 to $12.8 million in 2015, or 9.86%. As a percentage of income before tax on income expense tax increased from 29.9% in 2014 to 30.7% in 2015 primarily due to a change in the income before tax mix among the group's companies.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Analysis of our Operation Results for the Year ended December 31, 2014 as compared to the Year ended December 31, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Revenues </font>&#160;&#160;&#160;</font></div>

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</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Total revenues increased from $170.2 million in 2013 to $ 182.1 million in 2014, or 7%. This increase consisted of an increase of $6.7 million from subscription fees from our location-based services and an increase of $5.2 million from sales of our wireless communications products.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Location-based services segment</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues in our location-based services segment increased by $6.7 million from $127 million in 2013 to $133.7 million in 2014, or 5.3%., due to an increase in the average annual number of subscribers from 703,000 in 2013 to 778,000 in 2014; however, this increase was offset by the negative impact of exchange rate fluctuations in the amount of approximately $11.3 million. If the negative impact of the exchange rate fluctuations was not accounted, our revenues would increase by $18 million.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Wireless communications products segment</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues in our wireless communications products segment increased from $43.2 million in 2013 to $48.4 million in 2014, or 12%. This increase of $5.2 million is primarily due to an increase of $5.7 million in our products' sales, mainly in Israel, and a negative effect of exchange rates fluctuation in an amount of $0.5 million.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Cost of revenues</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Total cost of revenues increased from $80.9 million in 2013 to $85 million in 2014, or 5.1%. This increase consisted of an increase of $2 million in the location based services segment and an increase of $2.1 million in the wireless communication product segment. As a percentage of total revenues, cost of revenues decreased from 47.5% in 2013 to 46.7% in 2014.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Location-based services segment</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cost of revenues for our location-based services segment increased from $44.9 million in 2013 to $46.9 million in 2014, or 4.5%. This increase was primarily the result of an increase in salary expenses of approximately $4 million, and depreciation expenses of $0.7 million and increase in other various expenses such as enforcement and installation fees etc. in total of approximately $1.8 million, which was offset by effect of exchange rates fluctuations in an amount of approximately $4.5 million.&#160;&#160;As a percentage of total revenues for this segment, cost of revenues decreased from 35.3% in 2013 to 35% in 2014.</font><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Wireless communications products segment</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cost of revenues for our wireless communications products segment in 2014 increased from $36 million in 2013 to $38.1 million in 2014, or 5.8%. This increase was mainly due to the increase in our products' sales. As a percentage of total revenues for this segment, cost of revenues decreased from 83.3%&#160;&#160;in 2013 to 78.7% in&#160;&#160;2014,&#160;&#160;mainly due to a change in the products sales mixture.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating expenses</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Research and development</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our research and development expenses in 2014 increased from $2.4 million in 2013 to $2.5 million in 2014. As a percentage of total revenues, research and development expenses remained stable at 1.4%.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Selling and marketing</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our selling and marketing expenses decreased from $9.7 million in 2013 to $9.3 million in 2014, or a decreased of 4%. As a percentage of total revenues, selling and marketing expenses decreased from 5.7% in 2013 to 5.1% in 2014.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">General and administrative</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">General and administrative expenses increased from $34.5 million in 2013 to $38.6 million in 2014, or 11.9%. This increase was primarily due to an increase in salary expenses in the amount of $4.2 million and an increase in allowance for doubtful accounts in the amount of $0.9 million which was&#160;&#160;offset by the effect of exchange rates fluctuations in the amount of $2.3 million. As a percentage of total revenues, general and administrative expenses increased from 20.3% in 2013 to 21.2% in 2014.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other expenses, net</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Other expenses decreased from $4.8 million in 2013 to $0.9 million in 2014, primarily due to a $0.9 million impairment loss recorded in 2014, as compared to a $4.6 million impairment loss, which was recorded in 2013.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Operating income </font>&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Total operating income increased from $37.9 million in 2013 to $45.9 million in 2014, or 20.8%. This increase of approximately $7.9 million reflects an increase of $4.1 million in the operating income in the location-based segment and an increase of $3.8 million in the operating income in the wireless communication products segment.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Location-based services segment</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Operating income in our location-based services segment increased from $38.5 million in 2013 to $42.6 million in 2014, or 10.6%. This increase was mainly attributed to a higher rate of increase in revenues from subscription fees as compared to the rate of increase of this segment's operating expenses during the period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Wireless communications products segment</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Operating income in our wireless communications products segment increased from an operating loss of $0.5 million in 2013 to an operating income of $3.3 million in 2014. Our sales in this segment increased during 2014 mainly due to the increase in the volume of sale and the product mix.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other (expenses) Income, net</font></div>

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</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Other expense, net of $0.2 million in 2013 was as a result of the sale of our holdings in an affiliated company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Financing income, net </font>&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Financing income, net, increased from $0.2 million in 2013 to $1.7 million in 2014. This increase was mainly due to a decrease in short term interest expenses and in exchange rate differences.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income Tax</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Income Tax increased from $12.4 million in 2013 to $14.2 million in 2014, or 14.5%. As a percentage of income before tax on income expense tax decrease from 32.8% in 2013 to 29.9% in 2014 primarily due to a change in&#160;&#160;the income before tax mix among the group's companies.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Impact of Currency Fluctuations on Results of Operations, Liabilities and Assets </font>&#160;&#160;&#160;</font></div>

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</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Although we report our consolidated financial statements in dollars, in 2013, 2014 and 2015, a portion of our revenues and expenses was derived in other currencies. For fiscal years 2013, 2014 and 2015, we derived approximately 8.3%, 10% and 9% of our revenues in dollars, 45.5%, 46% and 48% in NIS, 37.3%, 36.5% and 33% in Brazilian Reals and 8.9%, 7.6% and 10% in Argentine Pesos, respectively. In fiscal years 2013, 2014 and 2015, 20.1%, 14.8% and 17% of our expenses were incurred in dollars, 41%, 46.7% and 46% in NIS, 29.9%, 30.8% and 27% in Brazilian Reals and 8.9%, 7.7% and 10% in Argentine Pesos, respectively.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Exchange differences upon conversion from our functional currency to dollars are accumulated as a separate component of accumulated other comprehensive income under stockholders&#8217; equity. In the year 2015, accumulated and other comprehensive income decreased by 15.8 million as compared to the year 2014. In 2014, accumulated and other comprehensive income decreased by $11.1 million as compared to the year 2013. In 2013, accumulated and other comprehensive income decreased by $3.2 million as compared to the year 2012.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The fluctuation of the other currencies in which we incur our expenses or generate revenues against the dollar has had the effect of increasing or decreasing (as applicable) reported revenues, cost of revenues and operating expenses in such foreign currencies when converted into dollars from period to period. The following table illustrates the effect of the changes in exchange rates on our revenues, gross profit and operating income for the periods indicated:</font></div>

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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended December 31,</font></font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Actual</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">exchange</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">rates<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Actual</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">exchange</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">rates<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Actual</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At 2014</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">exchange</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">rates<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="22" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(In thousands)</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="28%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; PADDING-LEFT: 7%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div>Revenues</div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">170,167</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">174,879</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">182,127</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">193,977</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">175,628</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">209,186</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="28%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; PADDING-LEFT: 7%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gross profit</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89,302</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">91,937</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">97,133</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">103,871</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89,881</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">107,375</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="28%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; PADDING-LEFT: 7%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,930</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">39,630</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45,870</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">49,437</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40,647</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,749</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">(1)</font> <font style="FONT-STYLE: italic; DISPLAY: inline">Based on average exchange rates during the period.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our policy remains to reduce exposure to exchange rate fluctuations by entering into foreign currency forward transactions that qualify as hedging transactions under ASC Topic 815, <font style="FONT-STYLE: italic; DISPLAY: inline">"Derivatives and Hedging"</font>, the results of which are reflected in our income statements as revenues or cost of revenues. The result of these transactions, which are affected by fluctuations in exchange rates, could cause our revenues, cost of revenues, gross profit and operating income to fluctuate. &#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LIQUIDITY AND CAPITAL RESOURCES</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We fund our operations primarily from cash generated from operations. In 2013, 2014 and 2015, we had $46.7 million, $40.8 million and $29.1 million in cash, marketable securities and deposit in escrow (long and short term) and $57.2 million, $56.9 million and $50.1 million in working capital, respectively. We hold our cash and cash equivalents in US dollars or the local currency of their location.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">41</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2015, 2014 and 2013 we did not have any long term borrowings from banks; and in . In 2013, 2014 and 2015, we also had $0.7 million, $0.5 million and $0.5 million respectively, available to us under existing lines of credit. &#160;In 2013 2014 and in 2015, we have not utilized our lines of credit.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For a reference concerning our use of financial instruments for hedging purposes, please see Item 5.A &#8211; Operating Results under the captions "financing expenses (income), net" and "Impact of Currency Fluctuations on Results of Operations, Liabilities and Assets."</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We believe that our cash flow from operations, availability under our lines of credit and cash and marketable securities will be adequate to fund our capital expenditures, contractual commitments and other demands and commitments for the foreseeable future as well as for the long-term. We believe that cash flow generated from operations and cash available to us from our credit facilities will be sufficient to cover future expansion of our various businesses into new geographical markets or new products, as currently contemplated and as we describe herein. However, if existing cash and cash generated from operations are insufficient to satisfy our liquidity requirements, we may seek financing elsewhere by selling additional equity or debt securities or by obtaining additional credit facilities.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We had long-term liabilities in 2013, 2014 and 2015 of $9.6 million, $10.2 million and $10.6 million, respectively, for employee rights upon retirement for certain of our employees that become payable upon their retirement. Our Israeli employees are entitled to one month&#8217;s salary, equal to the applicable monthly salary at the time of such employee&#8217;s retirement, for each year of employment, or a portion thereof, upon retirement. This liability is partially funded by deposit balances maintained for these employee benefits in the amount of $6.6 million, $6.6 million and $7.2 million in 2013, 2014 and 2015 respectively. The deposited funds include profits accumulated up to the balance sheet date and may be withdrawn upon the fulfillment of the obligation pursuant to Israeli severance pay laws or labor agreements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In Argentina, since the end of 2012, there are several government regulations applied to foreign trade that affects the Company operation. The regulations been somewhat relaxed by the new president, since the end of 2015.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The global scheme is an effort of the government to stop or reduce the needs of foreign currency sending outside the country by people and corporations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The regulations are:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Foreign Exchange Market:</font></div>
</td>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Since December 10, 2015, the dollar and other currencies float free, and any citizen or company is authorized to purchase up to the equivalent of US$ 2,000,000 per month.</font></div>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As a consequence of the previous action, the Dollar Exchange Rate increase from 9 pesos per US$ to 13 pesos per US$ until the end of 2015.</font></div>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Exchange rate variations apply to all transactions in foreign currency at the price of the day (Collections and payments abroad, purchase of foreign exchange, etc.).</font></div>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Importation:</font></div>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Importing Authorization System (DJAI) was replaced by a new Information System called SIMI. The main difference is that any good can be imported freely without the requirement of prior government authorization.</font></div>
</td>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The importation of Services and their payment is also unregulated.</font></div>
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</div>

<div>&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">42</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Both type of imports (goods and services) request previous registration and compliance with Transferring Prices and Tax regulations.</font></div>
</td>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.</font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dividends:</font></div>
</td>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font></div>
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<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Paying abroad dividends to shareholders is not possible.</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Since September 23, 2013, there is an additional rate of 10% Income Tax applied on dividends payments that should be withheld at source.</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of November 16, 2009, our dividend policy provided for an annual dividend distribution in an amount not less than 50% of our net profits, calculated based on the audited financial statements for the period ending on December 31 of the fiscal year with respect to which the relevant dividend is paid. According the adopted dividend policy and Israeli law, an annual dividend will only be declared and paid if, in the discretion of our Board of Directors, there is no reasonable foreseeable concern that the distribution will prevent us from being able to meet the terms of our existing and contingent liabilities, as and when due, all based on our needs as will be determined from time to time and subject to the provisions of the Israeli laws concerning lawful distribution of dividends. According to such dividend policy, we distributed NIS 78.8 million (approximately $21.8 million) on April 6, 2011 and NIS 96 million (approximately $25.8 million) on April 4, 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On February 21, 2012, we revised our dividend policy so that our dividends will be declared and distributed on a quarterly basis in an amount not less than 50% of our net profits, calculated on the basis of our reviewed quarterly financial statements each fiscal year.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Following the revision of our dividend policy in 2012, we declared and paid regularly quarterly dividends in 2012, 2013, and 2015.&#160;&#160;On 2015 we declared and paid such dividends as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On February 2, 2015 we declared a quarterly dividend in the amount of NIS 27.3 million or $7 million, which was paid on April 8, 2015, with respect to the fourth quarter of 2014. On May 18, 2015 we declared a quarterly dividend in the amount of NIS 12.8 million or $3.4 million, which was paid on July 2, 2015, with respect to the first quarter of 2015. On August 13, 2015 we declared a quarterly dividend in the amount of NIS 11.1 million or $3.0 million, which was paid on October 7, 2015, with respect to the second quarter of 2015. On November 18, 2015 we declared a quarterly dividend in the amount of NIS 12.2 million or $3.1 million, which was paid on January 6, 2016, with respect to the third quarter of 2015. On February 24, 2016 we declared a quarterly dividend in the amount of NIS 25.4 million or $6.5 million, which was paid on April 6, 2016, with respect to the fourth quarter of 2015.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Until the date of this report, we have repurchased 2,507,314 of our shares.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table sets forth the components of our historical cash flows for the periods indicated:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(In thousands)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net cash provided by operating activities</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">35,914</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,731</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46,697</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net cash used in investing activities</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(25,706</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(13,244</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(15,466</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net cash used in financing activities</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(18,659</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(22,426</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(17,547</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Effect of exchange rate changes on cash and cash equivalents</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,951</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5,340</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,440</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net increase (decrease) in cash and cash equivalents</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(11,402</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,279</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,244</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">43</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Years ended December 31, 2015, December 31, 2014 and December 31, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Net cash provided by operating activities</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our operating activities provided cash of $46.7 million in 2013, $37.7 million in 2014 and $35.9 million in 2015.</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The decrease of approximately $1.8 million in cash from operating activities in 2015 as opposed to 2014 was due primarily to:</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 30pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An increase in other current and non-current assets in amount of $3.9 million</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 30pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An increase of equity loss in amount of $2 million.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 30pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An increase in other current and non-current liabilities in amount of $3 million</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 30pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An increase in accounts receivables in amount of $2 million.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">as offset by:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 30pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A decrease in the net income for the year, excluding depreciation, amortization and impairment of goodwill and excluding a gain from sale a subsidiary in an amount of approximately $7.5 million. &#160;&#160;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 30pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A decrease in the outstanding inventory in amount of $1.4 million.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 30pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An increase in accounts payable of $2.1 million.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 30pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An increase in liability for employee rights upon retirement in amount of $0.9 million.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 30pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A decrease in deferred revenues in amount of $0.9 million.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The decrease of approximately $9 million in cash from operating activities in 2014 as opposed to 2013 was due primarily to:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 30pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">an increase in the net income for the year, excluding depreciation, amortization and impairment of goodwill in an amount of approximately $3.4 million;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">as offset by:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 30pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">an increase in other current and non-current assets in a total amount pf approximately $5.3 million;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 30pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a decrease in current and non-current liabilities in a total amount of approximately $6.8 million;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Net cash used in investing activities</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Net cash used in investing activities in 2015 in an amount of approximately $25.7 million, includes mainly capital expenditures in the amount of $18.7 million, and investment in affiliated companies in the amount of $ 6 million.</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Net cash used in investing activities in 2014 in an amount of approximately $13.2 million, includes mainly capital expenditures in the amount of $15 million, an investment in marketable securities in the amount of $2.8 million and on the other hand we have exercised a deposit in escrow in the amount of $5 million.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Net cash used in investing activities in 2013 in an amount of approximately $15.5 million, includes mainly capital expenditures in the amount of $14.2 million and an investment in an associate company in the amount of $1.4 million.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">44</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Net cash used in financing activities</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Net cash used in financing activities in 2015 in an amount of approximately $18.7 million consisted primarily of a cash dividend payment in an amount of $17.6 million and a cash dividend payment in an amount of approximately $1.2 million paid by our subsidiary to the non-controlling interest.</font><br>
&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Net cash used in financing activities in 2014 in an amount of approximately $22.4 million consisted primarily of a cash dividend payment in an amount of $19.3 million and a cash dividend payment in an amount of approximately $2.6 million paid by our subsidiary to the non-controlling interest.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Net cash used in financing activities in 2013 in an amount of approximately $17.6 million consisted primarily of a cash dividend payment in an amount of $16.1 million and a cash dividend payment in an amount of approximately $1.3 million paid by our subsidiary to the non-controlling interest.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All of our research and development activities take place in Israel. Our Research and Design department is constantly working on upgrading the service infrastructure and improving our fleet management applications, including by introducing new services and uses of the system, while utilizing both internal development staff and outsourcing such activities to third parties, as well as developing new service platforms for cellular/GPS based devices.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Expenditures for research and development activities undertaken by us were approximately $2.4 million in 2015, $2.5 million in 2014 and $2.4 million in 2013.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TREND INFORMATION</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Please see Item 4.A. &#8211; History and Development of the Company and Item 4.B. &#8211; Business Overview above for trend information.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">E.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OFF-BALANCE SHEET ARRANGEMENTS</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We do not have off-balance sheet arrangements (as such term is defined in Item E(2) of the Form 20-F) that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial conditions, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">F.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</font></div>
</td>
</tr></table>
</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Contractual obligations and commercial commitments</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table summarizes our material contractual obligations as of December 31, 2015:</font></div>

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</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Payments due by period</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Contractual obligations</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Less than 1 year</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1-3 years</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3-5 years</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">After 5 years</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(In USD thousands)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="18" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating leases</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,320</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,613</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,178</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,314</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,215</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Long-term loans</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Purchase Obligations</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21,273</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,773</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,593</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,386</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,678</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,314</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,215</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">G.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SAFE HARBOR</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The safe harbor provided in Section 27A of the Securities Act and Sections 21E of the Exchange Act shall apply, among other things, to forward looking information provided in Item 5. F.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">45</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="ITEM6">ITEM 6</a>.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DIRECTORS AND SENIOR MANAGEMENT</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following persons are our directors, senior management and employees upon whose work we are dependent:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="18%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name</font></div>
</td>
<td align="left" valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Age</font></div>
</td>
<td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="43%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Position</font></div>
</td>
</tr><tr>
<td valign="top" width="18%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="43%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="top" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Izzy Sheratzky</font></div>
</td>
<td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">69</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="43%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">President and director</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="top" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Yehuda Kahane</font></div>
</td>
<td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">71</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="43%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Director</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="top" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ze'ev Koren</font></div>
</td>
<td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">70</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="43%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chairman of the Board of Directors and an independent director</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="top" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Efraim Sheratzky</font></div>
</td>
<td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">63</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="43%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Director</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="top" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Eyal Sheratzky</font></div>
</td>
<td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">47</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="43%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Co-Chief Executive Officer and Director</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="top" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nir Sheratzky</font></div>
</td>
<td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="43%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Co-Chief Executive Officer and Director</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="top" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gil Sheratzky</font></div>
</td>
<td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="43%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">CEO of our Subsidiary, International Activity and Business Development Officer&#160;&#160;and a Director</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="top" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Yoav Kahane(1)(2)</font></div>
</td>
<td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tal Sheratzky-<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>Jaffa</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ami Saranga</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt">(</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt">)</font> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt">Member of audit committee</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font>) Member of compensation committee</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font>) External director elected in accordance with the Israeli Companies Law</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">+</font>Chairperson of all committees</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Izzy Sheratzky</font> is a co-founder of our company and its President. He has previously served as the Chairman of our Board of Directors, which in our company constitutes both an officer and director positions, ever since our company was acquired from Tadiran in 1995. Until 2003, Mr. Sheratzky also served as our Chief Executive Officer. Mr. Sheratzky also serves as the Chairman of the Board of Directors of Moked (1973) Investigations Company Ltd., Moked Services, Information and Investments Ltd., and Moked Ituran. He also serves as a director in Tikal Document Collection Ltd. Mr. Sheratzky is the father of Eyal, Nir and Gil Sheratzky, Brother of Efraim<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>Sheratzky and uncle of Tal Sheratzky-Jaffa.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Yehuda Kahane</font> is a co-founder of our company and has served on our board since 1995. Professor Kahane is an entrepreneur in both the academic and business arenas. He received the highest international insurance award for his lasting contribution to the theory, practice and education in insurance and risk management.&#160;&#160;He founded and chairs the YKCenter for Preparing for the New Economy. Professor Kahane is a Professor Emeritus from the Faculty of Management, Tel Aviv University where he headed the Institute for Business and the Environment. He taught at many business schools around the world, including the Wharton School, the University of Texas, the University of Toronto and the University of Florida, and has founded and served as the first Dean of the Israeli Academic School of Insurance. Professor Kahane chairs and is a major owner of Pango Parking and of Capital Point Ltd., and is active in the formation, seed investment and management of start-up companies and technological incubators, unrelated to our company. He is involved in a large number of not-for-profit enterprises dealing with a variety of aspects of the new Economy, with the association for the visually impaired people, and is a honorary member of the Israel-Brazil chamber of Commerce. Professor Kahane holds a BA degree in Economics and Statistics, an MA degree in Business Administration and a PhD in Finance from the Hebrew University of Jerusalem. He specializes in insurance, risk management, environmental issues and technological forecasting. He is the father of Yoav Kahane.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Zeev Koren</font> has served as a director of our company since 2006 and since 2011 serves as the Chairman of the Board of Directors of the Company. In 1988 Brigadier Gen. (Res) Koren retired from the Israel Defense Forces after a career of 25 years, where in his final position he served as the head of human resources planning for the general staff division. Since then he has served in a senior capacity in companies in the fields of international forwarding and medical services. During the past eight years he has also served as the general manager of a Provident Management Company. He holds a B.A. in Political Science and Criminology from Bar Ilan University.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Efraim Sheratzky</font> was appointed to the board on February 9, 2015 to replace Mr. Amos Kurz, as a Class A Director. Efraim Sheratzky studied insurance in the Israeli Insurance College. Efraim Sheratzky owns together with Yigal Shani, Tzivtit Insurance Agency (1998) Ltd. Efraim Sheratzky served as our director from 1999 and until 2005. Efraim Sheratzky is the brother of Izzy Sheratzky and the uncle of Eyal, Nir and Gil Sheratzky and father of Ms. Tal Sheratzky<font style="FONT-STYLE: italic; DISPLAY: inline">-</font>Jaffa.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Eyal Sheratzky</font> has served as a director of our company since its acquisition from Tadiran in 1995 and as a Co-Chief Executive Officer since 2003. Prior to 2003, he served as an alternate Chief Executive Officer of our company in 2002 and as Vice President of Business Development during the years 1999 through 2002. Mr. Sheratzky also serves as a director of Moked Ituran and certain of our other subsidiaries, including Ituran Network. From 1994 to 1999, he served as the Chief Executive Officer of Moked Services, Information and Investments and as legal advisor to several of our affiliated companies. Mr. Sheratzky holds LLB and LLM degrees from Tel Aviv University School of Law and an Executive MBA degree from the Kellogg School of Management at Northwestern University, USA. Mr. Sheratzky is the son of Izzy Sheratzky and the brother of Nir and Gil Sheratzky and cousin of Effraim Sheratzky. &#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Nir Sheratzky</font> has served as a director of our company since its acquisition from Tadiran in 1995 and as a Co-Chief Executive Officer since 2003. Prior to 2003, Mr. Sheratzky served as an alternate Chief Executive Officer of our company from 1995 to 2003. Mr. Sheratzky is also a director in Moked Ituran. He holds BA and MA degrees in Economics from Tel Aviv University. Nir is the son of Izzy Sheratzky and the brother of Eyal and Gil Sheratzky and cousin of Effraim Sheratzky.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Gil Sheratzky</font> serves as a director of our company and since 2013 as our International Activity and Business Development Officer. Mr. Sheratzky has been serving since January 23, 2007 as the Chief Executive Officer of our subsidiary, E-Com Global Electronic Commerce Ltd.&#160;&#160;From 2003 and until 2013&#160;&#160;Mr. Sheratzky served as our advertising officer. During the years 2000 - 2001 Gil worked in our control center, and during the years 2001 - 2002 he worked in an advertising agency.<font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>Mr. Sheratzky holds a BA in Business Administration from the Herzliya Interdisciplinary Center, and an MBA degree from the Booth School of Business at Chicago University, USA. Nir Sheratzky is the son of Izzy Sheratzky and the brother of Eyal Sheratzky and Nir Sheratzky and cousin of Effraim Sheratzky.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Yoav Kahane</font> has served as director of our company since 1998. Mr. Kahane is serving as the Chief Executive Officer of Spot-On Therapeutics Ltd., a startup company that develops a non-invasive brain stimulation technology for the treatment of dizziness and ADHD. During 2006-2014, Mr. Kahane has worked for Enzymotec in various managerial positions including Director of Business Development, VP Sales &amp; Marketing, Infant Nutrition Business Unit Manager, Chief Executive Officer and Chairman of Advanced Lipids AB, a joint venture of AAK AB and Enzymotec, specializing in nutritional ingredients to the infant nutrition industry. During the years 2004-2005, Mr. Kahane served as Vice President of Sales and Marketing in Elbit Vision Systems Ltd. During the years 2001 and 2002, he served as Manager of Business Development in Denver Holdings and Investments Ltd. In 2000, Mr. Kahane established Ituran Florida Corp. and served as its Chief Executive Officer until 2001. Mr. Kahane holds a BA degree in Life Sciences form Tel-Aviv University, a BA degree in Insurance and an MBA degree from the University of Haifa. Yoav Kahane is the son of Professor Yehuda Kahane. &#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;Yigal Shani</font> has served as a director of our company since its acquisition from Tadiran in 1995. Mr. Shani is an insurance agent and a partner in the insurance agency Tzivtit Insurance Agency (1998) Ltd. together with Efraim<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>Sheratzky,., which provides insurance services to our company. Mr. Shani, has resigned on March 13, 2014 in order to allow compliance with the provisions of the Israeli Companies Law, which require that the board of directors to include at least one female and was reappointed on February 9, 2015 to replace Mr. Avner Kurz, as a Class B Director.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Israel Baron</font> has been serving as an external director of our company since 2003 and is the Chairman of our board's committees. Mr. Baron serves as a director in Poalim Trust Services Ltd., a fully owned subsidiary of Bank Hapoalim Ltd. In addition, Mr. Baron has been serving as Chief Executive Officer of several public sector employee retirement and saving plans since 2003. Prior to 2003, Mr. Baron managed an organizational consulting firm, served as an investment manager in the Isaac Tshuva group during the years 1999 to 2001 and as Chief Executive Officer of Gmulot Investment Company Ltd. Mr. Baron serves as a director of Quality Baron Management Services Ltd. and until 2004 he served as a director of Brill Shoe Industries Ltd. Mr. Baron is a certified CPA and holds a BA degree in Economics and Accounting from the Bar-Ilan University in Ramat-Gan, Israel.&#160; Israel Baron was reelected on December 15, 2014 for additional 3 year term to serve as external director.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Gidon Kotler</font> is an external director of our company.&#160;&#160;He was nominated on April 30, 2014. Prior to his retirement on 2016, Mr. Kotler has been serving as the assets manager of Strauss-Group Ltd., one of Israel's largest public companies, since 1997. Prior to that, Mr. Kotler has served for 3 years as the chief executive officer of the Tel-Aviv New Central Bus Station, and for 14 years as the chief executive officer of the Dizengof Center's management company. Mr. Kotler has served as an external director of Elran Real Estate Ltd. from 2007 until 2010.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Ms. Tal Sheratzky -Jaffa</font> was appointed as a member of the board, and serves as a Class A director until December 25, 2016. Ms. Sheratzky-Jaffa is a partner at the High Tech and Venture Capital Department of the law firm Amit, Pollak, Matalon and Co.(APM), specializing in the fields of mergers and acquisitions, venture capital and private equity investments, fund formation, high-tech and corporate governance. Prior to joining APM, Ms. Sheratzky-Jaffa was an associate at the New York offices of the international law firm Akin Gump Strauss Hauer &amp; Feld. Ms. Sheratzky-Jaffa holds LL.B and B.A degrees in Economics from Haifa University and LL.M degree from Columbia University (New York) and is a member of the Israeli Bar Association and the New York State Bar. Ms. Sheratzky-Jaffa is the nephew of Izzy Sheratzky and the cousin of Eyal, Nir and Gil Sheratzky and the daughter of Efraim Sheratzky.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Ami Saranga</font> has been serving as the Deputy Chief Executive Officer of our company since 2011. Prior to that Mr. Saranga served as our VP Marketing since 2008. Prior to 2008, Mr. Saranga managed the SME division of Pelephone Communications Ltd., one of Israel's largest telecommunication network operators. Mr. Saranga holds a BA degree in Business Administration from Ruppin Academic Center, Israel.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our articles of association provide for staggered three-year terms for all of our directors (except our external directors, who are elected in accordance with the provisions of the Israeli Companies Law). The directors on our board (excluding the external directors) are divided into three classes, and each class of directors serves for a term of three years, as follows: Nir Sheratzky, Yigal Shani&#160;&#160;and Yehuda Kahane (class B), who were re-elected on December 13, 2014; Izzy Sheratzky, Gil Sheratzky and Zeev Koren (class C), who were re-elected on December 24, 2015; and Eyal Sheratzky, Efraim Sheratzky, Tal Sheratzky-Jaffa&#160;&#160;and Yoav Kahane (class A), who were re-elected on December 26, 2013. This classification of the board of directors may delay or prevent a change of control of our company.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Israel Baron and Dr. Orna Ophir were re-elected to serve as external directors for a three-year term as required under the Israeli Companies Law on December 13, 2011. Dr. Ophir passed away in January 2014.&#160;&#160;On April 30, 2014, an extraordinary shareholders meeting appointed Mr. Gidon Kotler as our new external director. In addition the Company has appointed prior to this meeting (on March 13, 2014), to its board of directors, Ms. Tal Sheratzky-<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>Jaffa, a female who is not a controlling person or its relative (as such term is defined in the Israeli Companies Law), in order to comply with the provision of the Israeli Companies Law, which provide that if, at the time of the election of the external director, all directors who are not controlling persons or their relatives are of the same gender, then the elected external director must be of the other gender.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shareholders Agreement and Articles of Association of Moked Ituran Ltd..</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On May 18, 1998, a shareholders agreement was entered into between Moked Ituran Ltd. and each of its shareholders, Moked Services, Information, Management and Investments Ltd. (38%), F.K. Generators and Equipment Ltd. (26%), Yehuda Kahane Ltd. (26%), Gideon Ezra, Ltd. (2.5%), T.S.D. Holdings Ltd. (3.75%) and G.N.S. Holdings Ltd. (3.75%). On May 18, 1998, Moked&#8217;s articles of association were amended to incorporate some of the provisions of the shareholders agreement as well as other provisions governing the relationship of its shareholders. The Moked articles were amended again on September 6, 2005 to correspond to an amendment to the shareholders agreement that was entered into on such date. On September 17,&#160;&#160;2014, F.K. Generators and Equipment Ltd rights and obligations in the shareholders agreement were terminated following the execution of their right to sell their portion in our shares as was defined in the terms of the second amendment of Moked shareholder agreement.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gideon Ezra, Ltd. is a company wholly owned by Mr. Doron Ezra. Moked Services, Information, Management and Investments is a company owned by A. Sheratzky Holdings Ltd. (a company controlled by Izzy Sheratzky, 93%, and in which each of Eyal Sheratzky and Nir Sheratzky, Co-CEO's of Ituran and directors, holds 3.5%). Yehuda Kahane Ltd. is a company owned by Professor Kahane and Rivka Kahane. T.S.D. Holdings is a company controlled by Efraim Sheratzky. G.N.S. Holdings is a company controlled by Yigal Shani.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to director elections, every Moked shareholder holding at least 3.5% of Moked&#8217;s shares is entitled to designate one director in our annual shareholders meeting. Each Moked shareholder holding over 10% of Moked&#8217;s shares may nominate an additional director for every additional 10% of Moked shares held by him or her in excess of the initial 10%. For the purpose of nominating additional directors, shareholdings may be aggregated.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Upon the expiration of the term of office of our class A directors, each of Moked Services, Information and Investment, provided it holds at least 40% of the voting rights (together with the 3.5% of the voting rights held by F.K. Generators and Equipment), Yehuda Kahane Ltd., provided it holds at least 20% of the voting rights, F.K. Generators and Equipment, provided it holds at least 20% of the voting rights, and Yigal Shani or G.N.S. Holdings, provided either of them holds at least 3.5% of the voting rights, shall be entitled to require Moked to appoint one director to class A. Upon the expiration of the term of office of our class B directors, each of Moked Services, Information and Investment, provided it holds at least 40% of the voting rights (together with the 3.5% of the voting rights held by F.K. Generators and Equipment), and Yehuda Kahane, provided it holds at least 20% of the voting rights, and F.K. Generators and Equipment, provided it holds at least 20% of the voting rights, shall be entitled to require Moked to appoint one director to class B. Upon the expiration of the term of office of our class C directors, (i) Moked Services, Information and Investment, provided it holds at least 36.5% of the voting rights shall be entitled to require Moked to appoint two directors and (ii) Efraim Sheratzky or T.S.D. Holdings, provided either of them holds at least 3.5% of the voting rights, shall be entitled to require Moked to appoint one director to class C.</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The aggregate direct compensation we paid to our directors who are not officers for their services as directors as a group for the year ended December 31, 2015 was approximately $201,000. Directors are reimbursed for expenses incurred in connection with their attendance of board or committee meetings. The compensation payable to external directors is determined in accordance with regulations promulgated under the Israeli Companies Law. See Item&#160;&#160;6.C - Board Practices&#160;&#160;under the caption "External directors" below. Our audit committee and board of directors approved compensation for Mr. Ze'ev Koren, for serving as the Chairman of our board of directors, and for Mr. Yoav Kahane, for serving as a member of our board committees, such that they shall be compensated in the same manner as our external directors are compensated, annually and per meeting, in accordance with the Companies Regulations (Rules for the Compensation and Expenses of an External Director), 2000-5760. In 2015, we paid the sum of NIS 360,000 (approximately $93,000) to our external directors, NIS 200,000 (approximately $51,000) to Mr. Ze'ev Koren, NIS 123,000 (approximately $32,000) to Mr. Yoav Kahane.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We do not have any agreements with directors providing for benefits upon termination of their respective services as such.&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The aggregate cost to the Company of the compensation to our Co-Chief Executive Officers in 2015 were $2.7 million. The aggregate compensation paid to all Ituran officers as a group during 2015 was approximately $8,436,000. In 2015 we paid an aggregate amount of $57,000 to one director who provided us with services. The above compensation amounts include amounts attributable to automobiles made available to our officers and other fringe benefits commonly reimbursed or paid by companies in Israel. Employee directors do not receive additional fees for their services as directors.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table sets forth the breakdown of the compensation of our 5 highest paid officers in 2015 according to our 2015 financial reports:</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="30%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Management fees</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wage</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Social components</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Car value</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Bonus (results based)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Bonus (Share yield based)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="30%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="26" valign="bottom" width="68%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Compensation components (in thousand US Dollars)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Izzy Sheratzky (President)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">695</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,042</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,737</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Eyal Sheratzky (Co-Chief Executive Officer)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">540</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">810</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,350</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nir Sheratzky (Co-Chief Executive Officer)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">540</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">810</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,350</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gil Sheratzky (CEO of our Subsidiary. International Activity and Business Development Officer)*</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">354</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">531</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">885</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ami Saranga (Deputy Chief Executive Officer)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">209</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">323</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total of our 5 highest paid officers</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,129</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">209</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,231</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,645</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*80% of the compensation of Gil Sheratzky was paid by us, the rest 20% was paid by our subsidiary E-Com Global Electronic Commerce Ltd.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2015, we set aside $446,000 for the benefit of our officers for pension, retirement or similar benefits. We do not set aside any funds for the benefit of our directors who are not employees for any pension, retirement or similar benefits.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All numbers in this section are rounded to the nearest thousand.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2015, Messrs. Izzy Sheratzky, Eyal Sheratzky and Nir Sheratzky provided their services as President and Co-Chief Executive Officers, respectively, as independent contractors pursuant to services agreements, which were approved by our shareholders meeting in May 2011, between us and A. Sheratzky Holdings Ltd., a company controlled by Izzy Sheratzky. In addition, during 2015, Mr. Gil Sheratzky provided his services as the Chief Executive Officer of one of our subsidiaries, E-Com Global Electronic Commerce Ltd., pursuant to an employment agreement approved by our shareholders meeting in May 2011. See Item 7.B. &#8211; Related Parties Transactions under the caption &#8220;Transactions with our directors and principal officers&#8221; below.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the above agreements, the compensation paid to Mr. Izzy Sheratzky in 2013 included a bonus in an amount equal to 5% of our profits before tax (including the share of affiliated companies net), on a consolidated basis, based on our audited consolidated financial statements for the relevant year; the compensation paid to each of our Co-Chief Executive Officers, Eyal Sheratzky and Nir Sheratzky, in 2013 included a bonus in an amount equal to 1% of our profits before tax (including the share of affiliated companies net), on a consolidated basis, based on our audited consolidated financial statements for the relevant year; and the compensation paid to Gil Sheratzky by our subsidiary E-Com Global Electronic Commerce Ltd. included a bonus in an amount equal to 2% of the annual increase in this company&#8217;s profits before tax (up to a maximum amount of 1% of this company&#8217;s profits before tax), based on its audited consolidated financial statements for the relevant year, beginning January 1, 2007.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In January 2014, our shareholders meeting approved new terms of service for Messrs. Izzy Sheratzky, Eyal Sheratzky, Nir Sheratzky and Gil Sheratzky, which terms correspond to our recently approved compensation policy as described below. For further details concerning such terms of service, please see Item 7.B &#8211; Related Parties Transactions under the caption "Transactions with our directors and principal officers."</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2006, our compensation committee has devised a bonus scheme pursuant to which some of our officers and employees received shares of our profit before tax on a consolidated basis, based on their seniority, level of global and domestic involvement, contribution to our operations and other criteria set by the compensation committee.&#160;&#160;In 2010, our compensation committee resolved that additional managers shall be entitled to receive bonuses under this bonus scheme and that some of the grantees should continue to receive a bonus based on our consolidated results and some should receive a bonus based only on our solo financial statements. During 2015, we paid a total of $698,000 to our officers and employees pursuant to the above bonus schemes.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Our compensation policy for office holders</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In December 2012, amendment no. 20 to the Israeli Companies Law became effective. Among other things, this amendment requires Israeli public companies to set forth their policy regarding their office holders' terms of office, including fixed compensation, target-based incentives, equity awards, severance and other benefits. The amendments also set forth the considerations that should be applied when devising a compensation policy for office holders.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The term &#8220;office holder&#8221; is defined in the Israeli Companies Law, to mean the chief executive officer, chief business officer, deputy chief executive officer, vice chief executive officer, any other person fulfilling such position even if his title is different, as well as a director or a manager directly subordinate to the chief executive officer.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The compensation policy must be approved every three years by the board of directors, after considering the recommendations of the compensation committee; and generally requires the approval of the company&#8217;s general meeting of shareholders by a special majority of shareholders who are not controlling shareholders and who do not have a personal interest in the approval of the policy; or, alternatively, that&#160;&#160;the non-controlling shareholders and shareholders who do not have a personal interest in the matter who are present and vote against the policy hold two percent or less of the voting power of the company.</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The compensation policy does not intend to amend any officer's existing terms of office; nor to bestow any officer with a right to receive the compensation, or any element thereof set forth therein. However, generally, once the compensation policy is approved, all future terms of service of office holders should conform to its provisions. The specific terms of office of each officer shall be separately determined in accordance with the relevant provisions of the Israeli Companies Law and the regulations promulgated thereunder.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our general shareholders meeting approved our compensation policy for office holders on October 31, 2013. The policy applies to office holders of the Company (see definition above), who serve as&#160;&#160;the Company's President, Chief Executive Officer(s) and other executives who are deemed office holders of the Company, as well as office holders of the Company's Israeli wholly owned subsidiaries, provided they report to the chief executive officer. The policy also applies to directors of the Company.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our compensation policy for office holders was formulated in view of our belief that our business success is the result of the excellence of our human resources and their devotion to the achievement of our company's goals. Therefore, it is aimed at offering our officers with a competitive compensation package that will align their incentives with those of our company and our shareholders, and at motivating them to achieve the goals of our company, while avoiding undue pressure to take excessive risks. Among other factors, our compensation committee and board of directors have considered, as required by amendment no. 20 to the Israeli Companies Law and as reflected in the policy: (a) the advancement of the company's goals, its business plan and its policy with a long-term view; (b) the creation of appropriate incentives for office holders, considering the company's risk management policy; (c) the size of the company and the nature of its business; (d) with respect to variable components of the terms of office &#8211; the contribution of the office holders to the achievement of the company's goals and to the maximization of its profits, with a long-term view and in accordance with the position of the office holder.</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to our articles of association as presently in effect, our board of directors generally consists of twelve directors, including at least three independent directors in accordance with the listing rules of Nasdaq concerning the composition of audit committees, of whom two directors are external directors as required by Israeli law.&#160;&#160;Our independent directors, as such term is defined under the Nasdaq listing rules, are Mr. Baron, Mr. Kotler, Mr. Koren, Mr. Yoav Kahane and Ms. Tal Sheratzky -<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>Jaffa, Pursuant to our articles of association, other than the external directors, for whom special election requirements apply (see &#8220;External directors&#8221; below), our directors are elected, and may in certain circumstances be removed, by the majority of our shareholders. However, see Item 6.A &#8211; Directors and Senior Management for a description of our staggered board and the shareholders agreement and articles of association of Moked Ituran Ltd.&#160;&#160;Our board of directors may at any time and from time to time appoint any other person as a director to fill a vacancy until the general meeting of shareholders in which the term of service of the replaced director was scheduled to expire.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the Israeli Companies Law, our chairman convenes and presides over the meetings of the board. In addition, any two directors may convene a meeting of the board of directors, as well as a director who becomes aware of a company's matter that allegedly involves a breach of the law or an improper business conduct. A quorum consists of a majority of the members of the board, and decisions are taken by a vote of the majority of the members present. Our articles of association provide that such quorum will in no event be less than two directors.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are incorporated in Israel and are therefore subject to the provisions of the Israeli Companies Law, including certain corporate governance provisions. Our ordinary shares are listed on the Nasdaq Global Select Market and on the Tel Aviv Stock Exchange (Our shares are scheduled to be delisted from the Tel Aviv stock exchange on May 25, 2016, for additional information see Item 9.A &#8211; Price History of Our Shares), and we are therefore subject to certain provisions of the Israeli securities laws, the U.S. securities Law and the Nasdaq listing rules. See also Item 16.G. &#8211; Corporate Governance below for additional information concerning our compliance with the Nasdaq listing rules and exemptions therefrom.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under Israeli law, the board of directors of companies whose shares are publicly traded are required to include at least two members who qualify as external directors. External directors are to be elected by a majority vote at a shareholders&#8217; meeting, provided that either:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">such majority includes at least the majority of the shares held by all non-controlling shareholders or those having personal interest in the nomination, except personal interest which is not resulting from connections with controlling shareholders, present and voting at such meeting; or</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the total number of shares voted against the election of the external director and held by shareholders other than controlling shareholders or those having personal interest in the nomination, except personal interest which is not resulting from connections with controlling shareholders, must not exceed 2% of the shares whose holders are entitled to vote at any meeting of shareholders.</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">External directors are generally elected to serve an initial term of three years and may be re-elected to serve in that capacity for two additional three-year terms; however, companies whose securities are listed on recognized foreign exchanges, such as Nasdaq, may extend the service terms of their external directors for additional unlimited terms, each of no more of than three years , subject to the approval of the audit committee and the board of directors that such extension is for the benefit of the company in view of the directors&#8217; expertise and special contribution to the operation of the board and its committees and these reasons together with the term served by the external director were presented to the shareholders prior to their approval&#160;&#160;(see the Israeli Companies Regulations (Allowances for Companies with Securities Listed on an Exchange Outside Israel), 2000-5760). The appointment of an external director for additional terms may be brought for the approval of the shareholders either by the board of directors or by a shareholder that holds at least 1% of the company&#8217;s voting rights, provided that the nominee is not a related or competing shareholder (as defined below) or a relative thereof, at the time of the appointment, and does not have an affinity to such shareholder (as defined below) at the time of the appointment or the two years preceding such appointment.&#160;&#160;The term "related or competing shareholder" means the shareholder who proposed the appointment or a 5% shareholder of the company if, at the time of the appointment, his controlling person or a company controlled by either of them, has business relations with the company, or if he, his controlling person or a company controlled by either of them are competitors of the company. The term "affinity" means the on-going existence of work relationship, business or professional relationship or control and the service as an officer.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">External directors may generally be removed from office by the same majority of shareholders required for their election or by a court, in each case, only under limited circumstances, including if they cease to meet the statutory qualification for their appointment or violate the duty of loyalty to the company.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If at the time of the appointment of an external director, all directors who are not controlling persons or their relatives are of the same gender, then the elected external director must be of the other gender.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each committee of the board of directors that is vested with an authority of the board must include at least one external director, except that the audit committee and compensation committee must include all external directors then serving on the board of directors. The Israeli Companies Law prohibits external directors from receiving, directly or indirectly, any compensation other than for services as an external director pursuant to the provisions and limitations set forth in the applicable regulations promulgated under the Israeli Companies Law.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Israeli law provides that a person is not qualified to serve as an external director if he is a relative (as defined in the Israeli Companies Law) of the company's controlling person, or if, at the time of his/her appointment and/or at any time during the two years preceding his or her appointment, that person, a relative, partner or employer of that person, or any entity under that person&#8217;s control, has or has had an affinity (as defined above)&#160;&#160;to the company, its controlling person or its relative or to any entity that, as of the date of appointment, or at any time during the two years preceding that date, is controlled by the company or by its controlling person. In addition, no person may serve as an external director if that person&#8217;s professional activities create, or may create, a conflict of interest with that person&#8217;s responsibilities as a director or otherwise interfere with that person&#8217;s ability to serve as a director; and, a person already serving as a director of one company may not be appointed as an external director of the company if at that time a director of the company is serving as an external director of the first company. In addition, a company, controlling shareholder and any other entity controlled by the controlling shareholder may not grant to such external director, its spouse or child, any benefits, directly or indirectly, and the external director, its spouse or child may not be appointed to serve in any position, may not be employed by and may not, directly or indirectly, render any professional services to the company, such controlling shareholder or any other entity controlled by the controlling shareholder, during the first two years following such external director&#8217;s termination of tenure of office, and with respect to a relative who is not the external director&#8217;s spouse or child &#8211; during the first year following such termination.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Israel Baron is now serving his fifth term as an external director of the Company, who was reelected on of December 14, 2014 for a term of 3 years. Mr. Gidon Kotler was appointed on April 30, 2014&#160;&#160;by an extraordinary shareholders meeting as our new external director, following the death of our former external director, Dr. Orna Ophir, in January 2014.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under Israeli law, the board of directors of a public company must appoint an audit committee. The audit committee must comprise of at least three directors, including all of the external directors and the chairman of the audit committee must be an external director. In addition, the majority of the members of the audit committee must be independent directors. Under the Israeli Companies Law, a director is considered "independent" if he/she is an external director or if he/she meets the qualifications of an external director, has not served as a director of the company for over 9 consecutive years, and has been classified as such. The audit committee may not include the chairman of the board, any director who is employed by the company or regularly provides services to the company (other than as a board member), a controlling shareholder or any relative of such person. All audit committee decisions must be approved by a majority of the committee members of which the majority of members present are independent directors. Furthermore, a person who is not eligible to serve on the audit committee is restricted from participating in its meetings and votes, unless the chairman of the audit committee determines that such person&#8217;s presence is necessary in order to present a certain matter, provided however, that the company employees who are not controlling shareholders or relatives of such shareholders may be present in the meetings but not in the actual votes and likewise, company counsel and secretary who are not controlling shareholders or relatives of such shareholders may be present in meetings and decisions of such present is requested by the audit committee.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our board of directors has formed an audit committee that is empowered, among other things, to exercise the powers of the board of directors concerning our accounting, reporting and financial control practices. Our audit committee operates in accordance with a charter, which complies with the provisions of the Israeli Companies Law and the Nasdaq listing rules. The members of the audit committee are currently Messrs. Israel Baron, Gidon Kotler and Yoav Kahane, all of whom are independent as required of members of the audit committee under the Nasdaq listing rules Mr. Gidon Kotler was appointed on April 30, 2014 to replace Dr. Orna Ophir who passed away in January 2014.&#160;&#160;Our board of directors has determined that Mr. Israel Baron possesses financial sophistication as required by Rule 5605(c)(2) under the Nasdaq listing rules, and that both Mr. Baron and Mr. Kotler possess accounting and financial expertise as defined by Israeli regulations.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the Israeli Companies Regulations (Provisions and Conditions regarding the Financial Statements&#8217; Authorization Process), 2010, a reporting entity, except for a reporting entity that is subject to Chapter E(3) of the Israeli Securities Act, is required to establish a committee of the board of directors for the examination of financial statements. Since we are a reporting entity under Chapter E(3), we are not obliged to constitute a committee for the examination of financial statements; and therefore, commencing with the financial statements for the first quarter of 2013, we ceased holding meetings of the examination of financial statements committee; and instead, our audit committee considers the financial statements prior to their approval by the board.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the 22<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font> amendment in the Israeli Company law, which was set to define new rules to approve transaction of the public company with its controlling shareholders, or the transaction in which the controlling shareholder has interest.&#160;&#160;The law requires from our Audit committee to set up rules to define the criteria for classification of transactions, which are neither Insignificant Transactions nor extraordinary transactions, and their procedures of approval that will be determined per each year in advance. In addition the law requires from the Audit Committee to set methods of examining transactions with the controlling shareholders, in order to enable their classification and their comparison to the conditions in the free market. The Audit Committee resolved on September 29, 2014 as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Definition: the relevant criteria that is calculated for the transaction is such transaction which is higher than 0.25% of the equity of the company according its last combined financial reports, or higher than 1% of average net revenue of the past 3 years of the company in their absolute value, in the last 2 calendar years prior to the date of the transaction is being reported according the last financial report of the company.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Transaction that involves risks or significant exposure beyond mere monetary&#160;&#160;liabilities or obligations.</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Transaction in which the company enters a new activity field or exits from an existing activity field.</font></div>
</td>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Insignificant transaction:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Definition: such transaction which is not higher than 0.25% of the equity of the company according its last combined financial reports, or is not higher than 1% of average net revenue of the past 3 years of the company in their absolute value, in the last 2 calendar years prior to the date of the transaction is being reported according the last financial report of the company.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Methods of approval: Approval by the management of the company or by the in charged officer in the company (vice chief executive officer, other officer or other in charged body in the company according the decisions of the company.</font></div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">General rules:</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 45pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any transaction with a controlling shareholder or any transaction that a controlling shareholder has an interest in, will be brought before the Audit Committee, which will determine its type and decide on case by case basis on defining it as an insignificant transaction or other kind of transaction, and will decide on its review and on its approval.</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 45pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font></div>
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<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">According the adopted criteria, transactions with Tzivtit Insurance Agency (1998) Ltd. and with Rinat Yogev Nadlan Ltd. shall be classified as Insignificant transactions. If the extent of such transactions will remain similar during the following years, our management shall be deemed qualified to approve such transactions and to report them to the Audit Committee.</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Every year the criteria for classifying transactions as set up above shall be brought for reapproval by the Audit Committee.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Compensation committee</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Israeli Companies Law mandates the appointment of a compensation committee comprising of at least three directors. The compensation committee must include all of the external directors, who shall constitute the majority of the members thereof, and its remaining members shall be directors whose terms of service comply with the provisions promulgated concerning the remuneration of external directors. The chairman of the committee must be an external director. The members of the Compensation committee are currently Israel Baron, Gidon Kotler and Yoav Kahane. Mr. Gidon Kotler was appointed on April 30, 2014 to replace Dr. Orna Ophir who passed away in January 2014. All members of our compensation committee are independent directors as defined by the Nasdaq listing rules, and all of whom meet the composition requirements under the Israeli Companies Law. Since February 2016, the Israeli Companies Law permits that Audit Committee can serve also as a Compensation committee, provided that it will comply with requirements of the Compensation Committee as explained above.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">56</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the Israeli Companies Law, the compensation committee is responsible for: (i) making recommendations to the board of directors with respect to the approval of the compensation policy for office holders and any extensions thereto; (ii) periodically reviewing the implementation of the compensation policy and providing the board of directors with recommendations with respect to any amendments or updates thereto; (iii) reviewing and resolving whether or not to approve arrangements with respect to the terms of office of office holders; and (iv) determining whether or not to exempt a transaction with a candidate for chief executive officer from shareholders approval.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Furthermore, our compensation committee oversees, on behalf of the Board, the management of Ituran's compensation and other human resources-related issues and otherwise carries out on behalf of the Board its responsibilities relating to these issues. The committee is responsible for establishing annual and long-term performance goals and objectives for our executive officers. In addition, as required under the Nasdaq listing rules, our compensation committee is responsible for the appointment, compensation and oversight of the work of any compensation consultant, legal counsel and other adviser retained by the committee; and may retain such advice only after taking into account the considerations set forth in the Nasdaq listing rules in this respect. Our compensation committee operates in accordance with a charter, which complies with the provisions of the Israeli Companies Law and the Nasdaq listing rules.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">According to our compensation committee charter, the compensation committee, among its other duties, is responsible on reviewing the disclosure in this form which concerns the Compensation Policy and the sections describing the Terms of Service of Officers, controlling persons and their relatives.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Internal auditor</font></font></div>

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</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the Israeli Companies Law, the board of directors of a public company must appoint an internal auditor nominated by the audit committee. An internal auditor may not be:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

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<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">n</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">a person (or a relative of a person) who holds more than 5% of the company's shares or voting rights;</font></font></div>
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</div>

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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">n</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">a person (or a relative of a person) who has the power to appoint a director or the general manager of the company;</font></font></div>
</td>
</tr></table>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">n</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">an executive officer, director or other affiliate of the company; or</font></font></div>
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</div>

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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">n</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">a member of the company's independent accounting firm.</font></font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The role of the internal auditor is to examine, among other things, the compliance of the company&#8217;s conduct with applicable law and orderly business procedures. Our internal auditor is Simon Yarel, CPA, who has served as our internal auditor since January 1999.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EMPLOYEES</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table sets forth the total number of our employees at the end of each of the past three years, and a breakdown of such employees by main category of activity and by geographic location:</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended December 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">By area of activity</font>:</font></div>
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<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Control Center</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">379</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">401</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">361</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Research and Development</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">39</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">54</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sales and Marketing</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">125</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">127</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">110</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Technical support and IT</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">296</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">271</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">254</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Finance, Administration and Management</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">232</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">209</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">216</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Private enforcement and operations</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">393</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">395</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">356</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Manufacturing</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">65</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">62</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Total</font></font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,544</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,522</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,392</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" colspan="12" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">By geographic location (out of total)</font>:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Israel</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">719</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">703</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">628</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brazil</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">612</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">617</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">550</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Argentina</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">182</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">162</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">183</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">United States</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Total&#160;</font></font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,544</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,522</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,392</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">57</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We consider our relations with our employees to be satisfactory and have no ongoing major labor disputes or material labor-related litigation. Our employees are subject to local labor laws and regulations, which in some countries are more stringent than others. Some of our senior executives also have employment agreements that may grant them rights in excess of those provided by the applicable laws.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Israel</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our employees in Israel are subject to Israeli labor laws and regulations and employment customs. The applicable labor laws and regulations principally concern matters such as paid annual vacation, paid sick days, length of the workday, payment for overtime and severance pay. Israeli law generally requires severance pay equal to one month&#8217;s salary for each year of employment upon retirement or death of an employee or termination of employment without cause. Furthermore, Israeli employees and employers are required to pay predetermined sums to the National Insurance Institute, which is similar to the United States Social Security Administration. Since January 1, 1995, these amounts also include payments for national health insurance.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Israeli labor laws impose on employers increased liability, including monetary sanctions and criminal liability, in cases of violations of certain labor laws and certain violations by contractors providing maintenance, security and cleaning services.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Brazil</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our employment agreements in Brazil are subject to Brazilian labor laws and regulations, to collective labor agreements or bargaining arrangements with unions and contract. The laws and regulations in Brazil govern almost all aspects of an employment relationship and do not leave much room to be negotiated with the employee. Still, employment contracts create obligations to the parties if they are in compliance with the law. The Labor Code mainly governs the employees&#8217; right to paid annual vacation, paid sick days, the maximum length of a workday, minimum payment for overtime and statutory severance pay. Brazilian law generally requires severance pay equal to 50% of the balance of the employee&#8217;s FGTS account (a mandatory fund to guarantee severance and unemployment). The FGTS can also be withdrawn when the employee retires, dies or his employment is terminated without cause, among others. Brazilian employers are required to purchase health insurance for employees only in the event it is set forth by the applicable collective labor agreement, contract or company policy, and are required to cover employees&#8217; food and travel costs whenever a business trip is required, and to make deposits into the a Guarantee Severance Fund (the so-called &#8220;FGTS&#8221;). Furthermore, Brazilian employees and employers are required to make contributions to the National Insurance Institute (&#8220;INSS&#8221;), similar to the United States Social Security Administration. Our collections to the National Insurance Institute amount to 34.8% to 39.8% of the payrolls, out of which 8% to 11% (limited to R$4,159,000 of individual salary) corresponds to contributions by the employees deducted from salaries and 26.8% is the fixed part we pay. Our contribution of 26.8% includes mandatory contribution to the Public Insurance for Labor Accidents and Diseases (SAT). According to Decree Law 6957/2009 such portion, which varies from 1% to 3% of payroll, should be multiplied by another factor (FAP) from 0.5 to 2 in order to reduce or increase our burden to reflect statistics of occupational accidents and diseases in our business.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">58</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All of our employees in Brazil, excluding the chief executive officer, some directors (VPs) and one manager, are represented by a labor union and the employees&#8217; mandatory contributions to their union are paid by us. The law authorizes us to deduct mandatory contributions to unions from the respective salaries.</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Argentina</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our employees in Argentina are subject to Argentine labor laws and regulations and other special practices and employment customs. The laws and regulations in Argentina control all aspects of labor relations and designate a general Employment Contract with which all employees and employers must comply. This general Employment Contract adopts by reference the provisions of the Labor Law which principally concerns matters such as paid annual vacation, paid sick days, the length of the workday, and payment for overtime and severance pay. Argentinean law generally requires severance pay equal to one month per year of service upon the termination of employment without a justified cause. Argentine employers are also required to contribute for the following items: (a) Pension funds 21% (b) health insurance for employees 6% (c) occupational accident insurance 2.74%; and (d) Retirement fund insurance 3.5% (only this item is for Union Employees). All the rates should be applied on the gross salary.&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our employees in Argentina, excluding the chief executive officer and a number of other employees, are members of a labor union and the employee member fees are paid by them</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">United States </font>&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have no collective bargaining agreements with any of our employees in the United States and none of our employees are members of a union.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">59</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">E.</font></font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SHARE OWNERSHIP</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following sets forth, as of March 31, 2016 the share ownership of our directors and executive officers listed in Item 6.A above. All of the information with respect to beneficial ownership by our directors and executive officers has been furnished by the respective director or executive officer, as the case may be.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name of Director/Officer(1)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ordinary Shares</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Beneficially Owned (2)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentage of beneficial ownership(3)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Izzy Sheratzky<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(4)</font></font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,146,747</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Professor Yehuda Kahane <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(5)</font></font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,622,021</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Zeev Koren</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Efraim Sheratzky (6)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">277,466</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Yigal Shani (7)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 33.2pt"></font>311,010</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Eyal Sheratzky</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nir Sheratzky</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gil Sheratzky</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Yoav Kahane</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tal Sheratzky-<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>Jaffa</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">*</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">*</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Israel Baron</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gidon Kotler</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ami Saranga</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Eli Kamer</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Guy Aharonov</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Udi Mizrahi</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">*</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">*</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 18pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Own less than one percent of our shares.</font></div>
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</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">(1)</font></font></div>
</td>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">This table includes only current directors and officers that beneficially hold our shares.</font></font></div>
</td>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">(2)</font></font></div>
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<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8216;Beneficial ownership&#8217; is determined in accordance with the rules of the Securities and Exchange Commission (as defined in Rule 13d &#8211; 3 under the Securities Exchange Act of 1934) and shares deemed beneficially owned by virtue of the right of any person or group to acquire such ordinary shares within 60 days are treated as outstanding only for the purposes of determining the percent owned by such person or group. To our knowledge, the persons and entities named in the table above are believed to have sole voting and investment power with respect to all ordinary shares shown as owned by them, except as described below.</font></font></div>
</td>
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</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Amounts in this column are based on 23,475,431 ordinary shares outstanding as of March 31, 2016, less 2,507,314 treasury shares held by us.</font></div>
</td>
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</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(4)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Shares beneficially owned include: (a) 69,430 shares directly owned by Mr. Sheratzky and an entity wholly owned by him; (b) 4,075,952 shares owned by Moked Ituran Ltd., which Mr. Sheratzky is deemed to beneficially owns due to his shared voting and investment power over such shares in accordance with that certain shareholders agreement, dated May 18, 1998 as amended on September 6, 2005 and on September 17,&#160;&#160;2014, among Moked Ituran and its shareholders, which we refer to as the Moked Shareholders Agreement. For further information concerning the Moked Shareholders Agreement see the discussion under Item 6.A. &#8211;Directors and Senior Management under the caption &#8220;Shareholders Agreement and Articles of Association of Moked Ituran Ltd.&#8221; above; (c) 1,365 shares that are directly held by Mr. Sheratzky&#8217;s wife, Maddie Sheratzky.</font></div>
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<div>&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">60</font></div>

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<hr style="COLOR: black" noshade size="3">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">(5)</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Shares beneficially owned include: (a) 66,264 shares directly owned by Professor Kahane jointly with his wife, Rivka Kahane; (b) 123,950 shares owned by Yehuda Kahane Ltd., which Professor Kahane may be considered to beneficially own by virtue of his shared voting and investment control of the company through his 50% shareholdings thereof, the other 50% being owned by his wife, Rivka Kahane; and (c) 1,431,807 shares owned by Moked Ituran Ltd., which Professor Kahane may be considered to beneficially own by virtue of his right to direct the disposition of such shares in accordance with Moked&#8217;s articles of association. Professor Kahane has shared voting and investment control over Yehuda Kahane Ltd., a holder of 26% of the shares of Moked Ituran.</font></font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(6)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Shares beneficially owned include: (a) 9,956&#160;&#160;shares directly owned by Efraim Sheratzky, (b) 61,000 shares owned by Tzivtit Insurance Agency (1998) Ltd., which Efraim Sheratzky may be considered to beneficially own by virtue of his shared voting and investment control over such shares through his 50% ownership thereof, the other 50% of the shares held by Yigal Shani, and (c) 206,510 shares owned by Moked Ituran, which Mr. Sheratzky may be considered to beneficially own by virtue of his right to direct the disposition of such shares in accordance with Moked&#8217;s articles of association. Mr. Sheratzky may be considered to beneficially own such shares by virtue of his sole voting and investment control over his wholly owned G T.S.D. Holdings Ltd, the holder of 3.75% of Moked&#8217;s shares.</font></div>
</td>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(7)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Shares beneficially owned include: (a) 43,500 shares directly owned by Yigal Shani, (b) 61,000 shares owned by Tzivtit Insurance Agency (1998) Ltd., which Yigal Shani may be considered to beneficially own by virtue of his shared voting and investment control over such shares through his 50% ownership thereof, the other 50% of the shares held by Efraim Sheratzky, and (c) 206,510 shares owned by Moked Ituran, which Mr. Shani may be considered to beneficially own by virtue of his right to direct the disposition of such shares in accordance with Moked&#8217;s articles of association. Mr. Shani may be considered to beneficially own such shares by virtue of his sole voting and investment control over his wholly owned G.N.S. Holdings, the holder of 3.75% of Moked&#8217;s shares</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 72pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="ITEM7">ITEM 7</a>.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MAJOR SHAREHOLDERS</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table shows the number of our ordinary shares beneficially owned by (a) the shareholders known to us as of March 30, 2016, to beneficially own more than 5% of our outstanding ordinary shares and (b) all of our directors and executive officers as a group.</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Please also see Item 6.E above.</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There are no shares underlying options or warrants held by such persons&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The shareholders listed below do not have any different or special voting rights from any other shareholders of our company. Except where otherwise indicated, we believe, based on information furnished by the owners, that the beneficial owners of the ordinary shares listed below have sole investment and voting power with respect to such shares.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">61</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Shareholder</font></font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ordinary Shares</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Beneficially<font style="DISPLAY: inline"> Owned</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 8.65pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% <font style="DISPLAY: inline">Voting</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.45pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Moked Ituran Ltd. (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,075,952</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19.44</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.45pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">All directors and executive officers as a group(<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font>).</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,453,014</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21.24</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.45pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Vulcan Value Partners(<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font>)</font></div>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,630,231</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.54</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.45pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Psagot Investments House Ltd.(<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font>)</font></div>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,160,515</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.53</font></td>
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<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,594,078</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.45pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Treasury shares</font></div>
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<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,507,314</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1) Moked&#8217;s articles of association provides that each of Moked&#8217;s shareholders shall have the right to direct Moked to dispose of such number of our shares corresponding to his or her relative shareholdings in Moked. In addition, ownership of all shares held by Moked are attributed to Mr. Izzy Sheratzky by virtue of his holdings in Moked. Please see Item 6.E above for the ownership of our shares attributed to Moked's shareholders. For further information please see Item 6.A &#8211; Directors and Senior Management under the caption &#8220;Shareholders Agreement and Articles of Association of Moked Ituran Ltd.&#8221; above.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2) Includes shares held by Moked Ituran Ltd., which ownership are attributed to some of these directors and executive officers.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3) The information presented herein is based on Form 13G filed by Vulcan Value Partners, LLC ("Vulcan") on February 16, 2016. According to the information presented on such Form 13G, Vulcan is an investment adviser, and various persons, including the investment companies and owners of the separate accounts to which Vulcan serves as investment adviser, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Company's securities that are the subject of Form 13G. As of December 31, 2016, Vulcan Value Partners Small Cap Fund, an investment company advised by Vulcan, owned 5.80% of the outstanding shares of the Company.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(4) The information presented herein is based on Form 13G filed by Psagot Investments House Ltd. (<font style="DISPLAY: inline; FONT-WEIGHT: bold">"Psagot"</font>) on February 15, 2016. According to the information presented on such Form 13G, the shares are beneficially owned by portfolio accounts managed by Psagot Securities Ltd., Psagot Exchange Traded Notes Ltd., mutual funds managed by Psagot Mutual Funds Ltd., and provident funds and pension funds managed by Psagot Provident Funds and Pension Funds. Each of Psagot Securities Ltd., Psagot Exchange Traded Notes Ltd., Psagot Mutual Funds Ltd., Psagot Provident Funds and Pension Funds is a wholly owned subsidiary of Psagot. For further information on the beneficial ownership by the portfolio accounts, please refer to Form 13G filed by Psagot on February 15, 2016.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(5)&#160;&#160;The information presented herein is based on Form 13G filed by Migdal Insurance &amp; Financial Holdings Ltd. on February 10, 2016 ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Migdal</font>"). According to the information presented on such Form 13G, the shares are beneficially owned by Migdal. For further information on the beneficial ownership by the portfolio accounts, please refer to Form 13G filed by Migdal on February 10, 2016.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of March 16, 2015, we had a total of 3* shareholders of record in the United States with registered addresses in the United States. The number of record holders in the United States is not representative of the number of beneficial holders nor is it representative of where such beneficial holders are resident since many of these ordinary shares were held of record by brokers or other nominees.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">* Includes the Depository Trust Company</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Transactions with our directors and principal officers</font>&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We purchase our insurance policies, including our directors&#8217; and officers&#8217; insurance, through Tzivtit Insurance Agency (1998) Ltd., an insurance agency owned by Efraim Sheratzky a director of the company and a shareholder of Moked, the brother of the President of our company and the uncle of both of our Co-Chief Executive Officers, and by Yigal Shani, who is one of our directors and is a shareholder of Moked. We pay an annual aggregate amount of NIS 1,183,000 or $304,000, for our basic insurance policies and NIS 655,000, or $168,000 for our directors&#8217; and officers&#8217; insurance policy. During 2015 Tzivtit Insurance Agency was entitled to commissions in an aggregate amount of NIS&#160;&#160;309,000 or $79,000 which is paid by the insurance company on account of these policies.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have entered into indemnification agreements with each of our directors and officers and the officers and directors of our subsidiaries providing them with indemnification for liabilities or expenses incurred as a result of acts performed by them in their capacity as our directors and officers. Our general meeting of shareholders approved on January 28, 2014 an amendment to these indemnification agreements and the grant thereof to office holders, including controlling persons and their relatives, who serve at our company and its subsidiaries from time to time. For the full indemnification agreements as so approved, please see Exhibit 4.19 under Item 19 &#8211; Exhibits.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our general meeting of shareholders has also approved on January 28, 2014 the procurement from time to time of directors' and officers' insurance policies covering the liability of office holders, including controlling persons and their relatives, who serve at the Company and its subsidiaries from time to time, under the following terms: (a) the principal terms of the D&amp;O insurance policies shall not materially deviate from the terms of our current directors' and officers' insurance policy; or (b) to the extent that the Company shall desire to procure a D&amp;O insurance policy, which a material term thereof adversely deviates ( from our company's point of view) from the terms of the current policy, then our company's board of the directors shall confirm that, notwithstanding such deviation, our procurement of such policy is compatible with market terms and does not materially affect our profitability, assets or liabilities.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the past, our President and Co-Chief Executive Officers were compensated for their services through services agreements with A. Sheratzky Holdings, a company controlled by Mr. Izzy Sheratzky, which were entered into during 2003 and 2002, respectively, as amended.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under his 2003 service agreement, as amended, Mr. Sheratzky agreed to (i) cease to act as our Chief Executive Officer and (ii) to act as an independent contractor that provides full-time services to our company under the same terms of his previous employment as Chief Executive Officer and also act as Chairman of our Board of Directors. The agreement further provided that (a)A. Sheratzky Holdings will receive compensation equal to NIS 63,250, or approximately $16,300, per month, adjusted for inflation, and linked to the Israeli CPI since 2003, plus reimbursement of certain business expenses; and (b) Mr. Sheratzky will be entitled to participate in our profits in an amount equal to 5% of profits before tax, on a consolidated basis, based on our audited consolidated financial statements for the relevant year. This services agreement was automatically renewable for successive two-year periods and either party had the right to notify the other of its intention to terminate the agreement by providing a 180-day prior written notice. Whereas the term of this agreement exceeded three years, then in 2011 (as required under an amendments to the Companies Law), our audit committee, board of directors and shareholders have ratified and approved the agreement with A. Sheratzky for a three year period until May 11, 2014. Whereas under Israeli laws, a chairman of the board who is related to a chief executive officer of a company cannot continue to act in such capacity without shareholders' approval with a special majority as determined under Israeli laws and such majority was not obtained, Mr. Sheratzky ceased to act as chairman of our board, but nonetheless, Mr. Sheratzky was appointed by our board to serve as president of our company and in such capacity he continued to provide the services as determined by the agreement.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under our 2002 agreements with our Co-Chief Executive Officers, as amended, A. Sheratzky Holdings has provided us management services through Eyal Sheratzky and Nir Sheratzky in consideration for monthly payments in the amount of NIS 48,892 and NIS 49,307, or $12,500 and $12,600, respectively, in addition to providing each of them a company car and reimbursement of certain business expenses. Since January 2004, our Co-Chief Executive Officers were also entitled to an annual bonus in an amount equal to 1% of our profits before taxes, on a consolidated basis, based on our audited consolidated financial statements for the year for which the bonus was paid. Whereas the term of these agreements exceeded three years, then in 2011 (as required under an amendments to the Companies Law), our audit committee, board of directors and shareholders have ratified and approved the agreements with A. Sheratzky (including a third addendum thereto that clarifies the nature of their role and services) for a three year period until May 11, 2014.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The aggregate amounts paid to A. Sheratzky Holdings according to this agreement in 2013, 2014 and 2015 were approximately $3,470,000, $793,000,&#160;&#160;and $0 respectively (all numbers include value added tax).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On January 23, 2007, our subsidiary, E-Com Global Electronic Commerce Ltd. entered into an agreement with Gil Sheratzky for the employment of Mr. Sheratzky as the CEO of that company in consideration for monthly payments in the amount of NIS 25,000 or $6,400, in addition to providing him a company car, managers insurance and education fund contribution (as customary in Israel) and reimbursement of certain business expenses. In this position, Mr. Sheratzky reported to our CEO. Gil Sheratzky was also entitled to a bonus in an amount equal to 2% of the annual increase in E-Com's profits before tax (up to a maximum amount of 1% of its profits before tax) based on its audited consolidated financial statements for the relevant year, beginning January 1, 2007. The aggregate amounts paid to Mr. Gil Sheratzky according to this agreement in 2013, 2014 and 2015 were approximately $145,000, $29,000 and $0, respectively. Whereas the term of this agreement exceeded three years, in 2011 (as required under an amendment to the Companies Law), our audit committee, board of directors and shareholders have ratified and approved the agreement with Gil Sheratzky for a three year period until May 11, 2014. A new agreement with Gil Sheratzky was approved by our Shareholders meeting on January 28, 2014.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">The new service agreements</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In February 2014, following the approval of our general meeting of shareholders on January 28, 2014, we entered into new service agreements, setting forth the terms of service of our President and Co-Chief Executive Officers in compliance with our compensation policy for office holders; and E-Com entered into a service agreement setting forth the terms of service of its Chief Executive Officer in compliance with our compensation policy for officer holders. The principal terms of these agreements are as follows:</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr<font style="FONT-STYLE: italic; DISPLAY: inline">. Izzy Sheratzky </font>shall provide his services as an independent contractor through A. Sheratzky Holdings Ltd., which shall be entitled to a monthly payment of NIS 225,000 (or $57,700)&#160;&#160;plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use o/f Mr. Sheratzky and the payment of its maintenance costs and the cost of tax resulting there fromthe fixed monthly pay shall also include Mr. Sheratzky's entitlement for a 25 days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses, subsistence allowance abroad and participation in work-related home telephone expenses. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of 3 years and may be terminated upon 180 days' advance notice of termination; however, the company may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr. Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has breached his fiduciary duty towards the company; (c) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has materially breached the agreement through the unauthorized disclosure of company's secrets or competition with the company. The aggregate amounts paid to A. Sheratzky according this new service agreement in 2014 and 2015 were approximately $ 2,387,000 and $2,249,000 respectively (the numbers includes value added tax).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Mr. Eyal Sheratzky </font>shall provide his services as an independent contractor through ORAS Capital Ltd. which shall be entitled to a monthly payment of NIS 175,000 (or $45,000) plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr. Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom.&#160;&#160;The fixed monthly pay shall also include Mr. Sheratzky's entitlement for a 25 days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses and subsistence allowance abroad. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font>agreement shall be in force for a period of 3 years and may be terminated upon 180 days' advance notice of termination; however, the company may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr. Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has breached his fiduciary duty towards the company; (c) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has materially breached the agreement through the unauthorized disclosure of company's secrets or competition with the company. The aggregate amount paid to ORAS Capital Ltd (for new and old agreements combined) in 2014 was approximately $1,552,000 (the number includes value added tax). The aggregate amount paid to ORAS Capital Ltd in 2015 was $1,565,000&#160;&#160;(the number includes value added tax).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Mr. Nir Sheratzky</font> shall provide his services as an independent contractor through Galnir Management and Investments Ltd., which shall be entitled to a monthly payment of NIS 175,000 (or $45,000)&#160;&#160;plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr. Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom.&#160;&#160;The fixed monthly pay shall also include Mr. Sheratzky's entitlement for a 25 days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses and subsistence allowance abroad. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of 3 years and may be terminated upon 180 days' advance notice of termination; however, the company may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr. Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has breached his fiduciary duty towards the company; (c) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has materially breached the agreement through the unauthorized disclosure of company's secrets or competition with the company. The aggregate amount paid to Galnir Management and Investments Ltd, in 2015, was approximately $1,802,000 (the number includes value added tax). The aggregate amount paid in 2014 (for new and old agreements combined) was approximately $1,418,000 (the number includes value added tax).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Mr. Gil Sheratzky </font>shall provide his services as an independent contractor through ZERO-TO-ONE S.B.L. INVESTMENTS LTD<font style="DISPLAY: inline; FONT-SIZE: 10pt">., </font>which shall be entitled to a monthly payment of NIS 125,000 (or $32,000) plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr. Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom.&#160;&#160;The fixed monthly pay shall also include Mr. Sheratzky's entitlement for a 25 days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses and subsistence allowance abroad. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of 3 years and may be terminated upon two months' advance notice of termination; however, E-Com may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr. Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has breached his fiduciary duty towards E-Com; (c) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has materially breached the agreement through the unauthorized disclosure of E-Com' and/or company's secrets or competition with E-Com and/or the company. The aggregate amount paid to ZERO-TO-ONE S.B.L. INVESTMENTS LTD, in 2014 and 2015 according to this new service agreement, were approximately $948,000 and 1,175,000 respectively (the numbers include value added tax).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each of the above agreements also provides that the executives may request to provide their services to the company as an employee, and not through a service provider, and in such event, the they shall execute an employment agreement with the company, in lieu of the above service agreements, which shall also set forth the provisions of social security and other benefits that the company usually grants its senior executive officers (which may not deviate from the provisions of the Compensation Policy in this respect). In any event, it was agreed that the nature of the agreement pursuant to which the services are provided shall not affect the cost to us of the provision of the services as set forth in the service agreements.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The terms of the Cash Incentives applicable to each of Messrs. Izzy Sheratzky, Eyal Sheratzky, Nir Sheratzky and Gil Sheratzky (the <font style="DISPLAY: inline; FONT-WEIGHT: bold">"Executive Office Holders"</font>), as set forth in their agreements referred to above (the <font style="DISPLAY: inline; FONT-WEIGHT: bold">"Agreements"</font>), are as follows:</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">"Target-based Cash Incentives"means a cash incentive awarded to the Executive Office Holders for the company's achievement of the following Profit-Before-Tax targets in each calendar year following the effective date of the above agreements, in which the Minimum Threshold (as defined below) has been achieved:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Company's Profit-Before-Tax Targets</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in USD thousands)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level of Incentive - As a Percentage of the </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Executive Office Holder's Annual Cost of Pay</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,001 - 27,500</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20%</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,501-31,000</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45%</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,001-35,000</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">75%</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">35,001-39,000</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">110%</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Above 39,001</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">150%</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">"Minimum Threshold" means, with respect to a particular calendar year, a minimum Company's Return on Equity (as defined below) of 15%, and a minimum company's Profit Before Tax of USD 24 million.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">"Return on Equity" means,&#160;&#160;with respect to a particular calendar year, the ratio between the net income for such year and the average of the shareholders' equity at the beginning of such calendar year and at the end of each calendar quarter of such year; calculated in accordance with the company's audited or reviewed consolidated financial statements for such year, as the case may be, after taking into account Executive Officers' compensation, but excluding adjustments of the value of assets and obligations to their fair value in accordance with accounting standards.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">"Profit-Before-Tax" means, with respect to a particular calendar year, the company's profit before tax for such year in accordance with the company's audited consolidated financial statements for such year, after taking into account Executive Officers' compensation, but excluding adjustments of the value of assets and obligations to their fair value in accordance with accounting standards.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">"Executive Officers" means Office Holders of the Company ("Nosei Misra", as such term is defined in the Companies Law) who serve as the company's President, Co-CEOs and other executives who are deemed Office Holders of the company, as well as Office Holders of the company's Israeli wholly owned subsidiaries, provided they report to the CEO.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">"Cost of Pay" means, with respect to independent contractors &#8211; their invoice amount plus company car and related expenses; and with respect to employees - their base pay (i.e. fixed gross amount payable to the employee in return for his services, excluding expenses, benefits and bonuses) plus 40% thereof.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Target-based Cash Incentives shall become payable upon the lapse of 30 days from the date of publication of the company's audited annual financial statements (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Entitlement Date</font>"); and such cash incentive shall be paid on such date. However, if an Executive Office Holder's Target-based Cash Incentives exceed an amount equal to 100% of such Executive Office Holder's annual Cost of Pay (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">100% Threshold</font>"), then 20% of the amount by which the Target-based Cash Incentives exceed the 100% Threshold (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Deferred Portion</font>") shall not be paid on their Entitlement Date, but rather shall be deferred and paid in two equal installments on the first and second anniversary of the Entitlement Date, provided that the Minimum Threshold was achieved during the first calendar year (for the first installment) and during the second calendar year (for the second installment) following the Entitlement Date, respectively. The Deferred Portion shall be linked to the consumer price index known on the Entitlement Date.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The company may pay to the Executive Office Holders advances on account of expected Target-based Cash Incentives, based on the company's reviewed financial statements, prior to the Entitlement Date; provided that if on the Entitlement Date, it turns out that such advances exceed the Target-based Cash Incentives to which the Executive Office Holders are entitled, then the excess amounts shall be returned to the Company or shall be deducted from the payment of the remainder Target-based Cash Incentives on the Entitlement Date, as the case may be.</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">"<font style="DISPLAY: inline; FONT-WEIGHT: bold">Excess Return Cash Incentives</font>"<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>means a cash grant based on the company's Stock Yield as compared to the TA 100 Index's Yield, as set forth below.&#160;&#160;In the event that the company shall de-list from the Tel-Aviv Stock Exchange, then the company's board of directors and compensation committee shall select a comparable NASDAQ index for the purpose of this Excess Return Cash Incentive and the provisions hereof shall apply with respect thereto mutatis mutandis.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">"<font style="DISPLAY: inline; FONT-WEIGHT: bold">Company's Stock Yield</font>" means the percentage of increase or decrease of the company&#8217;s stock price on the Tel-Aviv Stock Exchange over an Examined Period (as defined below), as adjusted for dividend distribution, calculated based on the average adjusted closing price of the company's shares on the Tel-Aviv Stock Exchange during the 5 business days prior to and the 5 business days after the commencement and end of such Examined Period.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">"TA 100 Index's Yield" means the percentage of increase or decrease of the TA 100 Index over an Examined Period, calculated based on the average TA 100 Index closing quotes during the 5 business days prior to and the 5 business days after the commencement and end of such Examined Period.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At the end of each calendar year, the company shall examine the Company's Stock Yield since January 1 of such year or, with respect to the first year of such grant &#8211; since the date of its approval (an "Examined Period"), as compared to the TA 100 Index's Yield over such Examined Period; and to the extent that the Company's Stock Yield exceeds the TA 100 Index's Yield for such period, each of the Executive Office Holders shall receive an amount equal to 50% of his monthly Cost of Pay for each 1% of excess return (in percentage points' terms), or a relative amount in the event of a partial excess return. For the avoidance of doubt, in the event that the Company's Stock Yield during such period is negative, no grant shall be awarded.</font></div>

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<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">67</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Excess Return Cash Incentive for each year shall not exceed an amount equal to the Executive Officer Holder's annual Cost of Pay.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event that an Agreement is terminated during a calendar year, the company's compensation committee and board of directors shall determine the relative amounts out of the Target-based Cash Incentives and/or Excess Return Cash Incentives to which the relevant Executive Office Holder is entitled for the portion of the year during which the Agreement was in force; and these amounts shall be paid within 30 days after the termination of service/employment, as the case may be.</font></div>
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</tr></table>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On the date of determination of each Executive Office Holder's entitlement for a Target-based Cash Incentive for a particular year, the company's compensation committee shall examine whether the total amount of grants to which Executive Officers are entitled with respect to such calendar year and which constitute variable components of their terms of services (the "Total Amount of Grants to Executive Officers"), exceed an amount equal to 10% of the Company's EBITDA for such year (the "EBITDA's Threshold"), as calculated in accordance with data extracted from the company's audited consolidated annual financial statements, after taking into account the Executive Officers' fixed compensation but excluding their variable compensation. In such event, the amount by which the Total Amount of Grants to Executive Officers exceeds the EBITDA's Threshold shall be referred to as the "Excess Amount".</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event that the Total Amount of Grants to Executive Officers exceeds the EBITDA's Threshold, then the Target-based Cash Incentive and the Excess Return Cash Incentive to which an Executive Office Holder is entitled (together, the "Grants") shall be reduced by an amount equal to the Executive Office Holder's Rate of Grants (as defined below) out of the Excess Amount. The term "Executive Office Holder's Rate of Grants" means, with respect to a particular Executive Office Holder, the percentage which such Executive Office Holder's Grants constitute out of the Total Amount of Grants to Executive Officers.</font></div>
</td>
</tr></table>
</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The company's board of directors shall have the right, under special circumstances at its discretion, to reduce the amount of Grants to which the Executive Office Holders are entitled, upon a 60 days prior notice.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Executive Office Holder shall be required to return any compensation paid to them on the basis of results included in financial statements that turned out to be erroneous and were subsequently restated in the company's financial statements published during the three year period following publication of the erroneous financial statements; to the extent they would not have been entitled to the compensation actually received had it been determined based on the restated financial statements. In such case, compensation amounts will be returned within 60 days from the date of publication of the restated financial statements, net of taxes that were withheld thereon. If the Executive Office Holder has a right to reclaim such tax payments with respect to Grants which were paid in excess, from the relevant tax authorities, then the Executive Office Holder shall reasonably act to reclaim such amounts from the tax authorities and upon their receipt, shall remit them to the company.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2015 Executive Office Holders were eligible to Target based cash incentives at the maximum rate of (150%) as follows (which is included in the aforementioned payments according to the above new service agreements):</font></div>

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<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.45pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Executive Office Holders</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.45pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Target-based Cash Incentive</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.45pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deferred Portion for the next 2 years</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.45pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total to be paid for 2015:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="9" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.45pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(In US$ thousands)</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.45pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Izzy Sheratzky</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,042</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(69</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">973</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.45pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Eyal Sheratzky</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">810</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(54</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">756</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.45pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nir Sheratzky</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">810</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(54</font></td>
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<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">579</font></td>
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<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(39</font></td>
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<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">540</font></td>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the full service agreements regarding the services of our President, Co-Chief Executive Officers and the Chief Executive Officer of E-Com, please see Exhibits 4.17-4.20 attached hereto.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On January 28, 2014, our general meeting of shareholders re-approved the terms of engagement of Professor Yehuda Kahane, which were set forth in a financial services agreement, dated March 23, 1998, between our company and Professor Kahane. Pursuant to this agreement, as amended in May 2003, we are obligated to pay Professor Kahane a monthly consulting fee of NIS 15,000, or approximately $3,900, linked to the Israeli consumer price index as known on May 1, 2003. The term of the agreement automatically renews every two-years; however, either party may terminate it by providing a 180-day prior notice.&#160;&#160;The aggregate amounts paid to Professor Kahane by virtue of this agreement in each of the years 2013, 2014 and 2015 were approximately $59,000, $62,000 and $57,000, respectively.&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We purchase our GPS/GPRS equipment from our subsidiary, E.R.M Electronic Systems Limited. In 2013, 2014 and 2015, Ituran, including its subsidiaries in Brazil and USA, purchased GPS/GPRS equipment from E.R.M in the sum of approximately NIS 37.4 million (or $10.4 million), 39.2 Million NIS (or 11$ Million) and 46.8 Million NIS (or 12$ Million) respectively.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Material Legal Proceedings </font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 13, 2010 the State Revenue Services of S&#227;o Paulo issued a tax deficiency notice against our subsidiary in Brazil, Ituran Sistemas de Monitoramento Ltda., claiming that the vehicle tracking and monitoring services provided by our subsidiary should be classified as telecommunication services and therefore subject to the imposition of State Value Added Tax &#8211; ICMS, resulting in an imposition of 25% state value added tax on all revenues of our subsidiary during the period between August 2005 and December 2007. At the time of serving the notice upon us, the tax deficiency notice was in the amount of R$36,499,984 (approximately US$22.1 million at the time) plus interest in the amount of R$30,282,420 (approximately US$18.2 million at the time) and penalties in the amount of R$66,143,446 (approximately US$40.0 million at the time). As of December 31, 2014, the aggregate sum claimed pursuant to the tax deficiency notice (principal amount, interest and penalties) was estimated on December 2014, at R$220,000,000 (approximately US$82.7 million). The decision of the administration first level was unfavorable to us and we have filed an appeal to the Administrative Court of Appeals in S&#227;o Paulo. On March 2, 2012 the Administrative Court of the State of S&#227;o Paulo dismissed the State Revenue Services of S&#227;o Paulo's claims and resolved in our favor. The State of S&#227;o Paulo filed an administrative appeal to a full bench session at the Administrative Court which has been dismissed on December 20, 2014 and such a decision is non-appealable.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Furthermore, it is noted that the effect of aforesaid decision is limited to the period of August 2005 up to December 2007. It is possible that the State of S&#227;o Paulo may issue us additional tax deficiency notices regarding the past 5 year period. However, we maintain our position, based among other things on the results of the aforesaid legal proceedings, that if such tax deficiency notices are issued in future, our chances of success in defending its position are overwhelmingly favorable.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On June 24, 2010 the Brazilian Internal Revenue Service issued a tax assessment that claimed the payment, at the time of filing the tax assessment, of R$5,567,032 (approximately US$ 3,120,000 at the time) including interest and penalties, following the offsetting on October 1, 2005 of an amount of approximately US$ 2.1 million of a receivable held by Ituran Beheer BV, a Dutch legal entity held by us, against accumulated losses of our subsidiary Ituran Sistemas de Monitamento Ltda, which originated from a technology transfer agreement executed by and between Ituran Brazil and OGM Investments B.V. (also a Dutch company held by us). The decision of the administrative court of the first level was unfavourable to us and therefore we have filed an appeal to the Administrative Court of Appeals in S&#227;o Paulo. In October 2013, we were notified that the Administrative Court of Appeal has partially accepted our administrative defense in order to reduce the percentage of penalty imposed on us. Subsequently, Ituran Brazil filed a Special Appeal to the Superior Court of Tax Appeals, an administrative venue.&#160;&#160;The Special Appeal lodged by Ituran Brazil was not accepted by the Superior Court of Tax Appeals. Ituran Brazil challenges the tax assessment before a Federal Court of Law and we are waiting for admissibility of our special appeal. Based on the legal opinion of the subsidiary&#8217;s Brazilian legal counsel we believe that such claim is without merit and we will continue to vigorously defend ourselves in the appeal proceedings and therefore the chances of our success are more likely than not. As of December 31, 2015, the aggregate sum claimed pursuant to the tax assessment (principal amount, interest and penalties) is estimated at R$11.3 million (approximately US$2.89 million).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 22, 2015, Brazilian Federal Communication Agency &#8211; Anatel issued an additional tax assessment for FUST contribution (contribution on telecommunication services) levied on the monitoring services rendered by us regarding the year of 2011 and January 2012 in amount of R$ 2, 888,677 (approximately US$ 760,000) including interest and penalties. This amount added up to the previous FUST tax assessments for the years 2007 and 2008 which was issued on October 20, 2011, and including interest and penalties, on December 31, 2015 amounts to R$ 3,936,339 (approximately US$ 1 million) and to FUST tax assessment for the year 2010 which including interest and penalties, on December 31, 2015 amounts to R$ 2,950,417 (approximately US$ 700,000). Due to the such last tax assessment, on December 31, 2015, the aggregate amount claimed by Anatel increased to approximately R$ 9.8 million (approximately US$ 2.6 million). The reason Anatel demand the payment of FUST from us is the fact that in order to provide monitoring services we need to operate telecommunication equipment in a given radio frequency. We hold a telecommunication license from Anatel (for information on our licenses see item 4B. "Information on the company" &#8211; "Business overview" under the caption "Regulatory Environment"). The authorities have construed that we render telecommunication services and FUST should be levied in relation to Net Revenues. Based on the legal opinion of the subsidiary&#8217;s Brazilian legal counsel we believe that such claim is without merit, the interpretation of the legislation is mistaken, given that we don&#8217;t render telecommunication services, but rather services of monitoring goods and persons for security purposes and therefore the chances of our success are more likely than not. We have filed our defense for the years 2007 and 2008 on December&#160;&#160;2011. Our Defense for the year 2010 was filed on November 2014 and our defense for the year 2011 (and January 2012) was filed on February 2016. We are currently awaiting the Lower Court decision on all the aforementioned FUST claims.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On October 10, 2015, Brazilian Federal Communication Agency - Anatel &#8211; issued an additional tax assessment for FUNTELL contribution (contribution to Fund for the Technological Development of Telecommunication) levied on the monitoring services rendered by us regarding the year of 2011 which on December 31, 2015 amounts to R$ 1,007,453 (approximately US$ 253,000) including interest and penalties. This amount added up to the previous FUNTELL tax assessments for the year 2007, which was issued on July 13, 2011, and including interest and penalties, on December 31, 2015 amounts to R$ 778,598 (approximately US$ 195,000), to FUNTELL tax assessment for the year 2008 which including interest and penalties, on December 31, 2015 amounts to R$ 770,580 (approximately US$ 193,000) and to FUNTELL tax assessment for the year 2010 which including interest and penalties, on December 31, 2015 amounts to R$ 1,033,363 (approximately US$ 260,000). Due to the such last tax assessment, on December 31, 2015, the aggregate amount claimed by Anatel increased to approximately R$ 3.6 million (approximately US$ 0.92 million). The reason Anatel demand the payment of FUNTELL from us is the fact that in order to provide monitoring services we need to operate telecommunication equipment in a given radio frequency. We hold a telecommunication license from Anatel (for information on our licenses see item 4B. "Information on the company" &#8211; "Business overview" under the caption "Regulatory Environment"). The authorities have construed that we render telecommunication services and FUNTELL should be levied in relation to Net Revenues. Based on the legal opinion of the subsidiary&#8217;s Brazilian legal counsel we believe that such claim is without merit, the interpretation of the legislation is mistaken, given that we don&#8217;t render telecommunication services, but rather services of monitoring goods and persons for security purposes and therefore the chances of our success are more likely than not. We have filed our defenses as follows: for the year 2007 on July 2011, for the year 2008 on June 2011, for the year 2010 on December 2014 and for the year 2011 on October 2015. We are currently awaiting the Lower Court decision on all the aforementioned FUNTELL claims.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 13, 2015 we received a purported class action lawsuit which was filed against the Company in the District Court of Central Region in Tel-Aviv, by one plaintiff who is a subscriber of the Company, alleging that the Company, which was declared a monopoly under the Israeli Restrictive Trade Practices Law, 1988, unlawfully abused its power as a monopoly and discriminated between its customers. The plaintiff claims that the alleged discrimination resulted from the Company charging higher monthly subscription fees from customers who are obliged by insurance company requirements to install location and recovery systems in their vehicles than the monthly subscription fees that are charged from customers who are not required by insurance companies to install location and recovery systems in their vehicles. In addition, the plaintiff claims that the Company offers to customers who are not required by insurance companies to install location and recovery systems in their vehicles, a discounted warrantee service to their location and recovery systems. The plaintiff claims in addition to the above, that such actions raise additional causes of action against the Company such as negotiations without good faith, executing contract without good faith, breach of contract, unjust enrichment, breach of consumer protection laws, tort laws, and breach of statutory duty. The lawsuit is yet to be approved as a class action. The total amount claimed if the lawsuit is approved as a class action was estimated by the plaintiff to be approximately NIS 300 million (approximately USD 78 million). Our defense against the approval of the class action lawsuit was filed on January 3, 2016. The plaintiff has responded to our defense on February 29, 2016. A class action lawsuit based on similar claims, against the Company, which was filed on form 6-K on March 22, 2011, was dismissed by the court on the request of both parties, on March 5, 2012 for a small compensation to the plaintiff and his attorneys, in a total amount of NIS 30,000 (approximately USD 7,900). Such dismissal of a similar class action lawsuit may have a positive effect on the Company's defense against the current lawsuit. Based on an opinion of its legal counsels, at this preliminary stage, the Company is unable to assess the lawsuit's chances of success, however based on the documents of the claim, the Company has good defense arguments in respect of claims made by the plaintiff and that the chances that the lawsuit will not be approved as a class action lawsuit are higher than it will be approved. While we cannot predict the outcome of this case, if we are not successful in defending our claim, we could be subject to significant costs, adversely affecting our results of operations.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10.B. &#8211; "Memorandum and Articles of Association" - &#8220;Our Corporate Practices under the Israeli Companies Law&#8221; under the caption &#8220;Approval of Transactions under Israeli law&#8221;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For a description of our dividend policy, see Item 5.B &#8211; Liquidity and Capital Resources above.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except as stated in this annual report, there are no significant changes since December 31, 2014.</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">71</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><!--EFPlaceholder--><a name="ITEM9">ITEM 9</a>.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">THE OFFER AND LISTING</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OFFER AND LISTING DETAILS</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price History of Our Shares</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our ordinary shares have been trading on the Tel-Aviv Stock Exchange since May 1998 and have been trading on Nasdaq under the symbol &#8220;ITRN&#8221; since September 2005.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On February 24, 2016 we have requested the Tel Aviv Stock Exchange (TASE) to initiate the process to delist the our shares from the TASE. It was informed that such delisting will be effective as of May 25, 2016 with the last trading date on the TASE being May 23, 2016.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The delisting in Israel will have no effect upon our continued listing on the NASDAQ in the United States, and all shareholders will continue to be able to trade our shares on NASDAQ.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table sets forth, for the periods indicated, the high and low market prices of our ordinary shares as reported by the Nasdaq Global Select Market.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price per</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">+-ordinary share ($)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">High</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Low</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" colspan="8" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">During the last six months</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">March 2016</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19.65</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17.17</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">February 2016</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18.59</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16.62</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">January 2016</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19.27</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16.76</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 2015</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.25</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17.88</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">November 2015</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.20</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">October 2015</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.36</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.22</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" colspan="8" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">During each fiscal quarter of 2014 and 2015 and the first quarter of 2016</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">First Quarter 2016</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19.65</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16.62</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fourth Quarter 2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17.88</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Third Quarter 2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.94</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.54</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Second Quarter 2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.49</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">First Quarter 2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23.29</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fourth Quarter 2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.66</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.13</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Third Quarter 2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24.45</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21.07</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Second Quarter 2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.70</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.78</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">First Quarter 2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.40</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21.35</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" colspan="8" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">During each of the five most recent full financial years:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.94</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17.88</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.70</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.13</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21.64</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.77</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.67</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.70</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18.30</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.65</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">72</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table shows, for the periods indicated, the high and low market prices of our ordinary shares as quoted on the Tel-Aviv Stock Exchange. U.S. dollars per ordinary share amounts are calculated using the applicable rate of exchange on the date the high or low market price occurred during the period shown.</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price per</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 10pt">ordinary share (NIS)</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price per</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ordinary share ($)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 10pt">High</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Low</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">High</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Low</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Annual:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98.86</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">70.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.95</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17.95</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89.93</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">74.02</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21.29</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">75.71</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51.60</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21.81</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.82</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">57.85</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42.10</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.28</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.72</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">65.09</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18.09</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.81</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="52%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" colspan="16" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Quarterly:</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">First Quarter 2016</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">74.71</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">64.34</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19.09</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16.55</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fourth Quarter 2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">86.27</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">70.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.09</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17.95</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Third Quarter 2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98.86</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">79.85</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.95</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.29</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Second Quarter 2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">95.68</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">88.30</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24.77</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.89</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">First Quarter 2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">92.57</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">81.61</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23.54</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.93</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fourth Quarter 2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">88.30</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">76.23</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.51</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.18</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Third Quarter 2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">82.88</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">74.02</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24.19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21.29</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Second Quarter 2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89.93</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80.12</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23.24</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">First Quarter 2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89.60</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">75.72</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.67</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21.67</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" colspan="16" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" colspan="16" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Most recent six months:</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">March 2016</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">74.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">66.47</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19.65</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17.10</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">February 2016</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73.21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">64.34</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18.74</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16.55</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">January 2016</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">74.71</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">66.04</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19.09</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16.74</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">78.04</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">70.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.12</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17.95</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">November 2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">86.27</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">75.55</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.09</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">October 2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">85.50</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">78.28</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.17</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our ordinary shares are quoted on the Nasdaq Global Select Market under the symbol "ITRN" and on the Tel-Aviv Stock Exchange. For information on the delisting from Tel-Aviv Stock Exchange, see Item 9.A &#8211; Price History of Our Shares above.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MEMORANDUM AND ARTICLES OF ASSOCIATION</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our number with the Israeli Registrar of Companies is 52-004381-1. Our purpose appears in our memorandum of association and includes engaging in any lawful business.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Articles of Association; Israeli Companies Law</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Articles of Association</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to our articles of association our objectives are to engage in any lawful business and our purpose is to operate in accordance with business considerations to maximize our profits. We may take into consideration, inter alia, the interests of our creditors, employee and the public interest. Please also see a summarized description of our purposes and activities under the caption &#8220;Overview&#8221; in Item 4.A. above.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Approval of Transactions under Israeli Law</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Directors and executive officers</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fiduciary duties</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Israeli law codifies the fiduciary duties that office holders owe to a company. An office holder is defined as any director, managing director, general manager, chief executive officer, executive vice president, vice president, other manager directly subordinate to the general manager or any other person assuming the responsibilities of any of these positions regardless of that person&#8217;s title. Each person listed in the table under &#8220;Management&#8212;Executive Officers and Directors&#8221; is an office holder of our company under the Israeli Companies Law.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An office holder&#8217;s fiduciary duties consist of a duty of loyalty and a duty of care. The duty of loyalty requires the office holder to avoid any conflict of interest between the office holder&#8217;s position in the company and personal affairs, and proscribes any competition with the company or the exploitation of any business opportunity of the company in order to receive personal advantage for himself or others. This duty also requires him or her to reveal to the company any information or documents relating to the company&#8217;s affairs that the office holder has received due to his or her position as an office holder. The duty of care requires an office holder to act with a level of care that a reasonable office holder in the same position would employ under the same circumstances. This includes the duty to use reasonable means to obtain information regarding the advisability of a given action submitted for his or her approval or performed by virtue of his or her position and all other relevant information pertaining to these actions.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Disclosure of Personal interest</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Israeli law requires that an office holder promptly disclose to the board of directors any personal interest that he or she may have and all related material information known to him or her concerning any existing or proposed transaction with the company. A personal interest, as defined by the Israeli Companies Law, includes a personal interest of any person in an act or transaction of the company, including a personal interest of one&#8217;s relative or of a corporate body in which such person or a relative of such person is a 5% or greater shareholder, a holder of 5% or more of the voting rights, a director or general manager, or in which he or she has the right to appoint at least one director or the general manager, but excluding a personal interest stemming solely from one&#8217;s ownership of shares in the company. A personal interest also includes personal interest of a person voting pursuant to a proxy given by another person even if the other person does not have personal interest, regardless of whether the person given the proxy to vote at the meeting is given directions to vote in a certain manner or given discretion to vote independently. An office holder must disclose his personal interest no later than the first meeting of the company&#8217;s board of directors that discusses the particular transaction. An office holder is not obliged to disclose such information if the personal interest of the office holder derives solely of the personal interest of his or her relative in a transaction that is not an &#8220;extraordinary transaction.&#8221; The Israeli Companies Law defines an &#8220;extraordinary transaction&#8221; as a transaction not in the ordinary course of business, not on market terms or that is likely to have a material impact on the company&#8217;s profitability, assets or liabilities. The term &#8220;relative&#8221; is defined by the Israeli Companies Law as a spouse, sibling, parent, grandparent, descendent, and descendent, brother, sister or parent of a spouse or the spouse of any of the foregoing.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Israeli Companies Law provides that once an office holder has complied with the disclosure requirement, a company may approve a transaction between the company and the office holder or a third party in which the office holder has a personal interest, or approve an action by the office holder that would otherwise be deemed a breach of duty of loyalty. Such a transaction generally requires approval by the board of directors, unless the articles of association provide otherwise. Our articles of association do not provide otherwise. If the transaction considered is an extraordinary transaction, audit committee approval is required prior to approval by the board of directors. For the approval of arrangements regarding the compensation, indemnification or insurance of executive officers and directors, see "Compensation arrangements" below. A company may not approve a transaction or action that is adverse to the company&#8217;s interest or that is not performed by the office holder in good faith.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A director who has a personal interest in a matter involving an extraordinary transaction, as defined in the Israeli Companies Law, which is considered at a meeting of the board of directors or the audit committee may not attend that meeting or vote on that matter, unless a majority of the directors or members of the audit committee, as applicable, also have a personal interest in the matter. Any transaction in which a majority of the directors has a personal interest requires shareholder approval.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Compensation arrangements</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions relating to related-party transactions as described below, the terms of office of office holders other than the chief executive officer and directors, require the approval of both our compensation committee and the board of directors; and the terms of office of chief executive officers and directors require the approval of the compensation committee, the board of directors and our shareholders. However due to the change in the Israeli Company law, from February 2016, the extension or renewal of terms of office of&#160;&#160;chief executive officer, which terms are not improving&#160;&#160;the previous terms or not significantly different, and are according to the compensation policy, shall not require approval by the shareholders meeting. In addition, according to recent changes in Israeli Company law, chief executive officer can decide upon insignificant change in the terms of office of his subordinate officers, subject to additional conditions and requirement to include such right in the compensation policy of the company. "terms of office" includes the grant of an exemption, insurance, undertaking to&#160;&#160;indemnify or indemnification, retirement compensation, and any benefit, other payment or an undertaking to pay, which are granted by virtue of serving as an office holder.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Controlling shareholders</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to Israeli law, the disclosure requirements regarding personal interests that apply to an office holder also apply to a &#8220;controlling shareholder&#8221; of a public company. A &#8220;controlling shareholder&#8221; is a shareholder who has the ability to direct the activities of a company, and for the purpose of the disclosure requirements and approval of related party transactions, the term includes any shareholder holding 25% or more of the voting rights if no other shareholder holds more than 50% of the voting rights in the company. Two or more shareholders with a personal interest in the approval of the same transaction are deemed to be one shareholder. Currently there is no shareholder of us who holds more than 25% of the voting rights.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Extraordinary transactions of a public company and a controlling shareholder, or in which a controlling shareholder has a personal interest, including a private placement in which a controlling shareholder has a personal interest, a transaction concerning the terms of compensation of the controlling shareholder or the controlling shareholder&#8217;s relative, directly or indirectly, through a company controlled by him in respect of receipt of services from same and if he is an office holder or an employee &#8211; the terms of his employment, generally require the approval of the audit committee (or with respect to Terms of Office and Employment &#8211; the compensation committee), the board of directors and the shareholders, in that order. If required, shareholder approval must include the majority of shares voted at the meeting. In addition, either:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">the majority must include at least the majority of the shares of disinterested shareholders voted at the meeting; or</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the total number of shares of disinterested shareholders who voted against the transaction must not exceed 2% of the aggregate voting rights in the company.</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Transactions for a period of more than three years generally need to be brought for approval in accordance with the above procedures every three years.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The approval of the board of directors and shareholders is required for a private placement of securities (or a series of related private placements during a 12-month period or that are part of one continuous transaction or transactions conditioned upon each other) that:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">represents at least 20% of a company&#8217;s actual voting power prior to the issuance of such securities, and that would increase the relative holdings of a 5% shareholder or that would cause any person to become a 5% shareholder the consideration for which (or a portion thereof) is not cash or securities listed on a recognized stock exchange, or is not at fair market value; or</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">results in a person becoming a controlling shareholder of the company.&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Shareholder is required according to Israeli Companies Law in certain votes on transactions to disclose his/her personal interest. Failure to disclose such interest will invalidate the casted vote of such shareholder and the Company shall not count it. According to our Articles of Association, a Shareholder seeking to vote using a proxy with respect to a resolution which requires that the majority for its adoption include at least a specified majority of the votes of all those not having a personal interest (as defined in the Companies Law) shall mark on the Proxy, if he or she has Personal Interest in such resolution, and in such case the Company will not count his/her vote for such resolution. In event the shareholder will vote by other means than Proxy, he/she shall notify the company of his/her Personal Interest in writing prior to the time of the General Meeting. Such notice either in Proxy or in writing (as applicable) shall be a condition for the right to vote with respect to a resolution which requires that the majority for its adoption include at least a specified majority of the votes of all those not having a Personal Interest.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the Israeli Companies Law, a shareholder has a duty to act in good faith and in customary way toward the company and other shareholders and to refrain from abusing his or her power in the company, including, among other things, in voting at the general meeting of shareholders and class meetings with respect to the following matters:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">an amendment to the company's articles of association;</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">an increase of the company's authorized share capital;</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">a merger; or</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">interested party transactions that require shareholder approval.</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition, specified shareholders have a duty of fairness toward the company. These shareholders include any controlling shareholder, any shareholder who knows that it possesses the power to determine the outcome of a shareholder vote and any shareholder who has the power to appoint or to prevent the appointment of an office holder of the company or other power towards the company. The Israeli Companies Law does not describe the substance of this duty except to state that the remedies generally available upon a breach of contract will also apply in the event of a breach of the duty to act with fairness.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Anti take-over provisions; mergers and acquisitions under Israeli Law</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Tender offers</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Full Tender Offer</font>. A person wishing to acquire shares or any class of shares, or voting rights of a publicly traded Israeli company and who would, as a result, hold over 90% of the company&#8217;s issued and outstanding share capital or of a class of shares that are listed, is required by the Israeli Companies Law to make a tender offer to all of the company&#8217;s shareholders or all shareholders of such class of shares, as applicable, for the purchase of all of the issued and outstanding shares of the company or of that class of shares, as applicable. If the shareholders who do not respond to the offer hold less than 5% of the issued share capital of the company or of that class of shares, as applicable, and the majority of shareholders who are disinterested accepted the offer, then all of the shares that the acquirer offered to purchase will be transferred to the acquirer by operation of law (however, full tender offer shall be accepted if shareholders who objected to the offer constituted less than 2% of the issued and outstanding share capital of the company to which the offer relates). However, the shareholders may petition the court to determine that the consideration for the shares constituted less than their fair value and that their fair value should be paid to the offerees.. If the full tender offer is not accepted as described above, the acquirer may not acquire shares from shareholders who accepted the tender offer that would provide it over 90% of the company&#8217;s issued and outstanding share capital or of the shares comprising such class, as applicable.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Special Tender Offer</font>. The Israeli Companies Law provides that an acquisition of shares of a public company must be made by means of a tender offer if as a result of the acquisition the purchaser would become a holder of 25% or more of the voting rights of the company. This rule does not apply if there is already another holder of 25% or more of the voting rights of the company. Similarly, the Israeli Companies Law provides that an acquisition of shares in a public company must be made by means of a tender offer if as a result of the acquisition the purchaser would become a holder of more than 45% of the voting rights of the company, if there is no other holder of more than 45% of the voting rights of the company. The foregoing provisions do not apply to:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a private placement in which the company&#8217;s shareholders approved such holder owning 25% or more of the voting rights of the company (provided that there is no other shareholder that holds 25% or more of the voting rights of the company); or more than 45% of the voting rights of the company (provided that there is no other shareholder that holds 45% or more of the voting rights of the company); or</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a purchase from an existing holder of 25% or more of the voting rights of the company that results in another person becoming a holder of 25% or more of the voting rights of the company; or</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Wingdings">n</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">purchase from an existing holder of more than 45% of the voting rights of the company that results in another person becoming a holder of more than 45% of the voting rights of the company.</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event that a special tender offer is made, a company&#8217;s board of directors is required to express its opinion on the advisability of the offer or shall abstain from expressing any opinion if it is unable to do so, provided that it gives the reasons for its abstention. An office holder in a target company who, in his or her capacity as an office holder, performs an action the purpose of which is to cause the failure of an existing or foreseeable special tender offer or is to impair the chances of its acceptance, is liable to the potential purchaser and shareholders for damages, unless such office holder acted in good faith and had reasonable grounds to believe he or she was acting for the benefit of the company. However, office holders of the target company may negotiate with the potential purchaser in order to improve the terms of the special tender offer, and may further negotiate with third parties in order to obtain a competing offer.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If a special tender offer was accepted by a majority of the shareholders who announced their stand on such offer, then shareholders who did not announce their stand or who had objected to the offer may accept the offer within four days of the last day set for the acceptance of the offer.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event that a special tender offer is accepted, the purchaser or any person or entity controlling it at the time of the offer or under common control with the purchaser or such controlling person or entity shall refrain from making a subsequent tender offer for the purchase of shares of the target company and cannot execute a merger with the target company for a period of one year from the date of the offer, unless the purchaser or such person or entity undertook to effect such an offer or merger in the initial special tender offer.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Merger</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Israeli Companies Law permits merger transactions if approved by each party&#8217;s board of directors and shareholders. Pursuant to the Israeli Companies Law and our articles of association as currently in effect, merger transactions may be approved by holders of a simple majority of our shares present, in person or by proxy, at a general meeting and voting on the transaction. In determining whether the required majority has approved the merger in the event of &#8220;cross ownership&#8221; between the merging companies, namely, if our shares are held by the other party to the merger, or by any person holding at least 25% of the outstanding voting shares or 25% of the means of appointing directors of the other party to the merger, then a vote against the merger by holders of the majority of the shares present and voting, excluding shares held by the other party or by such person, or anyone acting on behalf of either of them, including any of their affiliates, is sufficient to reject the merger transaction. If the transaction would have been approved but for the exclusion of the votes of certain shareholders as provided above, a court may still approve the merger upon the request of holders of at least 25% of the voting rights of a company, if the court holds that the merger is fair and reasonable, taking into account the value of the parties to the merger and the consideration offered to the shareholders. Upon the request of a creditor of either party to the proposed merger, the court may delay or prevent the merger if it concludes that there exists a reasonable concern that, as a result of the merger, the surviving company will be unable to satisfy the obligations of any of the parties to the merger. In addition, a merger may not be consummated unless at least 50 days have passed from the time that a proposal for approval of the merger has been filed with the Israeli Registrar of Companies and 30 days have passed from the date of the approval of the shareholders of the merging companies.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Israeli Companies Law further provides that the foregoing approval requirements will not apply to shareholders of a wholly-owned subsidiary in a roll-up merger transaction, or to the shareholders of the acquirer if:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">the transaction does not contemplate the issuance of more than 20% of the voting rights of the acquirer that would result in any shareholder becoming a controlling shareholder; and</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">there is no "cross-ownership" of shares of the merging companies, as described above.</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For these purposes, &#8220;controlling shareholder&#8221; is a shareholder who has the ability to direct the activities of a company, including a shareholder who owns 25% or more of the voting rights if no other shareholder owns more than 50% of the voting rights.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Israeli Companies Law allows us to create and issue shares having rights different from those attached to our ordinary shares, including shares providing certain preferred or additional rights to voting, distributions or other matters and shares having preemptive rights. In the future, if we do create and issue a class of shares other than our ordinary shares, such class of shares, depending on the specific rights that may be attached to them, may delay or prevent a takeover or otherwise prevent our shareholders from realizing a potential premium over the market value of their ordinary shares. The authorization of a new class of shares will require an amendment to our articles of association. Shareholders voting at such a meeting will be subject to the restrictions under the Israeli Companies Law. See &#8220;Voting, Shareholder Meetings and Resolutions&#8221; below. &#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; TEXT-DECORATION: underline">Dividend and Liquidation Rights</font>.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We may declare a dividend to be paid to the holders of our ordinary shares according to their rights and interests in our profits. If we dissolve, after satisfaction of liabilities to creditors, our assets will be distributed to the holders of our ordinary shares in proportion to their shareholdings. This right may be affected by the grant of preferential dividend or distribution rights to the holders of a class of shares with preferential rights that may be authorized in the future. Our articles of association provide that shareholder approval would not be required for the declaration of dividends. Dividends may only be paid out of our retained earnings or &#8220;profits&#8221; accrued over a period of two years, as defined in the Israeli Companies Law, whichever is greater, according to the last reviewed or audited financial reports of the company, provided that the date of the financial reports is not more than six months before the date of distribution (the &#8220;profits&#8221; test), and further provided that there is no reasonable concern that a payment of a dividend will prevent us from satisfying our existing and foreseeable obligations as they become due, as determined by our Board of Directors. However, if we do not meet the profit requirement, a court may allow us to distribute a dividend, as long as the court is convinced that there is no reasonable risk that a distribution might prevent us from being able to meet our existing and anticipated obligations as they become due. For more information on our ability to grant or declare dividends, see Item 8.A &#8211; Financial Information under the caption &#8220;Dividend Distribution Policy&#8221; above.&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; TEXT-DECORATION: underline">Voting, Shareholder Meetings and Resolutions</font>.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As a foreign private issuer, we have elected to follow our home country practices in lieu of the Nasdaq Marketplace Rule requiring an issuer to hold its annual meeting of its shareholders no later than one year after the end of the issuer&#8217;s fiscal year-end. Specifically, according to the Israeli Companies Law, we are required to hold an annual general meeting of our shareholders once every calendar year, and no later than 15 months after the date of the previous annual general meeting. All meetings other than the annual general meeting of shareholders are referred to as special meetings. Our Board of Directors may call special meetings whenever it sees fit, at such time and place, within or outside of Israel, as it may determine. In addition, the Israeli Companies Law provides that the board of directors of a public company is required to convene a special meeting upon the request of (a) any two directors of the company or one quarter of its board of directors or (b) one or more shareholders holding, in the aggregate, (i) 5% of the outstanding shares of the company and 1% of the voting power in the company or (ii) 5% of the voting power in the company.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to our articles of association, shareholders are entitled to participate and vote at general meetings and are the shareholders of record on a date to be decided by our Board of Directors, provided that such date is not more than 40 days, nor less than four days, prior to the date of the general meeting, except as otherwise permitted by the Israeli Companies Law. Furthermore, the Israeli Companies Law dictates that resolutions regarding the following matters must be passed at a general meeting of our shareholders:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">amendments to our articles of association;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">appointment or termination of our auditors;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">appointment and dismissal of external directors;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">approval of acts and transactions requiring general meeting approval pursuant to the Israeli Companies Law;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">increase or reduction of our authorized share capital;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">the exercise of the Board of Directors&#8217; powers by a general meeting, if the Board of Directors is unable to exercise its powers and the exercise of any of its powers is required for our proper management.</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Israeli Companies Law and our articles of association require that a notice of any annual or special shareholders meeting will be provided 21 days prior to the meeting, except where the regulation prescribe for a period of not less than 35 days if the agenda includes certain resolutions to be adopted at the general meeting.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to our articles of association, holders of ordinary shares have one vote for each ordinary share held on all matters submitted to a vote of the shareholders. These voting rights may be affected by the grant of any special voting rights to the holders of a class of shares with preferential rights that we may authorize in the future. The quorum required for our ordinary meetings of shareholders consists of at least two shareholders present in person or by proxy, who hold or represent between them at least thirty-three and one-third percent of the total outstanding voting rights. A meeting adjourned for lack of a quorum generally is adjourned to the same day in the following week at the same time and place or on a later date specified in the summons or notice of the meeting. At the reconvened meeting, any number of our shareholders present in person or by proxy shall constitute a lawful quorum.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our articles of association provide that, other than with respect to the amendment of the provisions of the articles of association with respect to the appointment of directors and a resolution for removal of a director, which action requires a majority vote of 75%, all resolutions of the shareholders require a simple majority.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Israeli law does not provide for public companies such as ours to have shareholder resolutions adopted by means of a written consent in lieu of a shareholders meeting. The Israeli Companies Law provides that a shareholder, in exercising his or her rights and performing his or her obligations toward the company and its other shareholders, must act in good faith and in an acceptable manner and avoid abusing his or her powers. This is required, among other things, when voting at general meetings on matters such as changes to the articles of association, increasing the company&#8217;s registered capital, mergers and approval of related-party transactions. In addition, pursuant to the Israeli Companies Law, any controlling shareholder, any shareholder who knows that its vote can determine the outcome of a shareholder vote and any shareholder who, under the company&#8217;s articles of association, can appoint or prevent the appointment of an office holder, is required to act with fairness towards the company.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An ordinary resolution requires approval by the holders of a simple majority of the voting rights represented at the meeting, in person, by proxy or by written ballot, and voting on the resolution. Under the Israeli Companies Law, unless otherwise provided in the articles of association or applicable law, all resolutions of the shareholders require a simple majority. A resolution for the voluntary winding up of the company requires the approval of holders of 75% of the voting rights represented at the meeting, in person, by proxy or by written ballot and voting on the resolution. For information regarding the majority required for approval of related party transactions, see &#8220;Approval of related party transactions under Israeli law&#8221; above.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; TEXT-DECORATION: underline">Transfer of Shares and Notice</font>.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our ordinary shares do not have cumulative voting rights in the election of directors. As a result, the holders of a majority of the voting power represented at a shareholders meeting have the power to elect all of our directors, subject to the special approval requirements for external directors described under the caption &#8220;External directors&#8221; in Item 6.C. &#8211; &#8220;Board Practices&#8221; above. Pursuant to the Israeli Companies Law, the procedures for the appointment and removal and the term of office of directors, other than external directors, may be contained in the articles of association of a company. Our articles of association provide for staggered terms for directors. This provision may be amended only by a vote of 75% of our shares voting at a meeting of shareholders. The appointing mechanism of our directors according the is farther described under the caption "Shareholders Agreement and Articles of Association of Moked Ituran Ltd." in item 6.A. &#8211; "Directors and Senior Management" above.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; TEXT-DECORATION: underline">Insurance, Indemnification and Exculpation of Directors and Officers</font><font style="FONT-STYLE: italic; DISPLAY: inline">.</font></font></div>

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</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the Israeli Companies Law, a company may not exculpate an office holder from liability for a breach of the duty of loyalty. An Israeli company may exculpate an office holder in advance from liability to the company, in whole or in part, for damages caused to the company as a result of a breach of duty of care but only if a provision authorizing such exculpation is included in its articles of association. Our articles of association do not include such a provision. An Israeli company may not exculpate a director for liability arising out of a breach of duty of care in respect of a prohibited dividend or distribution to shareholders.</font></div>

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<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">80</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the Israeli Companies Law, a company may indemnify an office holder in respect of the following liabilities and expenses incurred for acts performed as an office holder, either in advance of an event or following an event, provided a provision authorizing such indemnification is included in its articles of association:</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Financial liability imposed on him or her in favor of another person pursuant to a judgment, settlement or arbitrator&#8217;s award approved by a court. However, if an undertaking to indemnify an office holder with respect to such liability is provided in advance then such an undertaking must be limited to events which, in the opinion of the board of directors, can be foreseen based on the company&#8217;s activities when the undertaking to indemnify is given, and to an amount or according to criteria determined by the board of directors as reasonable under the circumstances, and such undertaking shall detail the abovementioned events and amount or criteria.</font></font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 27pt">&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8226;</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Reasonable litigation expenses, including attorneys&#8217; fees, incurred by the office holder as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, provided that (i) no indictment was filed against such office holder as a result of such investigation or proceeding, and (ii) no financial liability, such as a criminal penalty, was imposed upon him or her as a substitute for the criminal proceeding as a result of such investigation or proceeding or, if such financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent or in connection with monetary penalty.</font></font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8226;</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Reasonable litigation expenses, including attorneys&#8217; fees, incurred by the office holder or imposed by a court in proceedings instituted against him or her by the company, on its behalf or by a third party or in connection with criminal proceedings in which the office holder was acquitted or as a result of a conviction for an offense that does not require proof of criminal intent. Under the Israeli Companies Law, a company may obtain insurance for an office holder against liabilities incurred in his or her capacity as an office holder if and to the extent provided in the company&#8217;s articles of association.</font></font></div>
</td>
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</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8226;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">A breach of duty of loyalty to the company, to the extent that the office holder acted in good faith and had a reasonable basis to believe that the act would not prejudice the company.</font></font></div>
</td>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8226;</font></font></div>
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<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">A breach of duty of care to the company or to a third party, including a breach arising out of the negligent conduct of the office holder.</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8226;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">A financial liability imposed on the office holder in favor of a third party.</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An Israeli company may not indemnify or insure an office holder against any of the following:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8226;</font></font></div>
</td>
<td align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">a breach of duty of loyalty, except to the extent that the office holder acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;</font></font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8226;</font></font></div>
</td>
<td align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">a breach of duty of care committed intentionally or recklessly, excluding a breach arising out of the negligent conduct of the office holder;</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8226;</font></font></div>
</td>
<td align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">an act or omission committed with intent to derive illegal personal benefit; or</font></font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8226;</font></font></div>
</td>
<td align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">a fine, civil fine, monetary penalty or forfeit levied against the office holder.</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the Israeli Companies Law, exculpation, indemnification and insurance of office holders must be approved by our compensation committee and our board of directors and, in respect to our chief executive officer, directors and controlling persons, by our shareholders. However due to the change in the Israeli Company law, from February 2016, the extension or renewal of terms of office (which includes exculpation, indemnification and insurance) of&#160;&#160;chief executive officer, which terms are not improving&#160;&#160;the previous terms or not significantly different, and are according to the compensation policy, shall not require approval by the shareholders meeting. In addition, according to changes in Israeli Company law from March 2016, chief executive officer can decide upon insignificant change in the terms of office of his subordinate officers, subject to additional conditions and requirement to include such right in the compensation policy of the company.</font></div>

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</div>

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</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">81</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
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</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our articles of association allow us to indemnify and insure our office holders to the fullest extent permitted by the Israeli Companies Law. Our articles of association also allow us to insure or indemnify any person who is not an office holder, including any employee, agent, consultant or contractor who is not an office holder.</font></div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We currently have directors&#8217; and officers&#8217; liability insurance covering our officers and directors (including the officers and directors of our subsidiaries) against certain claims. No claims for liability have been filed under this policy to date.</font></div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our compensation committee, board of directors and shareholders have resolved to indemnify our directors and officers to the fullest extent permitted by law and by our articles of association for liabilities that are of certain enumerated types of events, subject to an aggregate sum equal to 25% of the shareholders equity outstanding at the time a claim for identification is made as indicated by our then latest financial statements (which sum also includes all insurance amounts received by such directors and officers under directors and officers insurance policies maintained by us). For further details, see Item 7.B &#8211; Related Party Transactions above.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; TEXT-DECORATION: underline">Change in Capital</font>.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our articles of association enable us to increase or reduce our share capital. Any such changes are subject to the provisions of the Israeli Companies Law and must be approved by a resolution duly passed by our shareholders at a general meeting and voting on such change in the capital. In addition, transactions that have the effect of reducing capital, such as the declaration and payment of dividends in the absence of sufficient retained earnings and profits and an issuance of shares for less than their nominal value, require a resolution of the Board of Directors and court approval.</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MATERIAL CONTRACTS</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For information concerning our service contracts with our President and Co-Chief Executive Officers, see Item 7.B &#8211; Related Party Transactions.</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 25.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ordinary shares purchased by nonresidents of Israel with certain non-Israeli currencies (including dollars) and any amounts payable upon the dissolution, liquidation or winding up of our affairs, as well as the proceeds of any sale in Israel of our securities to an Israeli resident, may be paid in non-Israeli currencies (including US dollars) or, if paid in NIS, may be converted into freely repatriable currencies at the rate of exchange prevailing at the time of conversion &#8211; pursuant to the general permit issued under the Israeli Currency Control Law, 1978, provided that Israeli income tax has been paid on (or withheld from) such payments. Because exchange rates between the NIS and the U.S. dollar fluctuate continuously, U.S. shareholders will be subject to any such currency fluctuation during the period from when a dividend is declared through the date payment is made in U.S. dollars. Investments outside Israel by our company no longer require specific approval from the Controller of Foreign Currency at the Bank of Israel.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following describes certain income tax issues relating to us and also certain income tax consequences arising from the purchase, ownership and disposition of our ordinary shares. <font style="DISPLAY: inline; FONT-WEIGHT: bold">This discussion is for general information only and is not intended, and should not be construed, as legal or professional tax advice and does not cover all possible tax considerations</font>. To the extent that the discussion is based on legislation yet to be judicially or administratively interpreted, there can be no assurance that the views expressed herein will accord with any such interpretation in the future. Accordingly, holders of our ordinary shares should consult their own tax advisor as to the particular tax consequences arising from your purchase, ownership and disposition of ordinary shares, including the effects of applicable Israeli, United States and other laws and possible changes in the tax laws.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following discussion represents a summary of the material United States &amp; Israeli tax laws affecting us and our shareholders.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">United States Tax Considerations</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following discussion is a description of the material United States, or US, federal income tax considerations applicable to the acquisition, ownership and disposition of our ordinary shares by US Holders who hold such ordinary shares as &#8220;capital assets&#8221;. As used in this section, the term &#8220;US Holder&#8221; means a beneficial owner of an ordinary share who is:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">an individual citizen or resident of the United States;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">a corporation or partnership created or organized in or under the laws of the United States or of any state of the United States or the District of Columbia (other than a partnership, including any entity treated as a partnership for U.S. tax purposes, that is not treated as a US person under any applicable Treasury regulations);</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">an estate, the income of which is subject to United States federal income taxation regardless of its source; or</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">a trust if the trust has elected validly to be treated as a US person for United States federal income tax purposes or if a US court is able to exercise primary supervision over the trust&#8217;s administration and one or more US persons have the authority to control all of the trust&#8217;s substantial decisions.</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The term &#8220;Non-US Holder&#8221; means a beneficial owner of an ordinary share who is not a US Holder. The tax consequences to a Non-US Holder may differ substantially from the tax consequences to a US Holder.&#160;&#160;This discussion does not address any aspects of US federal income tax which may be relevant to a Non-US Holder.&#160;&#160;Accordingly, Non-US Holders are strongly urged to consult with their own tax advisors.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This description is based on provisions of the United States Internal Revenue Code of 1986, as amended, existing, proposed and temporary US Treasury regulations and administrative and judicial interpretations thereof, each as available and in effect as of the date of this report. These sources may change, possibly with retroactive effect, and are open to differing interpretations. This description does not discuss all aspects of US federal income taxation that may be applicable to investors in light of their particular circumstances or to investors who are subject to special treatment under US federal income tax law, including:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">insurance companies;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">dealers or traders in stocks, securities or currencies;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">financial institutions and financial services entities;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">real estate investment trusts;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">persons that hold ordinary shares as a position in a straddle or as part of a hedging, conversion or other integrated instrument;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">persons having a functional currency that is not the US dollar; or</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">direct, indirect or constructive owners of 10% or more, by voting power or value, of our ordinary shares.</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This description also does not consider the US federal gift or estate tax or alternative minimum tax consequences of the acquisition, ownership and disposition of our ordinary shares.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If a partnership (or any other entity treated as a partnership for US federal income tax purposes) holds our ordinary shares, the tax treatment of a partner in such partnership will generally depend on the status of the partner and the activities of the partnership. Such a partner should consult its tax advisor as to its tax consequences.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">We urge our shareholders to consult with your own tax advisor regarding the tax consequences of acquiring, owning or disposing of our ordinary shares, including the effects of US federal, state, local and foreign and other tax laws. This summary does not constitute, and should not be construed as, legal or tax advice to holders of our shares.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Medicare Tax</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Beginning January 1, 2013, certain individuals, estates and trusts, which have income above the statutory threshold amounts, generally will be subject to a 3.8% Medicare tax on their investment income and gain, with limited exceptions. US Holders should consult their own tax advisors concerning Medicare tax consequences, if any, of owning or disposing of our ordinary shares.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Distribution Paid on the Ordinary Shares</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of November 16, 2009, our dividend policy provides for an annual dividend distribution in an amount not less than 50% of our net profits, calculated based on the audited financial statements for the period ending on December 31 of the fiscal year with respect to which the relevant dividend is paid.&#160;On February 21, 2012, we revised our dividend policy so that our dividends will be declared and distributed on a quarterly basis in an amount not less than 50% of our net profits, calculated on the basis of our reviewed quarterly financial statements each fiscal year.&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the discussion below under &#8220;Passive Foreign Investment Company Considerations&#8221;, US Holders, for US federal income tax purposes, will generally be required to include in their gross income as ordinary dividend income (unless qualifies as &#8220;qualified dividend income&#8221;) in the amount of any distributions made to them in cash or property (other than certain distributions, if any, of our ordinary shares distributed pro rata to all our shareholders), with respect to their ordinary shares, before reduction for any Israeli taxes withheld (without regard to whether any portion of such tax may be refunded to them by the Israeli tax authorities), to the extent that those distributions are paid out of our current or accumulated earnings and profits as determined for US federal income tax purposes. Subject to the discussion below under &#8220;Passive Foreign Investment Company Considerations&#8221;, distributions in excess of our current and accumulated earnings and profits as determined under US federal income tax principles will be applied first against, and will reduce their tax basis in, your ordinary shares and, to the extent they exceed that tax basis, will then be treated as capital gain. We do not maintain calculations of our earnings and profits under US federal income tax principles. Our dividends will not qualify for the dividends-received deduction generally available to corporate US Holders.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For a US Holder, if we pay a dividend in NIS, any such dividend, including the amount of any Israeli taxes withheld, will be includible in such US Holder&#8217;s income in a US dollar amount calculated by reference to the currency exchange rate in effect on the day the distribution is includible in your income, regardless of whether the NIS are converted into US dollars. Any gain or loss resulting from currency exchange fluctuations during the period from the date the dividend is includible in such US Holder&#8217;s income to the date that payment is converted into US dollars generally will be treated as ordinary income or loss.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A non-corporate US Holder&#8217;s &#8220;qualified dividend income&#8221; currently is subject to tax at reduced rates not exceeding 23.8% (including, if applicable, Medicare tax at a rate of 3.8%). For purposes of determining whether a non-corporate US Holders will have &#8220;qualified dividend income,&#8221; &#8220;qualified dividend income&#8221; generally includes dividends paid by a foreign corporation if either:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">the stock of that corporation with respect to which the dividends are paid is readily tradable on an established securities market in the US, or</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">that corporation is eligible for benefits of a comprehensive income tax treaty with the US that includes an information exchange program and is determined to be satisfactory by the US Secretary of the Treasury. The Internal Revenue Service has determined that the US-Israel Tax Treaty is satisfactory for this purpose.</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition, under current law, a non-corporate US Holder must generally hold his ordinary shares for more than 60 days during the 121-day period beginning 60 days prior to the ex-dividend date in order for the dividend to qualify as &#8220;qualified dividend income.&#8221;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dividends paid by a foreign corporation will not be treated as &#8220;qualified dividend income&#8221;, however, if such corporation is treated, for the tax year in which the dividend is paid or the preceding tax year, as a &#8220;passive foreign investment company&#8221; for US federal income tax purposes. We do not believe that we will be classified as a &#8220;passive foreign investment company&#8221; for US federal income tax purposes for our current taxable year. However, see the discussion under &#8220;Passive Foreign Investment Company Considerations&#8221; below.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Tax Credit</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any dividends paid by us to a US Holder with respect to our ordinary shares generally will be treated as foreign source passive income for US foreign tax credit purposes. Subject to the foreign tax credit limitations, a US Holder may elect to credit any Israeli income taxes withheld from dividends paid on our ordinary shares against such shareholder&#8217;s US federal income tax liability (provided, <font style="FONT-STYLE: italic; DISPLAY: inline">inter alia</font>, such shareholder satisfies certain holding requirements with respect to our ordinary shares). Amounts withheld in excess of the Treaty tax rate, however, will not be creditable against such shareholder&#8217;s US federal income tax liability. As an alternative to claiming a foreign tax credit, such shareholder may instead claim a deduction for any withheld Israeli income taxes, but only for a year in which such shareholder elects to do so with respect to all foreign income taxes. The amount of foreign income taxes that may be claimed as a credit in any year is subject to complex limitations and restrictions, which must be determined on an individual basis by each shareholder. Accordingly, our shareholders should consult their own tax advisor to determine whether their income with respect to their ordinary shares would be foreign source income and whether and to what extent they would be entitled to the credit.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Disposition of Ordinary Shares</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon the sale or other disposition of ordinary shares, subject to the discussion below under &#8220;Passive Foreign Investment Company Considerations&#8221;, if a holder of our shares is a US Holder, such shareholder generally will recognize capital gain or loss equal to the difference between the amount realized on the disposition and such shareholder&#8217;s adjusted tax basis in the ordinary shares, which is usually the cost of such shares, in dollars. US Holders should consult their own advisors with respect to the tax consequences of the receipt of a currency other than dollars upon such sale or other disposition.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gain or loss upon the disposition of the ordinary shares will be treated as long-term if, at the time of the disposition, the ordinary shares were held for more than one year. Long-term capital gains realized by non-corporate US Holders generally are subject to a lower maximum marginal US federal income tax rate than the maximum marginal US federal income tax rate applicable to ordinary income, other than qualified dividend income, as defined above, generally , not exceeding 23.8% (including, if applicable, Medicare tax at a rate of 3.8%).&#160;&#160;The deductibility of capital losses by a US Holder is subject to limitations. In general, any gain or loss recognized by a US Holder on the sale or other disposition of ordinary shares will be US source income or loss for US foreign tax credit purposes. US Holders should consult their own tax advisors concerning the source of income for US foreign tax credit purposes and the effect of the US-Israel Tax Treaty on the source of income.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Passive Foreign Investment Company Considerations</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Special US federal income tax rules apply to US Holders owning shares of a &#8220;passive foreign investment company&#8221;, or a PFIC, for US federal income tax purposes. A non-US corporation will be considered a PFIC for any taxable year in which, after applying look-through rules, either</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">50% or more of the average value of its assets consists of passive assets, which generally means assets that generate, or are held for the production of, &#8220;passive income.&#8221;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Passive income for this purpose generally includes dividends, interest, royalties, rents and gains from commodities and securities transactions and includes amounts derived by reason of the temporary investment of funds. If we were classified as a PFIC, and you are a US Holder, you could be subject to increased tax liability upon the sale or other disposition of ordinary shares or upon the receipt of amounts treated as &#8220;excess distributions&#8221; (generally, your ratable portion of distributions in any year which are greater than 125% of the average annual distribution received by you either in the shorter of the three preceding years or your holding period). Under these rules, the excess distribution and any gain would be allocated ratably over our shareholders&#8217; holding period for the ordinary shares, and the amount allocated to the current taxable year and any taxable year prior to the first taxable year in which we were a PFIC would be taxed as ordinary income. The amount allocated to each of the other taxable years would be subject to tax at the highest marginal rate in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed on the resulting tax allocated to such other taxable years. In addition, holders of stock in a PFIC may not receive a &#8220;step-up&#8221; in basis on shares acquired from a decedent. If any of our shareholders are US Holders who hold ordinary shares during a period when we are a PFIC, such shareholders be subject to the foregoing rules even if we cease to be a PFIC.</font></font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We believe that we will not be classified as a PFIC for US federal income tax purposes for our current taxable year and we anticipate that we will not become a PFIC in any future taxable year based on our financial statements, our current expectations regarding the value and nature of our assets, and the sources and nature of our income. This conclusion, however, is a factual determination that must be made annually based on income and assets for the entire taxable year and thus may be subject to change. It is not possible to determine whether we will be a PFIC for the current taxable year until after the close of the year and our status in future years depends on our income, assets and activities in those years. In addition, because the market price of our ordinary shares is likely to fluctuate and the market price of the shares of technology companies has been especially volatile, and because that market price may affect the determination of whether we will be considered a PFIC, we cannot assure any US Holder that we will not be considered a PFIC for any taxable year.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If we were a PFIC, our shareholders could avoid certain tax consequences referred to above by making an election to treat us as a qualified electing fund or by electing to mark the ordinary shares to market. A US Holder may make a qualified electing fund election only if we furnish the US Holder with certain tax information and we do not presently intend to prepare or provide this information. Alternatively, a US Holder of PFIC stock that is publicly traded may elect to mark the stock to market annually and recognize as ordinary income or loss each year an amount equal to the difference as of the close of the taxable year between the fair market value of the PFIC stock and the US Holder&#8217;s adjusted tax basis in the PFIC stock. Losses would be allowed only to the extent of net mark-to-market gain previously included by the US Holder under the election for prior taxable years. This election is available for as long as our ordinary shares constitute &#8220;marketable stock,&#8221; which includes stock that is &#8220;regularly traded&#8221; on a &#8220;qualified exchange or other market.&#8221; We believe that the Nasdaq Global Select Market will constitute a qualified exchange or other market for this purpose. However, no assurances can be provided that our ordinary shares will continue to trade on the Nasdaq Global Select Market or that the shares will be regularly traded for this purpose.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">According to law amendments effective in 2010, US persons that are shareholders in a PFIC generally will be required to file an annual report disclosing the ownership of such shares and certain other information.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The rules applicable to owning shares of a PFIC are complex, and our shareholders should consult with their own tax advisor regarding the tax consequences that would arise if we were treated as a PFIC.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Information Reporting and Back-up Withholding</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dividend payments with respect to ordinary shares and proceeds from the sale or disposition of ordinary shares made within the United States or by a US payor or US middleman may be subject to information reporting to the Internal Revenue Service and possible US backup withholding. Certain exempt recipients (such as corporations) are not subject to these information reporting requirements. Backup withholding also will not apply to a US Holder who furnishes a correct taxpayer identification number and makes any other required certification or otherwise is exempt from US backup withholding requirements. US Holders who are required to establish their exempt status must provide such certification on Internal Revenue Service Form W-9. US Holders should consult their tax advisors regarding the application of the US information reporting and backup withholding rules.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Backup withholding is not an additional tax. Amounts withheld under the backup withholding rules may be credited against a US Holder&#8217;s US federal income tax liability and a US Holder may obtain a refund of any excess amounts withheld by filing the appropriate claim for refund with the Internal Revenue Service and furnishing any required information in a timely manner. <font style="DISPLAY: inline; FONT-WEIGHT: bold">The above description is not intended to constitute a complete analysis of all tax consequences relating to acquisition, ownership and disposition of our ordinary shares. Our shareholders are urged to consult their own tax advisor concerning the tax consequences of their particular situation.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following is a summary of the current material Israeli tax laws applicable to companies in Israel with special reference to its effect on us. This section also contains a discussion of certain Israeli government programs from which we may benefit and some Israeli tax consequences to persons acquiring ordinary shares. This summary does not discuss all the acts of Israeli tax law that may be relevant to a particular investor in light of his or her personal investment circumstances or to some types of investors subject to special treatment under Israeli law. Examples of this kind of investor include residents of Israel, traders in securities or persons that own, directly or indirectly, 10% or more of our outstanding capital, all of whom are subject to special tax regimes not covered in this discussion. Some parts of this discussion are based on new tax legislation that has not been subject to judicial or administrative interpretation. Accordingly, we cannot assure you that the views expressed in the discussion will be accepted by the tax authorities in question. The discussion is not intended and should not be construed as legal or professional tax advice and does not cover all possible tax considerations.<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The discussion below should not be construed as legal or professional tax advice and does not cover all possible tax considerations.&#160;&#160;Potential investors are urged to consult their own tax advisors as to the Israeli or other tax consequences of the purchase, ownership and disposition of our ordinary shares, including in particular, the effect of any foreign, state or local taxes.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">General Corporate Tax Structure in Israel </font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Israeli companies are generally subject to corporate tax on their taxable income.&#160;&#160;In 2013 the corporate tax rate was 25%. On August 5, 2013 the Israeli Parliament amended the Income Tax Ordinance, by which, inter alia, the corporate tax rate was raised by 1.5% to a rate of 26.5% as from 2014. Capital gains derived after January 1, 2010 are subject to a corporate tax rate imposed in the sale year.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On January 4, 2016, the plenary Knesset passed the Law for Amendment of the Income Tax Ordinance No. 216 which provides, inter alia, for a reduction of the Companies Tax rate commencing from 2016 and thereafter by the rate of 1.5% such that the rate will be 25%.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Tax</font> Benefits Under the Law for the Encouragement of Capital Investments, 1959, as amended</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the Israeli law, Israeli subsidiaries of the company are entitled to various tax benefits by virtue of the "Preferred Enterprise" status that was granted to their production under the "Investment Law". There can be no assurance that those Israeli subsidiaries will continue to qualify as "Preferred Enterprises" in the future or that the benefits will be granted in the future.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Reform of the Investments Law under the 2010 and 2013 Amendments</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 29, 2010, the Israeli parliament approved an amendment to the Investments Law, effective as of January 1, 2011, which introduces a new status of "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Preferred Company</font>" and "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Preferred Enterprise</font>". The amendment allows enterprises meeting certain required criteria to enjoy grants as well as tax benefits. The amendment also introduces certain changes to the map of geographic development areas for purposes of the Investments Law, which will take effect in future years. The amendment generally abolishes the previous tax benefit routes that were afforded under the Investment Law, specifically the tax-exemption periods previously allowed, and introduces new tax benefits for industrial enterprises meeting the criteria of the law, which include among others the following:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A reduced corporate tax rate for industrial enterprises, provided that more than 25% of their annual income is derived from export, which will apply to the enterprise&#8217;s entire preferred income so that in the tax years 2011-2012 the reduced tax rate will be 15% for preferred income derived from industrial facilities located in located in areas which are not classifies as area A. In the tax year 2013 the reduced tax rate was 12.5%.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On August 5, 2013 the Israeli Parliament amended the Investments Law, by which, inter alia, it canceled the scheduled progressive reduction in the corporate tax rate for Preferred Enterprises and set it at 16% for enterprises located elsewhere as of January 1, 2014.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A definition of &#8220;preferred income&#8221; was introduced into the Investments Law to include certain types of income that are generated by the Israeli production activity of a preferred enterprise.</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Preferred Company (as defined in the Investments Law) may generally elect to apply the provisions of the amendment to preferred income produced or generated by it commencing from January 1, 2011. The amendment provides various transitional provisions which allow, under certain circumstances, to apply the new regime to investment programs previously approved or elected under the Investments Law in its previous form, or to continue existing investment programs under the provisions of the Investment Law in its previous form for a certain period of time.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The subsidiaries elected to adopt the Investments Law's instructions as amended, commencing 2011.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Non-Israeli subsidiaries are generally taxed based upon tax laws applicable in their countries of residence.&#160;&#160;In accordance with the provisions of Israeli-controlled foreign corporation rules, certain income of a non-Israeli subsidiary, if the subsidiary&#8217;s primary source of income is passive income (such as interest, dividends, royalties, rental income or income from capital gains), may be deemed distributed as a dividend to the Israeli parent company and consequently is subject to Israeli taxation.&#160;&#160;An Israeli company that is subject to Israeli taxes on such deemed dividend income of its non-Israeli subsidiaries may generally receive a credit for non-Israeli income taxes paid by the subsidiary in its country of residence or are to be withheld from the actual dividend distributions.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 23, 2013 the Israeli Parliament amended the Income Tax Ordinance, with profound changes to the tax treatment of CFC, mainly with regard to the following:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reducing the tax rate criterion: a company is considered CFC If the tax rate applicable to passive income does not exceed 15 % (instead of 20 %).</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Sale of a security will be considered passive income, unless the holding duration is less than one year and it has been shown that the security served in a business.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cancel the notional credit mechanism and replacing it with dividend deduction against the actual dividend distribution. Tax refund may be allowed under certain conditions.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dividends derived from income that was taxed at a rate of at least 15% shall not be considered "passive income" under certain conditions.</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The income tax rate applicable to Real Capital Gain derived by an Israeli individual from the sale of shares which had been purchased after January&#160;1, 2012, whether listed on a stock exchange or not, is 25%. However, if such shareholder is considered a &#8220;Substantial Shareholder&#8221; (as defined below) at the time of sale or at any time during the preceding 12-month period, such gain will be taxed at the rate of 30%. A &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">substantial shareholder</font>&#8221; is generally a person who alone, or together with his relative or another person who collaborates with him on a permanent basis, hold, directly or indirectly, at least 10% of any of the &#8220;means of control&#8221; of the corporation. &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Means of control</font>&#8221; generally include the right to vote, receive profits, nominate a director or an officer, receive assets upon liquidation, or order someone who holds any of the aforesaid rights how to act, and all regardless of the source of such right.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Generally, as of January 1, 2012, the tax rate applicable to capital gains derived from by Israeli resident company on the sale of shares, whether listed on a stock market or not, is the corporate tax rate in Israel (26.5% and commencing from January 1, 2016, 25%).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Commencing as of January 1, 2013, an individual whose taxable income during a tax year is in excess of NIS 811,560 (in 2015), will be liable for an additional 2% on the portion that is in excess of NIS 811,560.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Moreover, capital gains derived by a shareholder who is a dealer or trader in securities, or to whom such income is otherwise taxable as ordinary business income, are taxed in Israel at ordinary income rates (currently up to 48% for individuals in 2014).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Israeli resident individuals are subject to Israeli income tax on the receipt of dividends paid, at the rate of 25%, or 30% for a shareholder that is considered a "Substantial Shareholder&#8221; (as defined above) at any time during the 12-month period preceding such distribution. A distribution of dividend to Israeli resident individuals from income attributed to a Preferred Enterprise will be generally subject to a withholding tax rate of 20%. An individual whose taxable income during a tax year is in excess of NIS 810,720, will be liable for an additional 2% on the portion that is in excess of NIS 810,720.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dividends paid on our ordinary shares to Israeli companies are exempt from such tax, except for dividends distributed from income derived outside of Israel, which are subject to the corporate tax rate.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of the beginning of 2012, non-residents of Israel are generally subject to Israeli income tax on the receipt of dividends paid on our ordinary shares at the rate of 25%, which tax will be withheld at the source, unless a different rate is provided in a treaty between Israel and the shareholder&#8217;s country of residence. With respect to a person who is a &#8220;substantial shareholder&#8221; (as defined above) at the time receiving the dividend or on any date in the 12 months preceding such date, the applicable tax rate is 30% at any time during the 12-month period preceding such distribution. Dividends paid from income derived from Preferred Enterprises are subject to withholding at the rate of 20%. Under the U.S.-Israel Tax Treaty, the maximum rate of tax withheld in Israel on dividends paid to a holder of our ordinary shares who is a U.S. resident (for purposes of the U.S.-Israel Tax Treaty) is 25%. However, generally, the maximum rate of withholding tax on dividends that are paid to a U.S. corporation holding 10% or more of our outstanding voting capital throughout the tax year in which the dividend is distributed as well as the previous tax year is 12.5% , provided, however, that no more than 25% of our gross income for such previous tax year (if any) consists of interest or dividends (other than dividends or interest received from subsidiary corporations, 50% or more of the outstanding shares of the voting stock of which is owned by us at the time such dividends or interest is received). We cannot assure you that we will designate the profits that are being distributed in a way that will reduce shareholders&#8217; tax liability. The reduced treaty rate, if applicable, is 15% in the case of dividends paid from income derived from Preferred Enterprise.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A distribution of dividend to non-Israeli resident from income attributed to a Preferred Enterprise will be generally subject to withholding tax rates of 20%, subject to a reduced rate under the provisions of any applicable double tax treaty.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A non-resident of Israel who receives dividends from which tax was withheld is generally exempt from the duty to file returns in Israel in respect of such income, provided such income was not derived from a business conducted in Israel by the taxpayer, and the taxpayer has no other taxable sources of income in Israel.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Capital Gains Taxes Applicable to Non-Israeli Resident Shareholders.</font>&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Israeli law generally imposes a capital gains tax on the sale of securities and any other capital asset. Shareholders that are not Israeli residents are generally exempt from Israeli capital gains tax on any gains derived from the sale, exchange or disposition of our ordinary shares provided that (1)&#160;such shareholders did not acquire their shares prior to our initial public offering, (2)&#160;the shares are listed for trading on the Tel Aviv Stock Exchange, and (3)&#160;such gains did not derive from a permanent establishment of such shareholders in Israel. Furthermore, non-Israeli corporations will not be entitled to the foregoing exemptions if Israeli residents (i)&#160;hold 25% or more of their means of control (i.e., the right to vote at the general meeting or to nominate directors or the chief executive officer), or (ii)&#160;are the beneficiaries of or are entitled to 25% or more of the revenues or profits of such non-Israeli corporation, whether directly or indirectly;&#160;&#160;In such case, the sale, exchange or disposition of ordinary shares would be subject to Israeli tax, to the extent applicable. However, under the U.S.-Israel Tax Treaty, U.S. resident would be permitted to claim a credit for the Israeli taxes against the U.S. federal income tax impose with respect to the sale, exchange or disposition, subject to the limitations in U.S. laws applicable to foreign tax credits. The U.S.-Israel Tax Treaty does not relate to U.S. state or local taxes. In addition, under the U.S.-Israel Tax Treaty, the sale, exchange or disposition of our ordinary shares by a shareholder who is a U.S. resident (for purposes of the U.S.-Israel Tax Treaty) holding the ordinary shares as a capital asset is exempt from Israeli capital gains tax unless either (i) the shareholder holds, directly or indirectly, shares representing 10% or more of our voting capital during any part of the 12-month period preceding such sale, exchange or disposition or (ii) the capital gains arising from such sale are attributable to a permanent establishment of the shareholder located in Israel.&#160;&#160;Certain other tax treaties to which Israel is a party also grant exemptions from Israeli capital gains taxes.&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">G.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">H.</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are required to file reports and other information with the Securities and Exchange Commission under the Securities Exchange Act of 1934 and the regulations thereunder applicable to foreign private issuers. Reports and other information filed by us with the Securities and Exchange Commission may be inspected and copied at the Securities and Exchange Commission&#8217;s public reference facilities described below. We are not required to file periodic information as frequently or as promptly as United States companies. As a foreign private issuer, we are also exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements; and our officers, directors and principal shareholders are exempt from the reporting and other provisions of Section 16 of the Exchange Act.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">You may review a copy of our filings with the Securities and Exchange Commission, including any exhibits and schedules, at the Securities and Exchange Commission&#8217;s public reference facilities at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may also obtain copies of such materials at prescribed rates by writing to the Public Reference Section of the Securities and Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You may call the Securities and Exchange Commission at 1-800-SEC-0330 for further information on the public reference rooms. As a foreign private issuer we are now required to file through the Securities and Exchange Commission&#8217;s EDGAR system and our periodic filings are therefore available on the Securities and Exchange Commission&#8217;s Web site at http://www.sec.gov. You may read and copy any reports, statements or other information that we file with the Securities and Exchange Commission at the Securities and Exchange Commission facilities listed above. These Securities and Exchange Commission filings are also available to the public from commercial document retrieval services.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We also file annual and special reports and other information with the Israeli Securities Authority through its fair disclosure electronic system called the MAGNA. You may review these filings on the website of the MAGNA system operated by the Israeli Securities Authority at www.magna.isa.gov.il or on the website of the TASE at www.tase.co.il. Our reporting requirements with the Israeli Securities Authority will discontinue on May 25, 2016 due to our scheduled delisting on that date.&#160;&#160;For an information on the delisting from Tel-Aviv Stock Exchange, see Item 9.A &#8211; Price History of Our Shares.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 27.2pt"></font>The principal market risks to which we are exposed as a result of our operations are foreign exchange rate risks and interest rate risks.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 27.2pt"></font>Although we report our consolidated financial statements in dollars, in 2013, 2014 and 2015, a portion of our revenues and expenses was derived in other currencies. For fiscal years 2013, 2014 and 2015, we derived approximately 8.3%, 10% and 9% of our revenues in dollars, 45.5%, 46% and 48% in NIS, 37.3%, 36.5% and 33% in Brazilian Reals and 8.9%, 7.6% and 10% in Argentine Pesos, respectively. In fiscal years 2013, 2014 and 2015, 20.1%, 14.8% and 17% of our expenses were incurred in dollars, 41%, 46.7% and 46% in NIS, 29.9%, 30.8% and 27% in Brazilian Reals and 8.9%, 7.7% and 10% in Argentine Pesos, respectively.&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 27.2pt"></font>Exchange differences upon conversion from our functional currency to dollars are accumulated as a separate component of accumulated other comprehensive income under shareholders&#8217; equity. In the year 2015, accumulated other comprehensive income decreased by 15.8 million compared to the year 2014. In the year 2014, accumulated other comprehensive income decreased by $11.1 million compared to the year 2013. In the year 2013, accumulated and other comprehensive income decreased by $3.2 million compared to the year 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 27.2pt"></font>The fluctuation of the other currencies in which we incur our expenses or generate revenues against the dollar has had the effect of increasing or decreasing (as applicable) reported revenues, cost of revenues and operating expenses in such foreign currencies when converted into dollars from period to period. The following table illustrates the effect of the changes in exchange rates on our revenues, gross profit and operating income for the periods indicated:</font></div>

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<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">exchange</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">rates<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Actual</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">exchange</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">rates<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Actual</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At 2014</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">exchange</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 10pt">rates</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="22" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(In US$ thousands)</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="28%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Revenues&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">170,167</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">174,879</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">182,127</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">193,977</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">175,628</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">209,186</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="28%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gross profit</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89,302</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">91,937</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">97,133</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">103,871</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89,881</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">107,375</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="28%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,930</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">39,630</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45,870</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">49,437</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40,644</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,749</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt">(1)</font> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt">Based on average exchange rates during the period.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our policy remains to reduce exposure to exchange rate fluctuations by entering into foreign currency forward transactions that qualify as hedging transactions under ASC Topic 815, <font style="FONT-STYLE: italic; DISPLAY: inline">"Derivatives and Hedging"</font> the results of which are reflected in our income statements as revenues or cost of revenues. Currently, the item most likely to be affected by the foreign currency risk is our inventory purchase price. Therefore, from time to time, we enter into such forward contracts, generally of 3 to 20 months&#8217; duration in order to hedge a portion of our foreign currency risk on the inventory purchase price. The result of these transactions, which are affected by fluctuations in exchange rates, could cause our cost of revenues, gross profit and operating income to fluctuate. See Note 19 to our consolidated financial statements included elsewhere in this report.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Interest rate risk</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We invest our cash balances primarily in NIS, Brazilian real and Argentine peso bank deposits and therefore, we are exposed to interest rate fluctuation in those currencies, but we do not believe such risks to be material. We do not use derivative financial instruments to limit exposure to interest rate risk.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><!--EFPlaceholder--><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="ITEM12">ITEM </a>12.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DESCRIPTIONS OF SECURITIES OTHER THAN EQUITY SECURITIES</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Not applicable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PART II<!--EFPlaceholder--></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="ITEM13">ITEM </a>13.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160; (A) Disclosure Controls and Procedures</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our co-chief executive officers and chief financial officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended) as of December&#160;31, 2015, have concluded that, as of such date, our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our co-chief executive officers and chief financial officer, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the periods specified by the SEC&#8217;s rules and forms.&#160;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(B) Management&#8217;s Annual Report on Internal Control Over Financial Reporting</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our management is responsible for establishing and maintaining adequate internal control over our financial reporting. Internal control over financial reporting is designed to provide reasonable assurance to our management and the board of directors regarding the reliability of financial reporting and the preparation and fair presentation of published financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurances with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may decline.&#160;</font><br>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our management assessed the effectiveness of our internal control over financial reporting, as of December&#160;31, 2015. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control&#8212;Integrated Framework (2013 Framework).</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on such assessment, our management has concluded that, as of December&#160;31, 2015, our internal control over financial reporting is effective.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fahn Kanne &amp; Co. Grant Thornton Israel, our independent registered public accounting firm, has issued an attestation report on our internal control over financial reporting, as of December 31, 2015 and such report is included elsewhere in this Form 20 -F.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There have not been any changes in our internal control over financial reporting during the year ended December 31, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tel-Aviv 6721118, ISRAEL</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">T <a name="tel"><!--efplaceholder--></a>+972 3 7106666</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have audited the internal control over financial reporting of Ituran Location and Control Ltd. and Subsidiaries (the &#8220;Company&#8221;) as of December 31, 2015, based on criteria established in <font style="DISPLAY: inline; FONT-SIZE: 10pt">the 2013 </font><font style="FONT-STYLE: italic; DISPLAY: inline">Internal Control-Integrated Framework</font> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).&#160;&#160;The Company&#8217;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying management&#8217;s report on internal control over financial reporting.&#160;&#160;Our responsibility is to express an opinion on the Company&#8217;s internal control over financial reporting based on our audit. We did not audit the internal control over financial reporting of Ituran Argentina S.A. (Ituran Argentina), a wholly-owned subsidiary of the Company, whose financial statements reflect total assets and revenues constituting 9.2 and 9.9 percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December&#160;31, 2015.&#160;&#160;Ituran Argentina's internal control over financial reporting was audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to Ituran Argentina's internal control over financial reporting in relation to the Company taken as a whole, is based solely on the report of other auditors.</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit and the report of other auditors provide a reasonable basis for our opinion.</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In our opinion, based on our audit and the report of the other auditors, the Company maintained, in all material respects, effective internal control over financial reporting as of December&#160;31, 2015, based on criteria established in <font style="DISPLAY: inline; FONT-SIZE: 10pt">the 2013 </font><font style="FONT-STYLE: italic; DISPLAY: inline">Internal Control&#8212;Integrated Framework</font> issued by COSO.</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements of the Company as of and for the year ended December&#160;31, 2015 and our report dated April 20, 2016, expressed an unqualified opinion on those financial statements.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Board of Directors and Shareholders</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ituran de Argentina S.A.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have audited the internal control over financial reporting of Ituran de Argentina S.A. (the &#8220;Company&#8221;) as of December 31, 2015, based on criteria established in <font style="FONT-STYLE: italic; DISPLAY: inline">the 2013</font> <font style="FONT-STYLE: italic; DISPLAY: inline">Internal Control&#8212;Integrated Framework</font> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company&#8217;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#180;s Report on internal control over financial reporting. Our responsibility is to express an opinion on Company&#8217;s internal control over financial reporting based on our audit.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015, based on criteria established in <font style="FONT-STYLE: italic; DISPLAY: inline">the 2013</font> <font style="FONT-STYLE: italic; DISPLAY: inline">Internal Control&#8212;Integrated Framework</font> issued by COSO<font style="FONT-STYLE: italic; DISPLAY: inline">.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the Company as of and for the year ended December 31, 2015 and our report dated February 17, 2016 expressed an unqualified opinion on those financial statements.</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gonzalo Urien Berri</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Buenos Aires, Argentina</font></div>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">February 17, 2016</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="ITEM16">ITEM </a>16.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">[RESERVED]</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AUDIT COMMITTEE FINANCIAL EXPERT</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our board of directors determined that Mr. Israel Baron, one of our independent directors, is an &#8220;audit committee financial expert&#8221;, as defined by the applicable regulations promulgated under Section 407 of the Sarbanes-Oxley Act. For information concerning the experience of Mr. Baron, please refer to Item 6.A &#8211; Directors and Senior Management, above.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><!--EFPlaceholder--><a name="ITEM16b">ITEM </a>16B.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CODE OF ETHICS</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2005, we adopted a Code of Ethics that applies to our senior management, including chief executive officer, chief financial officer, internal auditor and other individuals performing similar functions. This code of ethics has been posted on our website at www.ituran.com.</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><!--EFPlaceholder--><a name="ITEM16c">ITEM </a>16C.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fahn Kanne &amp; Co. Grant Thornton Israel ("Grant Thornton"), has served as our independent auditors. On December 24, 2015 they been re-elected by our shareholders to serve as our independent auditors for the year 2015, until the next general meeting of the shareholders. The following table presents aggregate fees for professional audit services and other services rendered by Grant Thornton, for 2014 and 2015:</font></div>

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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(in thousands, USD)</font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Audit Fees&#160;(1)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">290</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">242</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tax Fees (2)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Total</font></font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">314</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">242</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The audit fees for the years ended December 31, 2014 and 2015 respectively, were for professional services rendered for the audits of our annual consolidated financial statements, review of consolidated quarterly financial statements, statutory audits of Ituran.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Consists of all tax related services.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our audit committee has pre-approved the above audit and non-audit services provided by Grant Thornton, during the years&#160;&#160;2014 and 2015, up to a certain amount.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><!--EFPlaceholder--><a name="ITEM16d">ITEM </a>16D.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Not applicable.</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="ITEM16e">ITEM </a>16E.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2013, the Company did not purchase any of its shares.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><a name="ITEM16f">ITEM </a>16F.</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT</font></font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">98</font></div>

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<div id="HDR">
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="ITEM16g">ITEM </a>16G.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CORPORATE GOVERNANCE</font></div>
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</div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Under NASDAQ Marketplace Rule 5615(a)(3), foreign private issuers, such as our company, are permitted to follow certain home country corporate governance practices instead of certain provisions of the Rule 5600 series and the requirement to distribute annual and interim reports. A foreign private issuer that elects to follow a home country practice instead of any of such provisions, must disclose in its annual reports each requirement that it does not follow, describe the home country practice followed by the company in lieu of such requirements, satisfy the voting rights (Rule 5640)&#160;&#160;requirements, have an audit committee that satisfies Rule 5605(c)(3), and ensure that such audit committee's members meet the independence requirement in Rule 5605(c)(2)(A)(ii). In reliance upon Rule 5615(a)(3), as a foreign private issuer, we have elected to follow our home country practices, absent home country rules requiring otherwise, in lieu of certain Nasdaq Marketplace Rules. Specifically, in Israel, it is not required that a public company have (i) a majority of independent board members&#160;&#160;or that independent directors have regularly scheduled meetings at which only independent directors are present , or (iii) independent oversight of director nominations As a result, we have elected to follow Israeli law regarding the independence requirements of our board of directors. See &#8220;External directors&#8221; above. In addition, our board of directors has not appointed a nominating committee and, instead, elects to follow Israeli law, which provides that a company may determine its method of nominating its directors. In our case, board of directors members are nominated by our board of directors, as is the custom in Israel.</font></div>

<div>&#160;</div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="ITEM16h">ITEM </a>16H.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MINE SAFETY DISCLOSURE</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Not applicable.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PART III<!--EFPlaceholder--></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="ITEM17">ITEM </a>17.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FINANCIAL STATEMENTS</font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See &#8220;Item 18&#8212;Financial Statements.&#8221;</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="ITEM18">ITEM </a>18.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FINANCIAL STATEMENTS</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following consolidated financial statements and related registered public accounting firms&#8217; reports are filed as part of this annual report:</font></div>

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<td valign="top" width="42%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Page</font></font></div>
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<td valign="top" width="42%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="58%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Report of Independent Registered Public Accounting Firm</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-2</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Consolidated Balance Sheets</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-3-F-4</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Consolidated Statements of Income</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-5</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Statements of Comprehensive Income</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-6</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Statement of Changes in Equity</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-7-F-8</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Consolidated Statements of Cash Flows</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-9-F-10</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Notes to Consolidated Financial Statements</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F-11-F-45</font></div>
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</div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="ITEM19">ITEM </a>19.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXHIBITS</font></div>
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<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Description of Document</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.1</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Amended and Restated Articles of Association of the Company</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.2</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Form of Memorandum of Association of the Company (English Translation) (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.1</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Shareholders Agreement, dated May 18, 1998, by and between Moked Ituran Ltd., Moked Services, Information, Management, Investments, Yehuda Kahane Ltd., F.K. Generators and Equipment Ltd., Gideon Ezra, Ltd., Efraim Sheratzky, and Yigal Shani (English translation). (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>)</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.2</font></div>
</td>
<td align="left" valign="top" width="95%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Form of Amendment to Shareholders Agreement dated May 18, 1998, by and between Moked Ituran Ltd., Moked Services, Information, Management and Investments, Yehuda Kahane Ltd., F.K. Generators and Equipment Ltd., Gideon Ezra, Ltd., Efraim Sheratzky and/or T.S.D. Holdings Ltd., and Yigal Shani and/or G.N.S. Holdings Ltd. (English translation). (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.3</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Form of the second Amendment to Shareholders Agreement dated May 18, 1998, by and between Moked Ituran Ltd., Moked Services, Information, Management and Investments, Yehuda Kahane Ltd., F.K. Generators and Equipment Ltd., Gideon Ezra, Ltd., Efraim Sheratzky and/or T.S.D. Holdings Ltd., and Yigal Shani and/or G.N.S. Holdings Ltd. (English translation). (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font>)</font></font></div>
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<table cellpadding="3" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.1</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Agreement dated January 23, 2007, between E-Com Global Electronic Commerce Ltd. and Gil Sheratzky</font> <font style="DISPLAY: inline; FONT-SIZE: 10pt">(English translation)</font> <font style="DISPLAY: inline; FONT-SIZE: 10pt">(</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">)</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.2</font></div>
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<td align="left" valign="top" width="95%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Agreement with an Independent Contractor, dated February 1, 2003, by and between the Registrant, Izzy Sheratzky, and A. Sheratzky Holdings Ltd. (English translation). (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.3</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Agreement with an Independent Contractor, dated September 5, 2002, by and between the Registrant, Eyal Sheratzky, and A. Sheratzky Holdings Ltd., addendum thereof, dated October 28, 2002, and resolution of the Registrant's shareholders dated February 24, 2004 (English translation)(<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.4</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Agreement with an Independent Contractor, dated September 5, 2002, by and between the Registrant, Nir Sheratzky, and A. Sheratzky Holdings Ltd., addendum thereof, dated October 28, 2002, and resolution of the Registrant's shareholders dated February 24, 2004 (English translation). (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.5</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Addendum No. 2 dated December 13, 2007 (effective January 8, 2003) and Addendum No. 3 dated April 6, 2011 to the agreement between the Company and A. Sheratzky Holdings Ltd., and Nir Sheratzky (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.6</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Addendum No. 2 dated December 13, 2007 (effective January 8, 2003) and Addendum No. 3 dated April 6, 2011 to the agreement between the Company and A. Sheratzky Holdings Ltd., and Eyal Sheratzky (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.7</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Addendum No. 1 dated April 6, 2011 to the agreement between the Company and A. Sheratzky Holdings Ltd. and Izzy Sheratzky (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.8</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Consulting Services Agreement, dated March 23, 1998, by and between the Registrant and Yehuda Kahane Ltd., including addendum thereof, as of May 25, 2003 (English translation). (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.9</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unprotected Lease Agreement, dated February 7, 2002, by and between Mofari Ltd. and the Registrant and addendum thereof, dated February 19, 2002 (English translation) (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.9(a)</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Addendum to February 7, 2002 Unprotected Lease Agreement, by and between Mofari Ltd. and the Registrant, dated October 31, 2012. (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">6</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.10</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Lease Agreement, dated May 29, 2002, by and between Rinat Yogev Nadlan and Ituran Cellular Communication Ltd. (English translation). (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>)(<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"> 4</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.11</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Lease Agreement, dated March 16, 2000, by and between Teleran Localizacao e Controle Ltda. and T4U Holding B.V., and addendum thereof, dated May 31, 2000. (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.12</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Form of Directors' Letter of Indemnity (English translation).&#160;(6)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.13</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Frame Product and Services Purchase Agreement dated January 1, 2008 by and between Ituran Location and Control Ltd. and Telematics Wireless Ltd. (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font>) *</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.14</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Radio Location System License Agreement, dated July 13, 2004, by and between Teletrac, Inc., and Telematics Wireless Ltd. (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>)</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.15</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ituran Location &amp; Control Compensation Policy, as approved on October 31, 2013&#160;(<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">6</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.16</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Service Agreement, dated as of February 1, 2014, by and among Ituran Location &amp;Control&#160;&#160;Ltd., Izzy Sheratzky and A. Sheratzky Holdings Ltd. (English Translation). (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">6</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.17</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Service Agreement, dated as of February 1, 2014, by and among Ituran Location &amp;Control&#160;&#160;Ltd., ORAS Capital Ltd. and Eyal Sheratzky. (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">6</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.18</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Service Agreement, dated as of February 1, 2014, by and among Ituran Location &amp;Control&#160;&#160;Ltd., Galnir Management and Investments Ltd. and Nir Sheratzky. (<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">6</font>)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.19</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Service Agreement, dated as of February 1, 2014, by and among E-Com Global Electronic Commerce Ltd., ZERO-TO-ONE S.B.L. INVESTMENTS LTD. and Gil Sheratzky. (6)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.1</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Certifications by co-chief executive officers as required by Rule 13a-14(a).</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.2</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Certification by person serving in the capacity of chief financial officer as required by Rule 13a-14(a).</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Certifications by the co-chief executive officers and the person serving in the capacity of chief financial officer as required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
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<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Filed as an exhibit to the Registrant&#8217;s Registration Statement on Form F-1 (File No. 333-128028) filed on September 23, 2005, and incorporated herein by reference.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Filed as an exhibit to the annual report on Form 20-F for the year ended December 31, 2007 and incorporated herein by reference.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(3)</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Filed as an exhibit to the annual report on Form 20-F for the year ended December 31, 2010 and incorporated herein by reference.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The current lessee under this agreement is the Registrant.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Filed as an exhibit to Form 13G of Yehuda Kahane for the year ended December 31, 2014, filed on February 17, 2015, and incorporated herein by reference.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Filed as an exhibit to the annual report on Form 20-F for the year ended December 31, 2013 and incorporated herein by reference.</font></div>
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<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consolidated Financial Statements</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">F <a name="fax"><!--efplaceholder--></a>+972 3 7106660</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a name="web"><!--efplaceholder--></a>www.gtfk.co.il</font></font></div>
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<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have audited the accompanying consolidated balance sheets of Ituran Location and Control Ltd. and Subsidiaries (the "Company") as of December&#160;31, 2015 and 2014, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December&#160;31, 2015.&#160;&#160;These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.&#160;&#160;We did not audit the financial statements of Ituran Argentina S.A. (Ituran Argentina), a subsidiary of the Company, which statements reflect total assets constituting 9.2% and 8.7%, respectively, of consolidated total assets as of December&#160;31, 2015 and 2014, and revenues of 9.9%, 7.6% and 8.9%, respectively, of consolidated total revenues for the years ended December&#160;31, 2015, 2014 and 2013 respectively. Those financial statements were audited by other auditors, whose report thereon have been furnished to us, and our opinion insofar as it relates to the amounts included for Ituran Argentina, is based solely on the report of the other auditors.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In our opinion, based on our audits and the report of the other auditors, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Ituran Location and Control Ltd.<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>and Subsidiaries as of December&#160;31, 2015 and 2014, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2015, in conformity with accounting principles generally accepted in the United States of America.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of December&#160;31, 2015, based on criteria established in the 2013 <font style="FONT-STYLE: italic; DISPLAY: inline">Internal Control &#8211; Integrated Framework</font> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated April 20, 2016 expressed an unqualified opinion.</font></div>

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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 2</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="73%">&#160;</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED <a name="F3">BALANCE SHEETS</a></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(in thousands)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current assets</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash and cash equivalents</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,016</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,418</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Investment in marketable securities</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,035</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,362</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accounts receivable (net of allowance for doubtful accounts)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,436</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,960</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other current assets (Note 2)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,437</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,318</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Inventories (Note 3)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,781</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,164</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">91,705</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">103,222</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Long-term investments and other assets</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Investments in affiliated company (Note 4A)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,705</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,016</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Investments in other company (Note 4B)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">78</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">79</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other non-current assets (Note 5)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,166</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,091</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred income taxes (Note 15)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,279</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,886</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Funds in respect of employee rights upon retirement</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,174</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,642</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,402</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,714</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Property and equipment, net </font>(Note 6)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,514</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,908</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Intangible assets, net </font>(Note 7)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">452</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Goodwill </font>(Note 8)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,356</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,041</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total assets</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">142,003</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">152,337</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The accompanying notes are an integral part of the consolidated financial statements.</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 3</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED BALANCE SHEETS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands, except share data)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current liabilities</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Credit from banking institutions (Note 9)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">155</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accounts payable</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,466</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,658</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred revenues</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,210</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,401</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other current liabilities (Note 10)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,253</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">41,581</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46,312</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Long-term liabilities</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Liability for employee rights upon retirement</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,637</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,229</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Provision for contingencies</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">622</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred revenues</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">973</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,063</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred income taxes (Note 15)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">150</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other non-current</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">369</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,601</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,442</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Contingent liabilities </font>(Note 11<font style="DISPLAY: inline; FONT-WEIGHT: bold">)</font></font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Stockholders&#8217; equity </font>(Note 12)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Share capital &#8211; ordinary shares of NIS 0.33&#8531; par value:</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,983</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,983</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Authorized &#8211; December 31, 2015 and 2014 &#8211; 60,000,000 shares</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Issued and outstanding &#8211; December 31, 2015 and 2014 &#8211; 23,475,431 shares</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Additional paid- in capital</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">71,550</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">71,550</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accumulated other comprehensive income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(17,520</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,850</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Retained earnings</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">57,739</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">49,067</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Treasury stock at cost &#8211; December&#160;31, 2015 and 2014 &#8211; 2,507,314 shares</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(30,054</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(30,054</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stockholders&#8217; equity</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">83,698</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90,696</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-controlling interests</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,123</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,887</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total equity</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">87,821</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">94,583</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total liabilities and equity</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">142,003</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">152,337</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="73%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The accompanying notes are an integral part of the consolidated financial statements.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 4</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED <a name="F5">STATEMENTS OF INCOME</a></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands except earnings per share)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Revenues:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Location based services</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">127,683</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">133,692</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">126,951</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wireless communications products</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">47,945</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">48,435</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43,216</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">175,628</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">182,127</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">170,167</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost of revenues:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Location based services</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46,823</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46,852</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,850</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wireless communications products</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,924</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,142</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">36,015</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">85,747</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">84,994</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80,865</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gross profit</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89,881</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">97,133</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89,302</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Research and development expenses</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,401</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,526</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,414</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Selling and marketing expenses</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,303</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,264</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,715</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">General and administrative expenses</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,801</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,617</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,483</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other (income) expenses, net (Note 13)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(268</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">856</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,760</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40,644</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45,870</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,930</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other (expenses) income, net </font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(166</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Financing income, net (Note 14)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,189</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,704</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">238</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income before income tax</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">41,833</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">47,574</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,002</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income tax expenses (Note 15)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,822</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(14,246</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,447</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Share in losses of affiliated companies, net (Note 4A)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,439</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(421</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income for the year</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26,572</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,907</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,554</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less: Net income attributable to non-controlling interest</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,601</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,478</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,792</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income attributable to the Company</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,971</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30,429</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,762</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Basic and diluted earnings per share attributable to Company&#8217;s stockholders (Note 16)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.45</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.13</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Basic and diluted weighted average number of shares outstanding</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="73%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The accompanying notes are an integral part of the consolidated financial statements.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 5</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED <a name="F6">STATEMENTS OF COMPREHENSIVE INCOME</a></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income for the year</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26,572</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,907</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,554</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other comprehensive loss, net of tax:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Foreign currency translation adjustments</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(14,703</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(13,354</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,754</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unrealized gains (losses) in respect of derivative financial instruments designated for cash flow hedge</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">85</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,331</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(635</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Reclassification of net gains realized to net income</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,188</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(29</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">217</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other comprehensive loss, net of tax</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(15,806</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(11,052</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,172</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Comprehensive income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,766</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21,855</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,382</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less: comprehensive income attributable to non-controlling interests</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,465</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,884</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,996</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Comprehensive income attributable to the Company</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,301</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,971</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,386</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="73%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The accompanying notes are an integral part of the consolidated financial statements.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 6</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED <a name="F7">STATEMENTS OF CHANGES IN EQUITY</a></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="30" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="22" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">COMPANY STOCKHOLDERS</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ordinary shares</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of shares</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share capital amount</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Additional paid in capital</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accumulated other comprehensive income</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Retained earnings</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Treasury</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">stock</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-controlling interests</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars (except for number of shares)</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance as of January 1, 2013</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,476</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,983</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">71,927</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,984</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,187</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(30,054</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,980</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">92,007</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Changes during 2013:</font></div>
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<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,762</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,792</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,554</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other comprehensive income (loss)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,376</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">204</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,172</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Acquisition of none controlling interests</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(377</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(123</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dividend paid to non-controlling interests</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,286</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,286</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dividend paid</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(13,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(13,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dividend declared</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,616</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,616</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance as of December 31, 2013</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,476</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,983</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">71,550</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,608</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,831</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(30,054</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,567</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">95,485</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Changes during 2014:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30,429</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,478</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,907</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other comprehensive loss</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(10,458</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(594</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(11,052</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dividend paid to non-controlling interests</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,564</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,564</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dividend paid</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(15,697</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(15,697</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dividend declared</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,496</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,496</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance as of December 31, 2014</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,476</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,983</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">71,550</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,850</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">49,067</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(30,054</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,887</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">94,583</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="73%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The accompanying notes are an integral part of the consolidated financial statements.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 7</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (cont.)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="30" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="22" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">COMPANY STOCKHOLDERS</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ordinary shares</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of shares</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share capital amount</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Additional paid in capital</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accumulated other comprehensive income</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Retained earnings</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Treasury</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">stock</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-controlling interests</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars (except for number of shares)</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance as of January 1, 2015</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,476</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,983</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">71,550</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,850</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">49,067</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(30,054</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,887</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">94,583</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Changes during 2015:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,971</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,601</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26,572</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other comprehensive loss</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(15,670</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(136</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(15,806</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dividend paid to non-controlling interests</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,229</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,229</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dividend paid</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(13,171</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(13,171</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="20%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dividend declared</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,128</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,128</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="20%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance as of December 31, 2015</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,476</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,983</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">71,550</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(17,520</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">57,739</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(30,054</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,123</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">87,821</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The accompanying notes are an integral part of the <font style="DISPLAY: inline; FONT-WEIGHT: bold">consolidated </font>financial statements.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 8</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED STATEMENTS OF <a name="F9">CASH </a>FLOWS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from operating activities</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income for the year</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26,572</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,907</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,554</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Adjustments to reconcile net income to net cash from operating activities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depreciation, amortization and impairment of goodwill and other intangibles</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,962</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,219</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,196</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gain from sale of subsidiary, net (Appendix A)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(951</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Losses of sale affiliated company</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">166</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Exchange differences on principal of deposit and loans, net</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(23</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">317</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gains in respect of trading marketable securities</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(666</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(133</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase in liability for employee rights upon retirement</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">717</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,655</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,095</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Share in losses of affiliated companies, net</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,439</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">421</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred income taxes</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(85</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(737</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,812</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Capital (gain) losses on sale of property and equipment, net</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(31</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(270</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Decrease (increase) in accounts receivable</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">117</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,864</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(609</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Decrease (increase) in other current and non-current assets</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(879</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,749</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">580</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Decrease (increase) in inventories</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(658</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">783</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,354</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase (decrease) in accounts payable</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,176</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">927</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,446</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase (decrease) in deferred revenues</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(246</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">749</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(227</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase (decrease) in other current and non-current liabilities</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,201</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,154</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,617</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net cash provided by operating activities</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">35,914</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,731</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46,697</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from investment activities</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase in funds in respect of employee rights upon retirement, </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">net of withdrawals</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(804</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(708</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(718</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Capital expenditures</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(18,724</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(14,976</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(14,216</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Investment in affiliated company</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5,966</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Investment in marketable securities</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(11</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,771</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deposit in escrow</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,005</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Proceeds from (Investment in) long - term deposit</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(341</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(283</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">217</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Proceeds from sale of property and equipment</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">406</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">489</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">651</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #cceeff">&#160;&#160;&#160; </font>Sale of subsidiary (Appendix A)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(266</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net cash used in investment activities</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(25,706</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(13,244</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(15,466</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from financing activities</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Short term credit from banking institutions, net</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">160</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(38</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Repayment of long term loans</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(182</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Acquisition of non-controlling interests</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dividend paid</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(17,590</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(19,324</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(16,072</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dividend paid to non-controlling interests</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,229</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,564</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,286</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net cash used in financing activities</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(18,659</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(22,426</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(17,547</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Effect of exchange rate changes on cash and cash equivalents</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,951</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5,340</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,440</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net increase (decrease) in cash and cash equivalents</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(11,402</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,279</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,244</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance of cash and cash equivalents at beginning of year</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,418</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">41,697</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">29,453</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance of cash and cash equivalents at end of year</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,016</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,418</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">41,697</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplementary information on investing and financing activities not involving cash flows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the years 2015, 2014 and 2013,&#160;the Company purchased property and equipment in an amount of US$&#160;40 thousand,&#160;US$&#160;217 thousand and US$ 104 thousand&#160;respectively, using a directly related liability.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In November 2015, the Company declared a dividend in the amount of US$ 3.1 million.&#160;&#160;The dividend was paid in January 2016.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In October 2013, the Company purchased 0.5% of non-controlling interests for an amount of US$&#160;500,000.&#160;&#160;The purchase amount was paid in 2014.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The accompanying notes are an integral part of the <font style="DISPLAY: inline; FONT-WEIGHT: bold">consolidated </font>financial statements.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 9</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED STATEMENTS OF CASH FLOWS (cont.)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appendix A &#8211; <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Sale of subsidiary</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Working capital (excluding cash and cash equivalents), net</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,797</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Receivables from sale of subsidiary</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">582</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Funds in respect of employee rights upon retirement</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">250</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Property and equipment , net</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Liability for employee rights upon retirement</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(275</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gain from sale of subsidiary</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">951</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="88%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(266</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplementary disclosure of cash flow information</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
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</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest paid</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">203</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">397</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">254</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income taxes paid, net of refunds</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,181</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,078</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,280</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The accompanying notes are an integral part of the <font style="DISPLAY: inline; FONT-WEIGHT: bold">consolidated </font>financial statements.</font></div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 10</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="F11">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</a></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 1</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></div>
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<div>&#160;</div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">General</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operations</font></div>
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<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ituran Location and Control Ltd. (the &#8220;Company&#8221;) commenced operations in 1994.&#160;&#160;The Company and its subsidiaries (the &#8220;Group&#8221;) are engaged in the provision of Location based services and machine-to-machine Wireless communications products for use in stolen vehicle recovery, fleet management and other applications.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Group operates through subsidiaries in Brazil and Argentina, which generates revenues in their respective local currencies. The local currencies of such countries have been subject to significant fluctuations in recent years and the exchange rate of the Brazilian Real to the US Dollar (the presentation currency of the Group) was decreased significantly during fiscal year 2015.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The functional currency of the Company and its subsidiaries located in Israel is the New Israeli Shekel (&#8220;NIS&#8221;), which is the local currency in which those entities operate.&#160;&#160;The functional currency of the foreign subsidiaries of the Group is their respective local currency.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The consolidated financial statements of the Company and all of its subsidiaries were translated into U.S. dollars in accordance with the standards of the Financial Accounting Standards Board ("FASB").&#160;&#160;Accordingly, assets and liabilities were translated from local currencies to U.S. dollars using yearend exchange rates, and income and expense items were translated at average exchange rates during the year.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gains or losses resulting from translation adjustments (which result from translating an entity&#8217;s financial statements into U.S. dollars if its functional currency is different than the U.S. dollar) are reported in other comprehensive income and are reflected in equity, under &#8220;accumulated other comprehensive income (loss)&#8221;.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Translation gains and losses resulting from changes in exchange rates used in the translation of inter company balances that are long term investment nature (i.e. which their settlement is not planned or anticipated) are also included in other comprehensive income (loss).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Balances denominated in, or linked to foreign currency are stated on the basis of the exchange rates prevailing at the balance sheet date.&#160;&#160;For foreign currency transactions included in the statement of income, the exchange rates applicable on the relevant transaction dates are used.&#160;&#160;Transaction gains or losses arising from changes in the exchange rates used in the translation of such balances are carried to financing income or expenses as applicable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table presents data regarding the dollar exchange rate of relevant currencies and the Israeli CPI:</font></div>

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<table cellpadding="0" cellspacing="0" width="85%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exchange rate</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of one US dollar</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Israeli CPI<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(*)</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NIS</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Real</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">At December 31</font>,</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2015</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.902</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.9048</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">112.82 points</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2014</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.889</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.6562</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">113.96 points</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.471</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.3426</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">114.18 points</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Increase (decrease) during the year:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2015</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.33</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">47.01</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1.0)</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2014</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.04</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.39</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.2)</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(7.02)</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(14.63)</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr></table>
</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(*)</font></div>
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<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on the Index for the month ending on each balance sheet date, on the basis of 2008 average 100.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Basis of presentation</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 1</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">General (cont.)</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Use of estimates in the preparation of financial statements</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods.&#160;&#160;Actual results could differ from the estimates.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As applicable to these consolidated financial statements, the most significant estimates and assumptions relate to legal contingencies, revenue recognition and related deferred expenses, goodwill impairment assessment, deferred taxes and tax liabilities and uncertainties.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principles of consolidation</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The consolidated financial statements include the accounts of the Company and all of its subsidiaries.&#160;&#160;In these financial statements, the term &#8220;subsidiary&#8221; refers to a company over which the Company exerts control (ownership interest of more than 50%), and the financial statements of which are consolidated with those of the Company.&#160;&#160;Significant intercompany transactions and balances are eliminated upon consolidation; profits from intercompany sales, not yet realized outside of the Group, are also eliminated.&#160;&#160;Non-controlling interests are presented in equity.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Group considers all highly liquid investments, which include short-term bank deposits that are not restricted as to withdrawal or use, and short-term debentures, with original periods to maturity not exceeding three months, to be cash equivalents.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Marketable securities</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company accounts for investments in marketable securities in accordance with ASC Topic 320-10, <font style="FONT-STYLE: italic; DISPLAY: inline">"Investments - Debt and Equity Securities"</font> (&#8220;ASC Topic 320-10&#8221;). Management determines the appropriate classification of its investments in marketable securities at the time of purchase and reassesses such determination at each balance sheet date.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The investments in marketable securities covered by ASC Topic 320-10 that were held by the Company during the reported periods were designated by management as trading securities.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Trading securities are stated at market value. The changes in market value are charged to financing income or expenses.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Trading gains for the years 2015 and 2014 amounted to approximately US$ 666,000 and US$ 133,000 respectively. Trading gains for the year 2013 were insignificant.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 1</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)</font></div>
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<div>&#160;</div>

<div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Allowance for doubtful accounts</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The allowance for doubtful accounts is determined with respect to amounts the Group has determined to be doubtful of collection. In determining the allowance for doubtful accounts, the Company considers, among other things, its past experience with customers, the length of time that the balance is post due, the customer's current ability to pay and available information about the credit risk on such customers.&#160;&#160;See also Note&#160;19A.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The allowance in respect of accounts receivable at December&#160;31, 2015 and 2014 was US$&#160;2,063,000 and US$&#160;2,391,000, respectively.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Inventories are stated at the lower of cost or market.&#160;&#160;Cost is determined as follows: raw materials and finished products &#8211; mainly on the basis of first-in, first-out (FIFO).</font></div>

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</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">H.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment in affiliated companies</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investments in companies in which the Group has significant influence (ownership interest of between 20% and 50%) but less than controlling interests, are accounted for by the equity method.&#160;&#160;Income on intercompany sales, not yet realized outside of the Group, was eliminated.&#160;&#160;The Company also reviews these investments for impairment whenever events indicate the carrying amount may not be recoverable.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In accordance with ASC Topic 323-10-40-1, a change in the Company&#8217;s proportionate share of an investee&#8217;s equity, resulting from issuance of shares by the investee to third parties, is accounted for as if the Company had sold a proportionate share of its investment. Any gain or loss resulting from an investee&#8217;s share issuance is recognized in earnings.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Management evaluates investments in affiliated companies, for evidence of other-than-temporary declines in value. Such evaluation is dependent on the specific facts and circumstances and includes analysis of relevant financial information (e.g. budgets, business plans, financial statements, etc.). During&#160;2015&#160;and&#160;2014,&#160;no&#160;impairment was identified.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investments in companies in which the company no longer has significant influence, are classified as "investments in other companies".&#160;&#160;See I. below.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
</div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">I.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment in other company</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Non-marketable investment in other company in which the Company does not have a controlling interest nor significant influence are accounted for at cost, net of write down for any permanent decrease in value.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">J.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Derivatives</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The group applies the provisions of ASC Topic 815, <font style="FONT-STYLE: italic; DISPLAY: inline">"Derivatives and Hedging"</font>.&#160;&#160;In accordance with ASC Topic 815, all the derivative financial instruments are recognized as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value of a derivative financial instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For derivative financial instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">From time to time the Company carries out transactions involving foreign exchange derivative financial instruments (mainly forward exchange contracts) which are designed to hedge the cash flows expected to be paid with respect to forecasted monthly purchases of inventory, denominated in currencies other than the functional currency of the Company. Such transactions were designated as hedging instruments on the date that the Company entered into such derivative contracts, and qualify as cash flow hedges under ASC Topic 815.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The effective portion of the changes in fair value of the derivative instruments designated for hedging purposes are reported as other comprehensive income (loss), net of tax under the caption "unrealized gains (losses) in respect of derivative financial instruments designated for cash flow hedge" and are reclassified to the statements of income when the hedged transaction realizes. During the reporting periods, the gains or losses that were recognized in earnings for hedge ineffectiveness were insignificant.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All other derivatives which do not qualify for hedge accounting, or which have not been designated as hedging instruments, are recognized in the balance sheet at their fair value, with changes in the fair value carried to the statements of income as incurred in financing income (expenses), net.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See also Note 19B for further information.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 13</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 1</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">K.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Property and equipment</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.7pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.&#160;&#160;Leasehold improvements are depreciated on the straight-line method over the shorter of the estimated useful life of the property or the duration of the lease.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.7pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Rates of depreciation:</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="85%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">%</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="78%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating equipment (mainly 20%-33%)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="20%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.5-33</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="78%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Office furniture, equipment and computers</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="20%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7-33</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="78%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Buildings</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="20%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="78%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Vehicles</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="20%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="top" width="78%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Leasehold improvements</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Duration of the lease which</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">is less or equal to useful life.</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Impairment of long-lived assets</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.8pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Group&#8217;s long-lived assets (including finite-lived intangible assets) are reviewed for impairment, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.&#160;&#160;Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset.&#160;&#160;If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value (see also Note 1N and Note 7).</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">M.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income taxes</font></div>
</td>
</tr></table>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Group accounts for income taxes in accordance with ASC Topic 740-10,<font style="FONT-STYLE: italic; DISPLAY: inline"> "Income Taxes"</font>. According to this guidance, deferred income taxes are determined utilizing the asset and liability method based on the estimated future tax effects of differences between the financial accounting and the tax bases of assets and liabilities under the applicable tax law.&#160;&#160;Deferred tax balances are computed using the tax rates expected to be in effect at the time when these differences reverse. Valuation allowances in respect of the deferred tax assets are provided for if, based upon the weight of available evidence, it is more likely than not that all or a portion of the deferred income tax assets will not be realized.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">US GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is "more-likely-than-not" to be sustained were to be challenged by a taxing authority.&#160;&#160;The assessment of a tax position is based solely on the technical merits of the position, without regard the likelihood that the tax position may be challenged.&#160;&#160;If an uncertain tax position meets the "more-likely-than-not" threshold, the largest amount of tax benefit that is greater than 50% likely to be recognized upon ultimate settlement with the taxing authority is recorded.&#160;&#160;See also Note&#160;15L.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in business combinations accounted for in accordance with the "purchase method" and is allocated to reporting units at acquisition.&#160;&#160;Goodwill is not amortized but rather tested for impairment at least annually in accordance with the provisions of ASC Topic 350, "Intangibles - Goodwill and Other".&#160;&#160;The Company performs its goodwill annual impairment test for the reporting units at December 31 of each year, or more often if indicators of impairment are present.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Goodwill and intangible assets (cont.)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As required by ASC Topic 350, the Company chooses either to perform a qualitative assessment whether the two-step goodwill impairment test is necessary or proceeds directly to the two-step goodwill impairment test. Such determination is made for each reporting unit on a stand-alone basis.&#160;&#160;The qualitative assessment includes various factors such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, earnings multiples, gross margin and cash flows from operating activities and other relevant factors. When the Company chooses to perform a qualitative assessment and determines that it is more likely than not (more than 50 percent likelihood) that the fair value of the reporting unit is less than its carrying value, then the Company proceeds to the two-step goodwill impairment test. If the Company determines Otherwise, no further evaluation is necessary.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">When the Company decides or is required to perform the two-step goodwill impairment test, the Company compares the fair value of the reporting unit to its carrying value ("step 1"). If the fair value of the reporting unit exceeds the carrying value of the reporting unit net assets (including the goodwill allocated to such reporting unit), goodwill is considered not to be impaired, and no further testing is required. If the carrying value exceeds the fair value of the reporting unit, then the implied fair value of goodwill is determined by subtracting the fair value of all the identifiable net assets from the fair value of the reporting unit. An impairment loss is recorded for the excess, if any, of the carrying value of the goodwill allocated to the reporting unit over its implied fair value ("step 2").</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There are a number of generally accepted methods used for valuing a reporting unit:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The &#8216;income approach&#8217; utilizes discounted forecasted cash flows, the &#8216;Market &#8211; approach which utilize pricing multiples of business entities with publicly traded securities whose business and financial risks are comparable to those of the reporting unit being valued and the &#8216;Asset - based approach&#8217;&#160;&#160;which establishes a value based on the cost of reproducing or replacing the asset being valued. These methods described may be used alone or in combination with one another.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company applies assumptions that market participants would consider in determining the fair value of each reporting unit and the fair value of the identifiable assets and liabilities of the reporting units, as applicable.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company performed a qualitative assessment for two reporting units as of December&#160;31, 2015 and 2014, and concluded that the qualitative assessment did not result in a more likely than not indication of impairment, and therefore no further impairment testing was required, with respect to such units.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For other reporting units (two in 2014, one in 2015), operating in Israel, the Company elected to bypass the qualitative assessment and proceeded directly to performing the first step of the goodwill impairment test.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In order to determine the fair value of such reporting units, the Company utilized the "income approach". According to the income approach expected future cash flows are discounted to their present value using an appropriate rate of return. Judgments and assumptions related to future cash flows (projected revenues, operating expenses, and capital expenditures), future short-term and long-term growth rates, and weighted average cost of capital, which are based on management's internal assumptions, and believed to be similar to those that would be utilized by market participants under the circumstances and to represent both the specific risks associated with the business, and capital market conditions, are inherent in developing the discounted cash flow model.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2015, 2014 and 2013, the Company recorded a goodwill impairment loss in an amount of US$&#160;674,000, US$&#160;879,000 and US$&#160;3,093,000, respectively.&#160;&#160;See Note 8.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Recoverability of intangible assets is measured as described in Note&#160;1L above.&#160;&#160;During 2015, the Company recorded an intangible assets impairment loss in an amount of US$&#160;255,000.&#160;&#160;See Note 7.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Contingencies</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company and its subsidiaries are involved in certain legal proceedings that arise from time to time in the ordinary course of their business and in connection with certain agreements with third parties. Except for income tax contingencies, the Company records accruals for contingencies to the extent that the management concludes that the occurrence is probable and that the related liabilities are estimable. Legal expenses associated with contingencies are expensed as incurred.</font></div>

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</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">P.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Funds in respect of, and liability for employee rights upon retirement</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company's liability for employee rights upon retirement with respect to its Israeli employees is calculated, pursuant to Israeli severance pay law, based on the most recent salary of each employee multiplied by the number of years of employment, as of the balance sheet date. Employees are entitled to one month's salary for each year of employment, or a portion thereof. The Company makes monthly deposits to insurance policies and severance pay funds. The liability of the Company is fully provided for.</font></div>
</td>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The deposited funds include profits or losses accumulated up to the balance sheet date. The deposited funds may be withdrawn upon the fulfillment of the obligation pursuant to Israeli severance pay laws or labor agreements. The value of the deposited funds is based on the cash surrender value of these policies, and includes profits or losses.</font></div>
</td>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The liability for employee rights upon retirement in respect of the employees of the non-Israeli subsidiaries of the Company, is calculated on the basis of the labor laws of the country in which the subsidiary is located and is covered by an appropriate accrual.</font></div>
</td>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Severance expenses for the years ended December&#160;31, 2015, 2014 and 2013, amounted to US$&#160;1,386,000<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>US$&#160;1,460,000 and US$&#160;882,000, respectively.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Revenue recognition</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues are recognized when delivery has occurred and, where applicable, after installation has been completed, there is persuasive evidence of an arrangement, the fee is fixed or determinable and collection of the related receivable is reasonably assured and no further obligations exist. In cases where delivery has occurred but the required installation has not been performed, the company does not recognize the revenues until the installation is completed.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company&#8217;s revenues are recognized as follows:</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues from sales are recognized when title and risk of loss of the product pass to the customer (usually upon delivery).</font></div>
</td>
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</div>

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</div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 16</font></div>

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<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 1</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Revenue recognition (cont.)</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.7pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company applies the provisions of ASC Topic 605-25, "Revenue Recognition - Multiple-Element Arrangements", as amended. ASC Topic 605-25 provides guidance on how to account for arrangements that involve the delivery or performance of multiple products, services and/or rights to use assets. For such arrangements, each element of the contract is accounted for as a separate unit when it provides the customer value on a stand-alone basis and if an arrangement includes a right of return relative to a delivered item, delivery or performance of the undelivered item or items is considered probable and substantially in the control of the Company. According to ASC 605-25, as amended, when neither "vendor specific objective evidence" of selling price, nor third party price exists, the Company is required to develop a best estimate of the selling price of the deliverables and the entire arrangement consideration is allocated to the deliverables based on the relative selling prices.</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues from SVR services subscription fees and from installation services, sold to customers within a single contractually binding arrangement were accounted for revenue recognition purposes as a single unit of accounting in accordance with ASC Topic 605-25, since the installation services element was determined not to have a value on a stand-alone basis to the customer. Accordingly, the entire contract fee for the two deliverables is recognized ratably on a straight-line basis over the subscription period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Amounts earned by the Brazilian subsidiary for arranging a bundle transaction of SVR services subscription and installation services together with insurance services to be supplied by a third party insurance company, are recognized ratably on a straight-line basis over the subscription period, since the amount allocated to the company, is contingent upon the delivery of the SVR services. As the insurance company is the primary obligor of the insurance component, the company recognizes only the net amounts as revenues, after deduction of amounts related to the insurance component.</font></div>
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</div>

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</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
</table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Deferred revenues include unearned amounts received from customers (mostly for the provision of installation and subscription services) but not yet recognized as revenues.&#160;&#160;Such deferred revenues are recognized as described in paragraph 2, above.</font></div>
</td>
</tr></table>
</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.7pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.</font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Extended warranty</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues from extended warranty which are provided for a monthly fee and are sold separately are recognized over the duration of the warranty periods.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">R.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Warranty costs</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company provides a standard warranty for its products to end-users at no extra charge. The Company estimates the costs that may be incurred under its warranty obligation and records a liability at the time the related revenues are recognized.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Among the factors affecting the warranty liability are the number of installed units and historical percentages of warranty claims. The Company periodically assesses the adequacy of the recorded warranty liability and adjusts the amount to the extent necessary. To date, warranty costs and the related liabilities have not been material.</font></div>

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</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">S.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Research and development costs</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Research and development costs (other than computer software related expenses) are expensed as incurred.</font></div>
</td>
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</div>

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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 90pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Software Development Costs</font></div>
</td>
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</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 117pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ASC Topic 985-20, <font style="FONT-STYLE: italic; DISPLAY: inline">"Costs of Software to Be Sold, Leased, or Marketed"</font> requires capitalization of certain software development costs subsequent to the establishment of technological feasibility.&#160;&#160;Research and development costs incurred in the process of developing product improvements or new products, are generally expensed as incurred, net of grants received from the Government of Israel for development of approved projects. Costs incurred by the Company between the establishment of technological feasibility and the point at which the product is ready for general release are usually insignificant.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 1</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)</font></div>
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<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">T.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advertising costs</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Advertising costs are expensed as incurred.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Advertising expenses for the years ended December&#160;31, 2015, 2014 and 2013 amounted to US$&#160;6.8 million, US$&#160;6.7 million and US$&#160;7.6 million, respectively.&#160;&#160;Advertising expenses are presented among "selling and marketing expenses".</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Earnings per share</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Basic earnings per share are computed by dividing net income attributable to the common shares, by the weighted average number of shares outstanding during the year, net of the weighted average number of treasury stock.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In computing diluted earnings per share, basic earnings per share are adjusted to reflect the effect of any potential dilutive ordinary shares. During the reporting periods there were no such potential shares.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">V.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair value measurements</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company measures fair value and discloses fair value measurements for financial and non-financial assets and liabilities. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As such, fair value is a market based measurement that is required to be determined based on the assumptions that market participants would use to determine the price of an asset or a liability.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As a basis for considering such assumptions, the fair value accounting standard establishes the following fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Level 1 - Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Level 2 - Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Level 3 - Unobservable inputs are used when little or no market data is available. Level 3 inputs are considered as the lowest priority under the fair value hierarchy.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In determining fair value, companies are required to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as to consider counterparty credit risk in the assessment of fair value.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Regarding the fair value measurements of financial assets and liabilities and the fair value hierarchy of such measurements, see Note 19C.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company also measures certain non-financial assets, consisting mainly goodwill and intangible assets at fair value on a nonrecurring basis.&#160;&#160;These assets are adjusted to fair value when they are considered to be impaired (see 1N and 1L above).&#160;&#160;As of December&#160;31, 2015, the Company measured the fair value of goodwill with a total carrying amount of US$&#160;0.7 million (before the recognition of an impairment loss) that is allocated to one reporting unit.&#160;&#160;As a result of the above impairment test, the Company recorded an impairment loss of goodwill in an amount of US$&#160;0.7 million, to its implied fair value of US$&#160;0 million. The fair value measurement of the non-financial assets is classified as level 3.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of December&#160;31, 2014, the Company measured the fair value of goodwill with a total carrying amount of US$ 1.5 million (before the recognition of an impairment loss) that was allocated to two reporting units.&#160;&#160;As a result of the above impairment test, the Company recorded an impairment loss of goodwill in amount of US$ 0.9 million to its implied fair value of US$&#160;0.7 million.&#160;&#160;The fair value measurement of the non-financial assets is classified as level 3.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 1</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)</font></div>
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<div>&#160;</div>

<div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">W.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deferred installation expenses and prepaid expenses</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Direct installation expenses incurred at the inception of specific subscription arrangements in Brazil with specific customers, to enable the Company's subsidiary in Brazil to perform under the terms of the arrangement (i.e. directly attributable to obtaining a specific subscriber), which their costs can be measured reliably, are capitalized and presented as "Deferred installation expenses" within the balances "Other current assets" and "Other non-current assets", as applicable.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Such installation activities has determined not to represent separate earnings process for revenue recognition purposes in accordance with the principles of ASC Topic 605-25, "Multiple-Element Arrangements" as they&#160;has been determined&#160;not to have a value on a stand-alone basis to the customer.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The deferred expenses that are capitalized are limited to the higher of value of the amount of nonrefundable deferred revenue, if any or to the amount of the minimum contractual subscription revenue, net of direct costs.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The deferred expenses are amortized over the estimated life of the related subscription arrangements by the straight-line method (usually 20 months). Costs that do not meet the aforementioned criteria, are recognized immediately as expenses.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Prepaid expenses, consist of amounts paid by the Brazilian subsidiary to insurance companies as a prepaid insurance on behalf of its customers as part of bundle transactions of SVR services together with insurance services to be supplied by a third party insurance company. Under such transactions, the customers are required accordingly to pay the Brazilian subsidiary a monthly fee for all the bundled services (see Note 1R regarding the revenue recognition of bundle transactions). The insurance companies are obligated to refund any unearned insurance amounts to the Brazilian subsidiary in the event of cancelation by the customers. The prepaid expenses are amortized over the contractual life of the insurance service with the insurance company (usually 12 months) by the straight-line method. The amortization is netted against the monthly receipts from customers for the bundled services.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">X.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock-based compensation</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company measures and recognizes compensation expense for cash bonuses to senior employees, which are based, or partly based, on the price of the Company&#8217;s shares in accordance with ASC 718 -30, "Compensation-Stock Compensation - Awards Classified as Liabilities" (See Note 17 F regarding "Excess Return Cash Incentives").</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The awards are measured at the grant date at their fair value and remeasured at the end of each reporting period through settlement, with changes in the fair value recognized as compensation cost over the requisite service period. Compensation cost for awards that are subject to market conditions are be attributed separately for each vesting tranche of the award (generally calendar year).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The fair value of the award is estimated using the Monte-Carlo-pricing model.&#160;The effect of market conditions&#160;is reflected in the fair value measurements.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Y.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certain comparative figures have been reclassified to conform to the current year presentation.&#160;&#160;Such reclassifications did not have any significant impact on the Company's equity, net income or cash flows.</font></div>
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<div>&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Z.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Recently issued accounting pronouncements</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.&#160;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accounting pronouncements not yet effective</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accounting Standard Update 2014-09, "Revenue from Contracts with Customers"</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In May 2014, the FASB issued Accounting Standard Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09").</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ASU 2014-09 outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 also requires entities to disclose sufficient information, both quantitative and qualitative, to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An entity should apply the amendments in this ASU using one of the following two methods: 1. Retrospectively to each prior reporting period presented with a possibility to elect certain practical expedients, or, 2. Retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. If an entity elects the latter transition method, it also should provide certain additional disclosures.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An entity should apply the amendments in this ASU using one of the following two methods: 1. Retrospectively to each prior reporting period presented with a possibility to elect certain practical expedients, or, 2. Retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. If an entity elects the latter transition method, it also should provide certain additional disclosures.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In accordance with a recent amendment to ASU 2014-09, introduced by Accounting Standards Update 2015-11, "Revenue from Contracts with Customers - Deferral of the Effective Date", for a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period (the first quarter of fiscal year 2018 for the Company). Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is in the process of assessing the impact, if any, of ASU 2014-09 on its consolidated financial statements.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accounting Standard Update 2015-11, "Simplifying the Measurement of Inventory"</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In July, 2015, The FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330) ("ASU 2015-11").</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ASU 2015-11 outlines that inventory within the scope of its guidance be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and the retail inventory method (RIM) are not impacted by the new guidance. Prior to the issuance of ASU 2015-11, inventory was measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For a public entity, the amendments in ASU 2015-11 are effective, in a prospective manner, for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period (the first quarter of fiscal year 2017 for the Company). Early adoption is permitted as of the beginning of an interim or annual reporting period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is in the process of assessing the impact, if any, of ASU 2015-11 on its consolidated financial statements.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)</font></div>
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<div>&#160;</div>

<div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Recently issued accounting pronouncements (cont.)</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accounting Standards Update 2015-17, "Income Taxes: Balance Sheet Classification of Deferred Taxes"</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In November 2015, the FASB has issued Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which changes how deferred taxes are classified on organizations&#8217; balance sheet.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The ASU eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, all deferred tax assets and liabilities will be required to be classified as noncurrent.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The amendments apply to all organizations that present a classified balance sheet. For public companies, the amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods (i.e., in the first quarter of 2017 for calendar year-end companies).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheet). If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company does not believe this ASU will have a significant impact on its consolidated financial statements.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accounting Standards Update 2016-02, "Leases"</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In February, 2016, the FASB issued its new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1. A lease liability, which is a lessee&#8216;s obligation to make lease payments arising from a lease, measured on a discounted basis; and, 2. A right-of-use asset, which is an asset that represents the lessee&#8217;s right to use, or control the use of, a specified asset for the lease term.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e., January 1, 2019, for a calendar year Company). Early application is permitted for all public business entities upon issuance.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is in the process of assessing the impact, if any, of ASU 2016-02 on its consolidated financial statements.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 21</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 2</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OTHER CURRENT ASSETS</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Prepaid expenses and others</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,960</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,779</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Government institutions</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,910</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,694</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred installation expenses</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,403</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,485</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred income taxes (*)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,752</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,649</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Advances to suppliers</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">84</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">324</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Employees</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">389</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">343</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Forward Exchange Contracts</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,063</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,580</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Others</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,876</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,464</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,437</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,318</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(*)</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See Note 15.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 3</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVENTORIES</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Finished products</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,833</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,845</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Raw materials</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,948</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,319</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,781</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,164</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 4</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTMENTS IN AFFILIATED AND OTHER COMPANY</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment in affiliated companies</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<div align="right">
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Investment in Bringg (see 1 below)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,082</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,016</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">IRT (see 2 below)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,662</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(39</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,705</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,016</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>
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<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">BRINGG Delivery Technologies Ltd. ("BRINGG") Formerly Overvyoo Ltd</font></div>
</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In December 2013 the Company invested $1.4 million in Bringg delivery technologies Ltd. (formerly Overvyoo Ltd.), an Israeli start-up company developing solutions for the management of mobile/field workforce. In January and July, 2015 the Company invested additional amounts of $1.1 million and US$ 2 million, respectively. During November 2015, additional investors which are not related to Ituran, invested in Bringg, which reduced the percentage of our Bringg capital we own. Following such investment, the Company now holds 41.18% of Bringg&#8217;s share capital. Management has determined that the difference between the cost of the investment and the Company's share in the net assets of the investee relates to in process R&amp;D of the investee.</font></div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITURAN ROAD TRACK MONITORAMENTO De Veiculos Ltda. ("IRT")</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In February 2015 IRT was established and is held 50% by the company.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In September 2015, one of the largest global road vehicles manufacturers signed a four years agreement (which may be extended by the manufacturer for additional 2 years) with IRT to offer Ituran's services in the Brazilian market (such as vehicle security, personal safety, remote diagnostic, Web and App application and Concierge). The service was launched through a joint venture with Road Track, called IRT (Ituran Road Track).</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of December 31, 2015, the Company's investment included long-term loans in the amount of US$ 2.3 million. The loan bears an annual interest of Libor plus 3.5%. The maturity of the loan has not been determined.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 22</font></div>

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<hr style="COLOR: black" noshade size="3">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 4</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTMENTS IN AFFILIATED AND OTHER COMPANY (cont.)</font></div>
</td>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment in other company</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Locationet Systems Ltd. (&#8220;Locationet&#8221;)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company holds 10.64% of the shares of Locationet.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The balance of the Company&#8217;s investment in Locationet as of December&#160;31, 2015 and 2014 was US$&#160;78,000 and US$&#160;79,000 respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 5</font></div>
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<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OTHER NON-CURRENT ASSETS</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Forward Exchange Contracts</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">984</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Government institutions</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred installation expenses</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">488</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">459</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deposits</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">678</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">575</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,166</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,091</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 6</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PROPERTY AND EQUIPMENT, NET</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 95px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 24px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font></div>
</td>
<td width="1766">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Property and equipment, net consists of the following:</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost :</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating equipment (*)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43,740</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46,947</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Office furniture, equipment and computers</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,790</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,858</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Land</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,022</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,022</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Buildings</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,845</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,855</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Vehicles</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,810</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,412</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Leasehold improvements</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,616</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,088</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">78,823</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80,182</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less &#8211; accumulated depreciation and amortization (**)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(47,309</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(48,274</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total property and equipment, net</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,514</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,908</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.7pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(*)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As December&#160;31, 2015 and 2014, an amount of US$&#160;26 million and US$&#160;26 million is subject to operating lease transactions, respectively.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.7pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(**)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As at December&#160;31, 2015 and 2014, an amount of US$&#160;10.4 million and US$&#160;10.4 million is subject to operating lease transactions, respectively.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div>&#160;</div>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 23</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 6</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PROPERTY AND EQUIPMENT, NET (cont.)</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">B.</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the years ended December&#160;31, 2015, 2014 and 2013, depreciation expense was US$&#160;10.9 million, US$&#160;11.2 million and US$&#160;11.1 million, respectively and additional equipment was purchased in an amount of US$&#160;18.7 million, US$&#160;15 million and US$&#160;14.2 million, respectively.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">C.</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After deduction of the cost and the accumulated depreciation of items fully depreciated.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 7</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INTANGIBLE ASSETS, NET</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Intangible assets, net, consist of the following:</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="52%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="14" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Original amount</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accumulated amortization and impairment charges</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unamortized balance</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unamortized balance</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">GIS database</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,876</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,876</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">295</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brand name</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,177</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,177</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">132</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Others</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,472</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,446</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="52%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,525</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,499</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">452</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.75pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Amortization and impairment of intangible assets amounted to US$&#160;430,000, US$&#160;231,000 and US$&#160;367,000 for the years ended December&#160;31, 2015, 2014 and 2013, respectively.&#160;&#160;As of December&#160;31, 2015, the estimated aggregate amortization of intangible assets for the next five years is as follows:&#160;&#160;2016-26,000 and thereafter &#8211; 0.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">B.</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Due to the deteriorating results of a certain Israeli subsidiary and the current expectation of management for further decrease its anticipated performance, during 2015 and 2014, the Company recorded an impairment charge for its intangible assets which directly relate to the operations of the subsidiary (which represent a reporting unit).</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.75pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In order to determine the fair value of such intangible assets, the Company, based on a valuation performed by the management, with the assistance of a third party appraiser, utilized the "Relief from Royalties" valuation method.&#160;&#160;Accordingly, certain assumptions and judgments were made in order to determine the future income from which royalties will be derived from and in order to determine the appropriate rate of royalties and rate of discount.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For further details regarding the activities of such subsidiary see note 8B regarding the goodwill impairment recognized in 2015.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.75pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As a result of the above, the Company recorded in 2015 and 2014, an impairment loss in an amount of US$&#160;236,000 and US$&#160;33,500, respectively, with respect to the GIS database and in 2015 and 2014, an amount of US$&#160;19,000 and US$&#160;9,500, respectively, with respect to the Brand name totaling an aggregate impairment charge of US$&#160;255,000 in 2015 and an aggregate impairment charge of US$&#160;43,000 in 2014.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The impairment was included in "other expenses, net" (see Note 13).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 24</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 8</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">GOODWILL</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The changes in the carrying amount of goodwill for the years ended December&#160;31, 2015 and 2014 are as follows:</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location based services</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Wireless communications products</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance as of January 1, 2014 (*)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,730</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,703</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,433</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Changes during 2014:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Impairment (see B. below)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(879</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(879</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Translation differences</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(186</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(327</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(513</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance as of December 31, 2014</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,544</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,497</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,041</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Changes during 2015:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Impairment (See B. below)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(674</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(674</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Translation differences</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(11</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance as of December 31, 2015</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,539</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,817</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,356</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.75pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(*)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accumulated amount of impairment loss as of December 31, 2013, December 31, 2014 and December 31, 2015 was US$&#160;5,545,000, US$&#160;6,424,000 and US$&#160;7,098,000, respectively.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">B.</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2015, 2014 and 2013, the Company recorded an amount of US$&#160;674,000 US$&#160;879,000 and US$&#160;3,093,000, respectively, as impairment with respect to goodwill.</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.75pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The impairment amount was included in "other expenses, net".&#160;&#160;See Note 13.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.75pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company performed its annual impairment test as of December&#160;31, 2015 and recorded goodwill impairment in the total amount of US$&#160;0.7 million in connection with certain reporting unit which is a part of the Wireless communications products segment and operates in the internet portal in the field of local travel and recreation.&#160;&#160;The impairment was recorded primarily due to a significant decline in current and future forecasted revenues and profitability margins of the GIS services offered by an Israeli subsidiary resulting from the continued weakness in the cellular industry in Israel that has suffered from recent regulatory changes and also the continuing popularity of navigation applications and tools developed by competitors which are offered for no charge. The impairment was based on valuation performed by the management using the assistance of a third party appraiser in accordance with the income approach.&#160;&#160;The significant assumptions used for the assessment were 2 years of projected net cash flows, a discount rate of 20% and a long-term growth rate of 0% (See Note&#160;1V regarding fair value measurements).</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.75pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company performed its annual impairment test as of December&#160;31, 2014 and recorded goodwill impairment in the total amount of US$&#160;0.9 million in connection with two reporting units within the Location based services segment operating in the internet portal in the field of local travel and recreation. The impairment was based on valuation performed by the management using the assistance of a third party appraiser in accordance with the income approach.&#160;&#160;The significant assumptions used for the assessment were 3 years of projected net cash flows, a discount rate of 16.9% and a long-term growth rate of 0% (See Note&#160;1V regarding fair value measurements).</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See also Note 1O.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 25</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 9</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CREDIT FROM BANKING INSTITUTIONS</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Lines of credit</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Unutilized short-term lines of credit of the Group as of December&#160;31, 2015, aggregated to US$&#160;0.5 million.</font></div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
</table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 10</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OTHER CURRENT LIABILITIES</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 73pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Composition:</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accrued expenses</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,439</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,919</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accrued payroll and related taxes</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,255</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,692</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Government institutions</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,742</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,009</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Related party</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accrued dividend</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,128</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,639</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
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<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,184</font></td>
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<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">896</font></td>
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<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21,750</font></td>
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<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,253</font></td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 13, 2010 the State Revenue Services of S&#227;o Paulo issued a tax deficiency notice against our subsidiary in Brazil, Ituran Sistemas de Monitoramento Ltda., claiming that the vehicle tracking and monitoring services provided by our subsidiary should be classified as telecommunication services and therefore subject to the imposition of State Value Added Tax &#8211; ICMS, resulting in an imposition of 25% state value added tax on all revenues of our subsidiary during the period between August 2005 and December 2007. At the time of serving the notice upon us, the tax deficiency notice was in the amount of R$36,499,984 (approximately US$22.1 million at the time) plus interest in the amount of R$30,282,420 (approximately US$18.2 million at the time) and penalties in the amount of R$66,143,446 (approximately US$40.0 million at the time). As of December 31, 2014, the aggregate sum claimed pursuant to the tax deficiency notice (principal amount, interest and penalties) was estimated on December 2014, at R$220,000,000 (approximately US$82.7 million). The decision of the administration first level was unfavorable to us and we have filed an appeal to the Administrative Court of Appeals in S&#227;o Paulo. On March 2, 2012 the Administrative Court of the State of S&#227;o Paulo dismissed the State Revenue Services of S&#227;o Paulo's claims and resolved in our favor. The State of S&#227;o Paulo filed an administrative appeal to a full bench session at the Administrative Court which has been dismissed on December 20, 2014 and such a decision is non-appealable.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Furthermore, it is noted that the effect of aforesaid decision is limited to the period of August 2005 up to December 2007. It is possible that the State of S&#227;o Paulo may issue us additional tax deficiency notices regarding the past 5 year period. However, we maintain our position, based among other things on the results of the aforesaid legal proceedings, that if such tax deficiency notices are issued in future, our chances of success in defending its position are overwhelmingly favorable.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On June 24, 2010 the Brazilian Internal Revenue Service issued a tax assessment that claimed the ayment, at the time of filing the tax assessment, of R$5,567,032 (approximately US$ 3,120,000 at the&#160;&#160;time) including interest and penalties, following the offsetting on October 1, 2005 of an amount of approximately US$ 2.1 million of a receivable held by Ituran Beheer BV, a Dutch legal entity held by us, against accumulated losses of our subsidiary Ituran Sistemas de Monitamento Ltda, which originatedfrom a technology transfer agreement executed by and between Ituran Brazil and OGM Investments B.V. (also a Dutch company held by us). The decision of the administrative court of the first level was unfavourable to us and therefore we have filed an appeal to the Administrative Court of Appeals in S&#227;o Paulo.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In October 2013, we were notified that the Administrative Court of Appeal has partially accepted our administrative defense in order to reduce the percentage of penalty imposed on us. Subsequently, Ituran Brazil filed a Special Appeal to the Superior Court of Tax Appeals, an administrative venue. The Special Appeal lodged by Ituran Brazil was not accepted by the Superior Court of Tax Appeals. Ituran Brazil will have to challenge the tax assessment before a Federal Court of Law. Based on the legal opinion of the subsidiary&#8217;s Brazilian legal counsel, the company believes that such claim is without merit and the company will continue to vigorously defend ourselves in the appeal proceedings and accordingly no provision has been made. As of December 31, 2015, the aggregate sum claimed pursuant to the tax assessment (principal amount, interest and penalties) is estimated at R$11.3 million (approximately $2.89 million which amount is considered as the reasonable possible loss).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 22, 2015, Brazilian Federal Communication Agency &#8211; Anatel issued an additional tax assessment for FUST contribution (contribution on telecommunication services) levied on the monitoring services rendered by us regarding the year of 2011 and January 2012 in amount of R$ 2, 888,677 (approximately US$ 760,000) including interest and penalties. This amount added up to the previous FUST tax assessments for the years 2007 and 2008 which was issued on October 20, 2011, and including interest and penalties, on December 31, 2015 amounts to R$ 3,936,339 (approximately US$ 1 million) and to FUST tax assessment for the year 2010 which including interest and penalties, on December 31, 2015 amounts to R$ 2,950,417 (approximately US$ 700,000). Due to the such last tax assessment, on December&#160;31, 2015, the aggregate amount claimed by Anatel increased to approximately R$ 9.8 million (approximately US$ 2.6 million). The reason Anatel demand the payment of FUST from us is the fact that in order to provide monitoring services we need to operate telecommunication equipment in a given radio frequency. We hold a telecommunication license from Anatel (for information on our licenses see item 4B. "Information on the company" &#8211; "Business overview" under the caption "Regulatory Environment"). The authorities have construed that we render telecommunication services and FUST should be levied in relation to Net Revenues. Based on the legal opinion of the subsidiary&#8217;s Brazilian legal counsel we believe that such claim is without merit, the interpretation of the legislation is mistaken, given that we don&#8217;t render telecommunication services, but rather services of monitoring goods and persons for security purposes, accordingly no provision has been made. We have filed our defense for the years 2007 and 2008 on December 2011. Our Defense for the year 2010 was filed on November 2014 and our defense for the year 2011 (and January 2012) was filed on February 2016. We are currently awaiting the Lower Court decision on all the aforementioned FUST claims.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On October 10, 2015, Brazilian Federal Communication Agency - Anatel &#8211; issued an additional tax assessment for FUNTELL contribution (contribution to Fund for the Technological Development of Telecommunication) levied on the monitoring services rendered by us regarding the year of 2011 which on December 31, 2015 amounts to R$ 1,007,453 (approximately US$ 253,000) including interest and penalties. This amount added up to the previous FUNTELL tax assessments for the year 2007, which was issued on July 13, 2011, and including interest and penalties, on December 31, 2015 amounts to R$ 778,598 (approximately US$ 195,000), to FUNTELL tax assessment for the year 2008 which including interest and penalties, on December 31, 2015 amounts to R$ 770,580 (approximately US$ 193,000) and to FUNTELL tax assessment for the year 2010 which including interest and penalties, on December 31, 2015 amounts to R$ 1,033,363 (approximately US$ 260,000). Due to the such last tax assessment, on December 31, 2015, the aggregate amount claimed by Anatel increased to approximately R$ 3.6 million (approximately US$ 0.92 million). The reason Anatel demand the payment of FUNTELL from us is the fact that in order to provide monitoring services we need to operate telecommunication equipment in a given radio frequency. We hold a telecommunication license from Anatel (for information on our licenses see item 4B. "Information on the company" &#8211; "Business overview" under the caption "Regulatory Environment"). The authorities have construed that we render telecommunication services and FUNTEL should be levied in relation to Net Revenues. Based on the legal opinion of the subsidiary&#8217;s Brazilian legal counsel we believe that such claim is without merit, the interpretation of the legislation is mistaken, given that we don&#8217;t render telecommunication services, but rather services of monitoring goods and persons for security purposes, accordingly no provision has been made. We have filed our defenses as follows: for the year 2007 on July 2011, for the year 2008 on June 2011, for the year 2010 on December 2014 and for the year 2011 on October 2015. We are currently awaiting the Lower Court decision on all the aforementioned FUNTELL claims.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 13, 2015 we received a purported class action lawsuit which was filed against the Company in the District Court of Central Region in Tel-Aviv, by one plaintiff who is a subscriber of the Company, alleging that the Company, which was declared a monopoly under the Israeli Restrictive Trade Practices Law, 1988, unlawfully abused its power as a monopoly and discriminated between its customers. The plaintiff claims that the alleged discrimination resulted from the Company charging higher monthly subscription fees from customers who are obliged by insurance company requirements to install location and recovery systems in their vehicles than the monthly subscription fees that are charged from customers who are not required by insurance companies to install location and recovery systems in their vehicles. In addition the plaintiff claims that the Company offers to customers who are not required by insurance companies to install location and recovery systems in their vehicles, a discounted warrantee service to their location and recovery systems. The plaintiff claims in addition to the above, that such actions raise additional claims against the Company such as negotiations without good faith, executing contract without good faith, breach of contract, unjust enrichment, breach of consumer protection laws, tort laws, and breach of statutory duty. The lawsuit is yet to be approved as a class action. The total amount claimed if the lawsuit is approved as a class action was estimated by the plaintiff to be approximately NIS 300 million (approximately USD 77 million). Our defense against the approval of the class action lawsuit was file on January 3rd, 2016. The plaintiff has responded to the company's defense on February 29, 2016.</font></div>

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<div align="justify">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on an opinion of its legal counsels, at this preliminary stage, the Company is unable to assess the lawsuit's chances of success and / or and reasonably possible range of loss, if any. However, according to the legal counsel opinion, based on the documents of the claim, the Company has good defense arguments in respect of claims made by the plaintiff and the chances that the suit will not be approved as a class action suit are higher than it will be approved. Therefore, the Company has not made any provision in its consolidated financial statements in respect to this claim. A class action lawsuit based on similar claims, against the Company, which was filed on form 6-K on March 22, 2011, was dismissed by the court on the request of both parties, on March 5, 2012 for a small compensation to the plaintiff and his attorneys, in a total amount of NIS 30,000 (approximately USD 7,900). Such dismissal of a similar class action lawsuit may have a positive effect on the Company ability in its defense against the current lawsuit. That being said, if the Company's efforts are unsuccessful this could result in a very significant costs to the Company and could adversely affect its financial position and the results of its operations.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Claims are filed against the Company and its subsidiaries from time to time during the ordinary course of business, usually with respect to civil, labor and commercial matters.&#160;&#160;The Company's management believes, based on its legal counsels' assessment, that the provision for contingencies recognized in the balance sheet is sufficient and that currently there are no claims (other than those described in this Note above) that are material, individually or in the aggregate, to the consolidated financial statements as a whole.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company was declared a monopoly under the Israeli Restrictive Trade Practices Law, 1988, in the market for the provision of systems for the location of vehicles in Israel.&#160;&#160;Under Israeli law, a monopoly is prohibited from taking certain actions, such as predatory pricing and the provision of loyalty discounts, which prohibitions do not apply to other companies.&#160;&#160;The Israeli Antitrust Authority may further declare that the Company has abused its position in the market.&#160;&#160;Any such declaration in any suit in which it is claimed that the Company engages in anticompetitive conduct may serve as <font style="FONT-STYLE: italic; DISPLAY: inline">prima facie</font> evidence that the Company is either a monopoly or that it has engaged in anticompetitive behavior.&#160;&#160;Furthermore, it may be ordered to take or refrain from taking certain actions, such as setting maximum prices, in order to protect against unfair competition.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of December&#160;31, 2015, minimum future rentals under operating leases of buildings and base station sites for periods in excess of one year were as follows: 2016 &#8211; US$&#160;1.6 million, 2017 &#8211; US$&#160;1.2 million, 2018 &#8211; US$&#160;1 million, 2019 &#8211; US$&#160;0.9 million and 2020 &#8211; US$ 0.4 million.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The leasing fees expensed in each of the years ended December&#160;31, 2015, 2014 and 2013, were US$&#160;2.5 million, US$&#160;2.5 million and US$&#160;2.5 million, respectively.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In January 2008, the Company entered into a 10&#160;year Frame Product and Service Purchase Agreement with Telematics, pursuant to which (after the completion of the sale of Telematics), the Company and Telematics shall purchase from each other certain products and services as detailed in the agreement for a price and subject to other conditions as detailed in the agreement.&#160;&#160;In addition, each of the Company and Telematics undertook toward one another not to compete in each other's exclusive markets in the area of RF vehicle location and tracking RF technology or similar RF terrestrial location systems and technology.&#160;&#160;The agreement was for a term of 10&#160;years, following which it shall be renewed automatically for additional consecutive 12&#160;month periods, unless nonrenewal notice is sent by one of the parties to the other.&#160;&#160;Pursuant to the agreement, each of Telematics and Ituran granted the other party a license to use certain technology in connection with the products and services purchased from each other, which license survives the termination or expiration of the agreement.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of December&#160;31, 2015, the Company is obliged to purchase from Telematics products in an aggregate amount of approximately US$&#160;19.5 million (2016 &#8211; US$&#160;7 million, 2017 &#8211; US$&#160;6.5 million and 2018 &#8211; US$&#160;6 million).</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
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<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31, 2015 and 2014</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Issued and fully paid</font></div>
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<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ordinary shares of NIS&#160;0.33&#8531; each</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">60,000,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,475,431</font></td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Since May&#160;1998, the Company has been trading its shares on the Tel-Aviv Stock Exchange (&#8220;TASE&#8221;).&#160;&#160;On September&#160;2005, the Company registered its Ordinary shares for trade in the United States.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.</font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Ordinary shares of the Company confer upon their holders the right to receive notice to participate and vote in general meetings of the Company and the right to receive dividends, if and when, declared.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.</font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of December&#160;31, 2015, 2014 and 2013, 2,507,314 ordinary shares representing 10.7% of the share capital of the Company is held by the Group as treasury shares.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Shares of the Company held by the Group have no voting rights.</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On February 24, 2015 the company issued a press release announcing that its Board of Directors has resolved to act to voluntarily delist it&#8217;s ordinary shares from trading on the Tel Aviv Stock Exchange. The Company was informed that such delisting will be effective as of May 25, 2016 with the last trading date on the Tel Aviv Stock Exchange being May 23, 2016.</font></div>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Retained earnings</font></div>
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<div>&#160;</div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In determining the amount of retained earnings available for distribution as a dividend, the Israeli Companies Law stipulates that the cost of the Company&#8217;s shares acquired by the Company and its subsidiaries (presented as a separate item in the statement of changes in equity) must be deducted from the amount of retained earnings.</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On February 21, 2012, the board of directors of the Company revised its dividend policy so that dividends will be declared and distributed on a quarterly basis in an amount not less than 50% of its net profits, calculated on the basis of the interim financial statements.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dividends are declared and paid in NIS. Dividends paid to stockholders outside Israel are converted into dollars on the basis of the exchange rate prevailing at the date of declaration.&#160;&#160;See also B1, above.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.</font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2012, the Company declared dividends totaling an amount of approximately US$&#160;36.1 million (NIS&#160;135.4 million).&#160;&#160;These dividends were paid during 2012 and January 2013.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2013, the Company declared dividends totaling an amount of approximately US$&#160;17.2 million (NIS&#160;61.1 million).&#160;&#160;These dividends were paid during 2013 and January 2014.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2014, the Company declared dividends totaling an amount of approximately US$&#160;20.5 million (NIS&#160;72.4 million).&#160;&#160;These dividends were paid during 2014 and January 2015.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2015, the Company declared dividends in an amount of approximately US$ 16.5 million (NIS&#160;63.4 million).&#160;&#160;These dividends were paid during 2015 and January 2016.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In February 2016, the Company declared a dividend in the amount of US&#160;0.31 dollar per share, totaling approximately US$&#160;6.5 million (NIS&#160;25.4. million).&#160;&#160;The dividend was paid in April 2016.</font></div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 30</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></font></div>

<br>
</div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 13</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
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<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OTHER (INCOME) EXPENSES, NET</font></div>
</td>
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</div>

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<div align="right">
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Adjustment of purchase price of subsidiary sold</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(101</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Impairment of goodwill and intangible assets (2)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">929</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">922</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,620</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gain on sale of subsidiary (1)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(951</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(145</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(66</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(60</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(268</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">856</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,760</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">&#160;</td>
<td align="right" style="WIDTH: 36pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font></div>
</td>
<td style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 31, 2015, the Company sold its entire holding in the subsidiary Mapa Internet Ltd. for a total consideration of NIS 2.3 million (approximately US$ 600,000).</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Management does not believe that the sale of Mapa internet Ltd represents a strategic shift for the company. As a result, the above transaction has not been reflected in the accompanying consolidated financial statements as discontinued operations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">&#160;</td>
<td align="right" style="WIDTH: 36pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See Notes 7, 8 and 1N.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 14</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FINANCING INCOME, NET</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Short-term interest expenses, commissions and other</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(64</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">309</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,201</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gains in respect of marketable securities</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">666</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">133</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest expenses in respect of long-term loans</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest income in respect of deposits</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">773</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">982</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,998</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Exchange rate differences and others, net</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(186</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">280</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(555</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,189</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,704</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">238</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 15</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INCOME TAX</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Taxes on income included in the statements of income:</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income taxes (tax benefit):</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Current taxes:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In Israel</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,279</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,564</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,060</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Outside Israel</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,089</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,630</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,194</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,368</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,194</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,254</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred taxes:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In Israel</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(121</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(471</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(503</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Outside Israel</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">206</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(432</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,309</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">85</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(903</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,812</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Taxes in respect of prior years:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In Israel</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">369</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Outside Israel</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(45</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">369</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(45</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,822</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,246</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,447</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 31</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 15</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INCOME TAX (cont.)</font></div>
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<div>&#160;</div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Measurement of results for tax purposes under the Income Tax (Inflationary Adjustments) Law, 1985 (the &#8220;Inflationary Adjustment Law&#8221;)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Until December&#160;31, 2007, the Company and its Israeli subsidiaries reported income for tax purposes in accordance with the provisions of the Inflationary Adjustments Law, whereby taxable income was measured in NIS, adjusted for changes in the Israeli Consumer Price Index where results of operations for tax purposes were measured in terms of earnings in NIS after adjustments for changes in the Israeli Consumer Price Index ("CPI").&#160;&#160;Commencing January&#160;1, 2008, this law became void and in its place there are transition provisions, whereby the results of operations for tax purposes are measured on a nominal basis.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The Law for the Encouragement of Capital Investments, 1959 (the "Investment Law")</font></div>
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<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December, 2010, the Israeli parliament approved an amendment to the Investments Law, effective as of January 1, 2011, which introduces a new status of "Preferred Company" and "Preferred Enterprise". The amendment allows enterprises meeting certain required criteria to enjoy grants as well as tax benefits. The amendment also introduces certain changes to the map of geographic development areas for purposes of the Investments Law, which will take effect in future years. The amendment generally abolishes the previous tax benefit routes that were afforded under the Investment Law, specifically the tax-exemption periods previously allowed, and introduces new tax benefits for industrial enterprises meeting the criteria of the law, which include among others the following:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A reduced corporate tax rate for industrial enterprises, provided that more than 25% of their annual income is derived from export, which will apply to the enterprise&#8217;s entire preferred income so that in the tax years 2011-2012 the reduced tax rate will be 15% for preferred income derived from industrial facilities located in located in areas which are not classifies as area A. In the tax years 2013, the reduced tax rate was 12.5%.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On August 5, 2013 the Israeli Parliament amended the Investments Law, by which, inter alia, it canceled the scheduled progressive reduction in the corporate tax rate for Preferred Enterprises and set it at 9% for enterprises located in zone A and 16% for enterprises located elsewhere, as of January 1, 2014.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The reduced tax rates will no longer be contingent upon making a minimum qualifying investment in productive assets.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of December 31, 2015, only one Israeli subsidiary is entitled to a "Preferred Company" status pursuant to the investment law.</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Israeli corporate tax rates</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 6, 2011, the Law for the Change in the Tax Burden (Legislative Amendments) &#8211; 2011 was published.&#160;&#160;As part of this law, among other things, commencing from 2012 the Israeli corporate income tax rate was increased to 25%.&#160;&#160;In addition, commencing in 2012, the tax rate on capital gains in real terms and the tax rate applicable to betterment in real terms were increased to 25%.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 30, 2013, the Israeli parliament approved the Law for the Change in National Priorities (Legislative Amendments to Achieve Budgetary Goals for 2013 and 2014) &#8211; 2013 (hereinafter &#8211; the &#8220;Law for the Change in National Priorities&#8221;), which, among other things increased the standard corporate income tax rate from 25% to 26.5% effective as of January&#160;1, 2014.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On January 4, 2016, the plenary Knesset passed the Law for Amendment of the Income Tax Ordinance No. 216 which provides, inter alia, for a reduction of the corporate tax rate commencing from 2016 and thereafter by the rate of 1.5% such that the rate will be 25%.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This change of tax rate did not have material effect on the deferred tax assets of the Company and its Israeli subsidiaries.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">E.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-Israeli subsidiaries</font></div>
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<div>&#160;</div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Non-Israeli subsidiaries are taxed according to the tax laws and rates in their country of residence.</font></div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 32</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 15</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INCOME TAX (cont.)</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">F.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Use of assumptions and judgments</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and can be ambiguous; the Company is, therefore, obliged to make many subjective assumptions and judgments regarding the application of such laws and regulations to its facts and circumstances. In addition, interpretations of and guidance surrounding income tax laws and regulations are subject to changes over time. Any changes in the Company's subjective assumptions and judgments could materially affect amounts recognized in its consolidated balance sheets and statements of income.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">G.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax assessments</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company has received final tax assessments through the 2009 tax year.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">On August 4, 2014, the Company announced that it received from the Israeli tax authority ("ITA") tax assessments for the years 2010-2012 amounting to NIS&#160;36 million (approximately US$&#160;10.5 million). Approximately 50% is due to disallowance of various deductions and the remaining balance is due to timing differences of the deduction of certain expenses, which will be deducted in the coming years.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">The Company filed an objection with the ITA for the above tax assessments. In July 2015, the Company reached an agreement with the ITA in respect of the above tax assessment according to which&#160;&#160;there was no significant impact on the Company's provision with respect to prior years.</font></font></div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company and a certain Israeli subsidiary have received final tax assessments through the 2012 tax year.&#160;&#160;One of the subsidiaries in Brazil has received final tax assessments through the 2010 tax year.&#160;&#160;The other subsidiaries have not yet been assessed since incorporation.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">H.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Carry forward foreign tax credits and tax losses</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of December&#160;31, 2015, the Company's non-Israeli subsidiary in the United States has available carry forward foreign tax credits in an amount of approximately US$&#160;3.9 million. Most of such carry forward tax credits may be utilized until 2022. In addition the subsidiary has carry forward tax losses of approximately US$&#160;1.2 million.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">I.</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following is a reconciliation between the theoretical tax on pretax income, at the applicable Israeli tax rate, and the tax expense reported in the financial statements:</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Pretax income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">41,833</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">47,574</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,002</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Statutory tax rate</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tax computed at the ordinary tax rate</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,086</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,607</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nondeductible expenses (income)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">526</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,365</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Losses in respect of which no deferred taxes were generated <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(including changes in valuation allowance)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">831</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(304</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">137</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deductible financial expenses recorded to other comprehensive income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(439</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(365</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(312</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tax adjustment in respect of different tax rates</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,411</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,662</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,877</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Taxes in respect of withholding at the source from royalties and dividends</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">78</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">615</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">817</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Adjustment in respect of tax rate deriving from &#8220;approved enterprises&#8221;</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(405</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(558</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(467</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Others</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(266</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">579</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(470</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,822</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,246</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,447</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">J.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Summary of deferred taxes</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Composition:</font></div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deferred taxes included in other current assets:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Provision for employee related obligations</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">145</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">130</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Provision for legal obligation and other</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,607</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,519</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,752</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,649</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 33</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 15</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INCOME TAX (cont.)</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">J.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Summary of deferred taxes (cont.)</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Composition:</font></div>

<div>&#160;</div>

<div>
<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Long-term deferred income taxes:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Provision for employee related obligations</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">718</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">678</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Carry forward tax losses and foreign tax credit</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,321</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,321</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Temporary differences, net</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,237</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,010</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,276</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,009</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Valuation allowance</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,997</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,273</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,279</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,736</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred income taxes included in long-term investments and other assets</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,279</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,886</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred income taxes included in long-term liabilities</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(150</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,279</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,736</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">K.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income before income taxes is composed as follows:</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Company and its Israeli subsidiaries</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,987</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26,021</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,296</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Non-Israeli subsidiaries</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,846</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21,553</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,706</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">41,833</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">47,574</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,002</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Uncertain tax positions</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company and its subsidiaries files income tax returns in Israel, US, Argentina and Brazil.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="88%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance at January 1, 2014</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">472</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Translations differences related to the current year</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(51</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance at December 31, 2014</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">421</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Decrease related tax positions of prior years</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(419</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="88%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Translations differences related to the current year</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="88%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance at December 31, 2015</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 34</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 16</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EARNINGS PER SHARE</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the periods, there were no potential instruments that could be exercised or converted to ordinary shares. The net income and the weighted average number of shares used in computing basic and diluted earnings per share for the years ended December&#160;31, 2014, 2013 and 2012, are as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income attributable to stockholder's used for the computation of basic and diluted earnings per share</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,971</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30,429</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,762</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of shares</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted average number of shares used in the computation of basic and diluted earnings per share</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 17</font></div>
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<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RELATED PARTIES</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">A.</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Tzivtit Insurance Ltd. (&#8220;Tzivtit Insurance&#8221;), owned by a director of the Company, serves as the Company&#8217;s insurance agent and provides the Company with elementary insurance and managers insurance.</font></div>
</td>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In respect of these insurance services, Tzivtit Insurance is entitled to receive commissions at various rates, paid by the insurance company (which is not considered a related party).</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to basic insurance policies, and directors and offices insurance policies, the Company paid to the insurance company in 2015, US$&#160;304 thousand and US$&#160;168 thousand, respectively (In 2014 US$&#160;324 thousand and US$&#160;189 thousand, respectively.)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Tzivtit Insurance is entitled to commissions in an aggregate amount of NIS&#160;309 thousand (US$&#160;79 thousand) to be paid to Tzivtit Insurance by the insurance company on account of these policies. (US$ 52 thousand and US$&#160;80 thousand in 2014 and 2013, respectively.)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">&#160;</td>
<td align="right" style="WIDTH: 18pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">B.</font></font></div>
</td>
<td style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In February 2003, an agreement was signed between the Company and A. Sheratzky Holdings Ltd., a wholly-owned and controlled company belonging to Mr. Izzy Sheratzky, President and Director.&#160; The agreement includes, among other things, the cost of Mr. Izzy Sheratzky&#8217;s monthly employment in an amount of NIS 98,000 (US$ 25,000), entertainment expenses, car maintenance expenses, cellular phone, and entitlement to participate in the profits of the Company in an amount equal to 5% of the pretax income of the Company, plus the share of the Company in the income or losses of affiliated companies, on the basis of the audited consolidated financial statements.</font></div>
</td>
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</div>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agreement is for a two-year period, with automatic two-year extensions, unless either of the parties gives 180 day advance notice of its intention to terminate the agreement.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Whereas the term of the agreement exceeded three years, under recent amendments to the Israeli Companies Law, the Company's audit committee, board of directors and shareholders have ratified and approved the agreement with A.&#160;Sheratzky, which according to current Israeli law remained in force and effect until May 11, 2014.</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See section F below with respect to the approval of a new service agreement with A.&#160;Sheratzky Holdings during February 2014.</font></div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 35</font></div>

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<hr style="COLOR: black" noshade size="3">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font><br>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 17</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RELATED PARTIES (cont.)</font></div>
</td>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">C.</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On September&#160;5, 2002, the Company entered into independent contractor agreements with A.&#160;Sheratzky Holdings Ltd. and each of Eyal Sheratzky and Nir Sheratzky (the Co-CEO's of the Company), pursuance to which A.&#160;Sheratzky Holdings will provide management services to the Company through Eyal Sheratzky and Nir Sheratzky in consideration of monthly payments in the amount of NIS&#160;48,892 and NIS&#160;49,307 (US$&#160;12,500 and US$&#160;12,600), respectively, in addition to providing each of them a company car and reimbursement of certain business expenses.&#160;&#160;In January 2004, changes in the employment terms of the two Co-CEOs of the Company were approved, whereby in addition to the agreement detailed above, each would be entitled to an annual bonus equal to 1% of the pretax income of the Company, plus the share of the Company in the income or losses of affiliated companies, on the basis of the audited consolidated financial statements.</font></div>
</td>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Whereas the term of the agreement exceeded three years, under recent amendments to the Israeli Companies Law, the Company's audit committee, board of directors and shareholders have ratified and approved the agreement with A. Sheratzky (including third addendum thereto that clarifies the nature of its role and services), which according to current Israeli law remained in force and effect until May 11, 2014.</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See section F below with respect to the approval of a new service agreement with A.&#160;Sheratzky Holdings during February 2014.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The aggregate amounts paid to A.&#160;Sheratzky Holdings in 2015, 2014 and 2013 (including with respect to B. above but excluding amounts paid to A. Sheratzky Holdings under the new service agreement, described in F. below), were approximately US$&#160;0, US$&#160;793,000 and US$&#160;3,470,000, respectively (all numbers include value added tax).</font></div>
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</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">D.</font></font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In accordance with an agreement with a related party (as amended), Prof. Yehuda Kahane, for financial consulting, the Company is required to pay the consultant monthly consulting fees of NIS 15,000 (US$ 3,900) a month, linked to the Israeli Consumer Price Index.&#160; The aggregate amount paid to Professor Kahane in each of the years 2015, 2014 and 2013 was approximately US$ 57,000, US$ 62,000 and US$ 59,000, respectively.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">E.</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On January&#160;23, 2007, the Company's subsidiary, E-Com Global Electronic Commerce Ltd.&#160;&#160;("E-Com "), signed an agreement with Gil Sheratzky for the employment of Mr. Gil&#160;Sheratzky as CEO of that company, in consideration of monthly payments in the amount of NIS&#160;25,000 (US$&#160;6,400), in addition to providing him a company car, managers insurance and education fund contribution (as customary in Israel) and reimbursement of certain business expenses.&#160;&#160;In his position, Mr. Gil&#160;Sheratzky will report to the Co-CEO of the Company.&#160;&#160;The compensation paid to Gil Sheratzky includes a bonus in an amount equal to 2% of the annual increase in E-COM profits before tax (up to a maximum amount of 1% of that company's profits before tax), based on its audited consolidated financial statements for the relevant year, beginning January&#160;1, 2007.</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The aggregate amount paid to Mr.&#160;Gil Sheratzky in 2015, 2014 and 2013 was approximately US$&#160;0, US$&#160;29,000 US$&#160;145,000, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Whereas the term of the agreement exceeded three years, under recent amendments to the Israeli Companies Law, the Company's audit committee, board of directors and shareholders have ratified and approved the agreement with Gil Sheratzky, which according to current Israeli law remained in force and effect until May 11, 2014.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See section F below with respect to the approval of a new service agreement with A.&#160;Sheratzky Holdings during February 2014.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In February 2014, following the approval of the Company's general meeting of shareholders on January 28, 2014, the Company entered into new service agreements, setting forth the terms of service of its President and Co-Chief Executive Officers in compliance with the Company's compensation policy for office holders; and E-Com entered into a service agreement setting forth the terms of service of its Chief Executive Officer in compliance with the Company's compensation policy for officer holders. The principal terms of these agreements are as follows:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 17</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RELATED PARTIES (cont.)</font></div>
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<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">F.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">(cont.)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Izzy Sheratzky shall provide his services as an independent contractor through A. Sheratzky Holdings Ltd., which shall be entitled to a monthly payment of NIS&#160;225,000 (or $57,700) plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr. Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom.&#160;&#160;The fixed monthly pay shall also include Mr. Sheratzky's entitlement for a 25 days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses, subsistence allowance abroad and participation in work-related home telephone expenses. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of 3 years and may be terminated upon 180 days' advance notice of termination; however, the Company may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr. Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has breached his fiduciary duty towards the Company; (c) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has materially breached the agreement through the unauthorized disclosure of Company's secrets or competition with the Company.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The aggregate amounts paid to A. Sheratzky according this new service agreement in 2015 and 2014 were approximately US$2,249,000 and US$2,387,000, respectively (includes value added tax).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Eyal Sheratzky shall provide his services as an independent contractor through ORAS Capital Ltd. which shall be entitled to a monthly payment of NIS&#160;175,000 (or $45,000) plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr.Eyal Sheratzky and the payment of its maintenance costs and the cost of tax resulting there from. The fixed monthly pay shall also include Mr. Eyal Sheratzky's entitlement for a 25 days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses and subsistence allowance abroad. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of 3 years and may be terminated upon 180 days' advance notice of termination; however, the Company may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr Eyal Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr.Eyal Sheratzky has breached his fiduciary duty towards the Company; (c) a final court ruling (without the possibility of appeal) determines that Mr. Eyal Sheratzky has materially breached the agreement through the unauthorized disclosure of Company's secrets or competition with the Company.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The aggregate amounts paid to ORAS Capital Ltd in 2015 and 2014 were approximately US$1,565,000 and US$1,552,000, respectively (include value added tax).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 17</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RELATED PARTIES (cont.)</font></div>
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<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(cont.)</font></div>
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<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Nir Sheratzky shall provide his services as an independent contractor through Galnir Management and Investments Ltd., which shall be entitled to a monthly payment of NIS&#160;175,000 (or $45,000) plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr. Nir Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom.&#160;&#160;The fixed monthly pay shall also include Mr. Sheratzky's entitlement for a 25 days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses and subsistence allowance abroad. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of 3 years and may be terminated upon 180 days' advance notice of termination; however, the Company may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr. Nir Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr. Nir Sheratzky has breached his fiduciary duty towards the Company; (c) a final court ruling (without the possibility of appeal) determines that Mr. Nir Sheratzky has materially breached the agreement through the unauthorized disclosure of Company's secrets or competition with the Company.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The aggregate amounts paid to Galnir Management and Investments Ltd in 2015 and 2014 were approximately US$1,802,000 and US$1,418,000, respectively (includes value added tax).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Gil Sheratzky shall provide his services as an independent contractor through ZERO-TO-ONE S.B.L. INVESTMENTS LTD., which shall be entitled to a monthly payment of NIS&#160;125,000 (or $32,000) plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr. Gil Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom.&#160;&#160;The fixed monthly pay shall also include Mr. Gil Sheratzky's entitlement for a 25 days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses and subsistence allowance abroad. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of 3 years and may be terminated upon two months' advance notice of termination; however, E-Com may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr. Gil Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr. Gil Sheratzky has breached his fiduciary duty towards E-Com; (c) a final court ruling (without the possibility of appeal) determines that Mr. Gil Sheratzky has materially breached the agreement through the unauthorized disclosure of E-Com' and/or Company's secrets or competition with E-Com and/or the Company.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The aggregate amounts paid to ZERO-TO-ONE S.B.L. INVESTMENTS LTD, in 2015 and 2014 were approximately US$ 1,175,000 and US$ 948,000, respectively (includes value added tax).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each of the above agreements also provides that the executives may request to provide their services to the Company as an employee, and not through a service provider, and in such event, the they shall execute an employment agreement with the Company, in lieu of the above service agreements, which shall also set forth the provisions of social security and other benefits that the Company usually grants its senior executive officers (which may not deviate from the provisions of the Compensation Policy in this respect). In any event, it was agreed that the nature of the agreement pursuant to which the services are provided shall not affect the cost to the Company of the provision of the services as set forth in the service agreements.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 17</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RELATED PARTIES (cont.)</font></div>
</td>
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</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">F.</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(cont.)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The terms of the Cash Incentives applicable to each of Messrs. Izzy Sheratzky, Eyal Sheratzky, Nir Sheratzky and Gil Sheratzky (the "Executive Offices Holders"), as set forth in their agreements referred to above (the "Agreements"), are as follows:</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">"Target-based Cash Incentives" means a cash incentive awarded to the Executive Office Holders for the Company's achievement of the following Profit-Before-Tax targets in each calendar year following the effective date of the above agreements, in which the Minimum Threshold (as defined below) has been achieved:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Company's Profit-Before-Tax Targets</font></div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="MARGIN-LEFT: 117pt" align="left">
<table cellpadding="0" cellspacing="0" width="85%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(in USD thousands)</font></div>
</td>
<td valign="top" width="85%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Level of Incentive - As a Percentage of the Executive Office Holder's Annual Cost of Pay</font></div>

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</tr><tr>
<td valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,001 - 27,500</font></div>
</td>
<td valign="top" width="85%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20%</font></div>
</td>
</tr><tr>
<td valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,501-31,000</font></div>
</td>
<td valign="top" width="85%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45%</font></div>
</td>
</tr><tr>
<td valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,001-35,000</font></div>
</td>
<td valign="top" width="85%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">75%</font></div>
</td>
</tr><tr>
<td valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">35,001-39,000</font></div>
</td>
<td valign="top" width="85%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">110%</font></div>
</td>
</tr><tr>
<td valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Above 39,001</font></div>
</td>
<td valign="top" width="85%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">150%</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">"Minimum Threshold" means, with respect to a particular calendar year, a minimum Company's Return on Equity of 15%, and a minimum company's Profit Before Tax of USD&#160;24 million.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">"Excess Return Cash Incentives" means that at the end of each calendar year, the Company shall examine the Company's Stock Yield since January 1 of such year or, with respect to the first year of such grant &#8211; since the date of its approval (an "Examined Period"), as compared to the TA 100 Index's Yield over such Examined Period; and to the extent that the Company's Stock Yield exceeds the TA 100 Index's Yield for such period, each of the Executive Office Holders shall receive an amount equal to 50% of his monthly Cost of Pay for each 1% of excess return (in percentage points' terms), or a relative amount in the event of a partial excess return. For the avoidance of doubt, in the event that the Company's Stock Yield during such period is negative, no grant shall be awarded.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Excess Return Cash Incentive for each year shall not exceed an amount equal to the Executive Officer Holder's annual Cost of Pay.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event that an Agreement is terminated during a calendar year, the Company's compensation committee and board of directors shall determine the relative amounts out of the Target-based Cash Incentives and/or Excess Return Cash Incentives to which the relevant Executive Office Holder is entitled for the portion of the year during which the Agreement was in force; and these amounts shall be paid within 30 days after the termination of service/employment, as the case may be.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On the date of determination of each Executive Office Holder's entitlement for a Target-based Cash Incentive for a particular year, the Company's compensation committee shall examine whether the total amount of grants to which Executive Officers are entitled with respect to such calendar year and which constitute variable components of their terms of services (the "Total Amount of Grants to Executive Officers"), exceed an amount equal to 10% of the Company's EBITDA for such year (the "EBITDA's Threshold"), as calculated in accordance with data extracted from the Company's audited consolidated annual financial statements, after taking into account the Executive Officers' fixed compensation but excluding their variable compensation. In such event, the amount by which the Total Amount of Grants to Executive Officers exceeds the EBITDA's Threshold shall be referred to as the "Excess Amount".</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RELATED PARTIES (cont.)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(cont.)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event that the Total Amount of Grants to Executive Officers exceeds the EBITDA's Threshold, then the Target-based Cash Incentive and the Excess Return Cash Incentive to which an Executive Office Holder is entitled (together, the "Grants") shall be reduced by an amount equal to the Executive Office Holder's Rate of Grants (as defined below) out of the Excess Amount. The term "Executive Office Holder's Rate of Grants" means, with respect to a particular Executive Office Holder, the percentage which such Executive Office Holder's Grants constitute out of the Total Amount of Grants to Executive Officers.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company's board of directors shall have the right, under special circumstances at its discretion, to reduce the amount of Grants to which the Executive Office Holders are entitled, upon a 60 days prior notice.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Executive Office Holder shall be required to return any compensation paid to them on the basis of results included in financial statements that turned out to be erroneous and were subsequently restated in the Company's financial statements published during the three year period following publication of the erroneous financial statements; to the extent they would not have been entitled to the compensation actually received had it been determined based on the restated financial statements. In such case, compensation amounts will be returned within 60 days from the date of publication of the restated financial statements, net of taxes that were withheld thereon. If the Executive Office Holder has a right to reclaim such tax payments with respect to Grants which were paid in excess, from the relevant tax authorities, then the Executive Office Holder shall reasonably act to reclaim such amounts from the tax authorities and upon their receipt, shall remit them to the Company. In 2014 and 2015 Executive Offices Holders were entitle to Target based cash incentives at the maximum rate of (150%).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On January 28, 2014, the Company's general meeting of the of shareholders re-approved the terms of engagement of Mr. Avner Kurz as a consultant to Ituran Sistemas de Monitoramento Ltda, a Brazilian subsidiary of the Company, in accordance with an agreement dated February 23, 2012. Pursuant to the terms of this agreement, Mr. Kurz provided consultation services to the Brazilian subsidiary as an independent contractor, including services concerning: general strategy of the subsidiary, developing connections with the private market, infrastructure development and in any other area as is required from time to time. In addition, he was in direct contact with the chief executive officer of the subsidiary and its office holders, he was directly reporting to the Company's president and advised him regarding the aforementioned; Mr. Kurz undertook to stay at least eight times per year in Brazil at the subsidiary's offices and to invest no less than twenty monthly hours in providing the services; the term of the agreement automatically renews every two years, although each party may terminate it with a 180 days prior notice; and in consideration for the services described above, the Brazilian subsidiary paid Mr. Kurz a monthly amount of $8,000, against the receipt of a tax invoice; and Mr. Kurz was entitled to receive a cellular phone and reimbursement of related expenses from the Company, payable against receipts &#160;The aggregate amounts paid to Mr Kurz by virtue of this agreement for each of the years 2014 and 2013 were approximately<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>$80,000 and $81,105, respectively. The agreement with Mr. Kurz was terminated on September 15, 2014 as the date of his resignation from the board.</font></div>
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<div>&#160;</div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">General information:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The operations of the Group are conducted through two different core activities: Location based services and Wireless communications products.&#160;&#160;These activities also represent the reportable segments of the Group.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The reportable segments are viewed and evaluated separately by Company management, since the marketing strategies, processes and expected long term financial performances of the segments are different.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location based services:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Location based services segment consists predominantly of regionally- based stolen vehicle recovery (SVR) services, fleet management services and value-added services comprised of personal advanced locater services and concierge services.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Group provides Location based services in Israel, Brazil, Argentina and the United States.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Wireless communications products:</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The wireless communications product segment consists of short and medium range two-way machine-to-machine wireless communications products that are used for various applications, including automatic vehicle location, and automatic vehicle identification.</font></font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Information about reported segment profit or loss and assets:</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location based services</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Wireless communications products</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2015</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Revenues</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">127,683</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">47,945</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">175,628</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,328</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,316</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40,644</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Assets</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">62,236</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,463</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">72,699</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Goodwill</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,539</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,817</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,356</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expenditures for assets</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,478</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">393</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,871</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depreciation and amortization</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,636</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">152</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,788</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Impairment of goodwill and intangible assets</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">929</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">929</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.55pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2014</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Revenues</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">133,692</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">48,435</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">182,127</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating income (loss)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42,603</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,267</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45,870</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Assets</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">63,795</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,094</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">74,889</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Goodwill</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,544</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,497</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,041</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expenditures for assets</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,574</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">598</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,172</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depreciation and amortization</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,920</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">148</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,068</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Impairment of goodwill and intangible assets</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">888</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">922</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2013</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Revenues</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">126,951</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43,216</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">170,167</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,470</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(540</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,930</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Assets</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">66,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,564</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">76,864</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Goodwill</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,730</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,703</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,433</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expenditures for assets</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,312</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">264</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,576</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depreciation and amortization</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,360</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">358</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,718</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Impairment of goodwill and intangible assets</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,816</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,804</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,620</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 41</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 18</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SEGMENT REPORTING (cont.)</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Information about reported segment profit or loss and assets:</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The evaluation of performance is based on the operating income of each of the two reportable segments.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Accounting policies of the segments are the same as those described in the accounting policies applied in the consolidated financial statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Due to the nature of the reportable segments, there have been no inter-segment sales or transfers during the reported periods.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Financing expenses, net, non-operating other expenses, net, taxes on income and the share of the Company in losses of affiliated companies were not allocated to the reportable segments, since these items are carried and evaluated on the enterprise level.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Reconciliations of reportable segment revenues, profit or loss, and assets, to the enterprise&#8217;s consolidated totals:</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total revenues of reportable segment and consolidated revenues</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">175,628</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">182,127</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">170,167</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating income</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total operating income for reportable segments</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40,644</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45,870</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,930</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unallocated amounts:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other income (expenses) income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(166</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Financing income, net</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,189</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,704</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">238</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Consolidated income before taxes on income</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">41,833</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">47,574</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,002</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total assets for reportable segments (*)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">76,055</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">78,930</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">82,297</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other unallocated amounts:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Current assets</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46,119</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">57,159</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">61,530</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Investments in affiliated and other companies</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,783</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,095</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,511</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Property and equipment, net</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,730</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,786</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,644</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other unallocated amounts</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,316</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,367</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,560</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Consolidated total assets (at year end)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">142,003</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">152,337</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">160,542</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other significant items</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total expenditures for assets of reportable segments</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,871</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,172</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,576</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unallocated amounts</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,676</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,021</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,387</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Consolidated total expenditures for assets</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18,547</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,193</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,963</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total depreciation, amortization and impairment for reportable segments</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,717</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,990</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,338</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unallocated amounts</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,245</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,229</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,858</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Consolidated total depreciation and amortization</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,962</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,219</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,196</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.699pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(*)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Including goodwill.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 42</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 18</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SEGMENT REPORTING (cont.)</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">E.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Geographic information</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Revenues</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Israel</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">88,556</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90,061</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">83,331</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">United States</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,811</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,568</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,876</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brazil</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">58,403</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">66,462</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">63,454</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Argentina</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,324</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,792</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,190</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Others</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,534</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,244</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,316</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">175,628</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">182,127</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">170,167</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Property and equipment, net</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Israel</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,934</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,563</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,051</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">United States</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">120</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">155</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brazil</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,228</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,801</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,178</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Argentina</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,279</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,424</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,162</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,514</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,908</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,546</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.7pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues were attributed to countries based on customer location.</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90.7pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Property and equipment were classified based on major geographic areas in which the Company operates.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">F.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Major customers</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2015, 2014 and 2013 there were no sales exceeding 10% of total revenues to none of our customers.</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 19</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Concentrations of credit risks</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Financial instruments that potentially subject the Company and its subsidiaries to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivables, marketable securities and derivatives.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Most of the Group&#8217;s cash and cash equivalents, deposits in short-term investments (and investments in trading marketable securities), as of December&#160;31, 2015 and 2014, were deposited with major banks (mostly in Israel) with high credit rating. The Company is of the opinion that the credit risk in respect of these balances is immaterial.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Most of the Group&#8217;s sales are made in Israel, Brazil, Argentina and the United States, to a large number of customers, including insurance companies.&#160;&#160;Management periodically evaluates the collectability of the trade receivables to determine the amounts that are doubtful of collection and determine a proper allowance for doubtful accounts.&#160;&#160;Accordingly, the Group&#8217;s trade receivables do not represent a substantial concentration of credit risk.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The company entered into foreign exchange forward contracts intended to protect against the increase in the purchase price of forecasted inventory purchases dominated in currencies other then the functional currency of the purchasing entity.</font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

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</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 43</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 19</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT (cont.)</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Foreign exchange risk management</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Group operates internationally, which gives rise to exposure to market risks mainly from changes in exchange rates of foreign currencies in relation to the functional currency of each of the entities of the Group.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2013 and 2014 the Company entered into foreign currency forward transactions in order to protect itself against the risk that the eventual cash flows resulting from anticipated transactions (mainly purchases of inventory), denominated in currencies other than the functional currency, will be affected by changes in exchange rates. As of December 31, 2015, 7 transactions originated in 2014 were remained outstanding.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During 2013, 2014 and 2015, all the financial derivatives were designated and accounted for as hedging instruments.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table summarizes a tabular disclosure of (a) fair values of derivative instruments in the balance sheets and (b) the effect of derivative instruments in the statements of income:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair values of derivative instruments:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="4" valign="bottom" width="48%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Asset derivatives</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="50%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of December 31, 2015</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="4" valign="bottom" width="48%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Thousands of US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="37%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance sheet location</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">value</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="50%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Derivatives designated as hedging instruments:</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="37%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="50%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Foreign exchange contracts</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="37%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other&#160;&#160;current Assets</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,063</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="4" valign="bottom" width="48%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liability derivatives</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="50%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of December 31, 2014</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="4" valign="bottom" width="48%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Thousands of US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="37%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance sheet location</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">value</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="50%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Derivatives designated as hedging instruments:</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="37%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="50%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Foreign exchange contracts</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other current Assets</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,580</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="37%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other no current Assets</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">984</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="50%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="37%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,564</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amounts reclassified to statement of income:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="49%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Derivatives designated </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">as hedging instruments</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="left" valign="bottom" width="38%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location of loss recognized in income</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount of gain recognized in income</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="49%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2015</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="38%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Thousands of US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="49%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="49%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Foreign exchange contracts</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="38%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cost of revenues</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,616</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="right">
<table cellpadding="0" cellspacing="0" width="88%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="49%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Derivatives designated </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">as hedging instruments</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="left" valign="bottom" width="38%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location of loss recognized in income</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount of gain recognized in income</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="49%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2014</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="38%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Thousands of US dollars</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="49%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="49%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Foreign exchange contracts</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="38%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cost of revenues</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">39</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of December 31, 2015, the notional amount of forward exchange contracts with respect to cash flow hedge of anticipated transactions amounted to US$&#160;10.5 million (US$&#160;1.5 million per month for the next 7 months).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 44</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (cont.)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 19</font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT (cont.)</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 70.9pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair value of financial instruments</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company measures fair value and discloses fair value measurements for financial assets and liabilities. Fair value is an exit price, representing the amount that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between market participants.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company measured cash equivalents, marketable securities and derivative financial instruments at fair value.&#160;&#160;Such financial instruments are measured at fair value, on a recurring basis.&#160;&#160;The measurement of cash equivalents are classified within Level 1.&#160;&#160;The fair value of derivatives generally reflects the estimated amounts that the Company would receive or pay to terminate the contracts at the reporting dates, based on the prevailing currency prices and the relevant interest rates.&#160;&#160;Such measurement is classified within </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Level 2.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The fair value of the financial instruments included in the working capital of the Group (cash and cash equivalents, deposit in escrow, accounts receivable, accounts payable and other current assets and liabilities) approximates their carrying value, due to the short-term maturity of such instruments.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See also Note 1V.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 90pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company's financial assets measured at fair value on a recurring basis, consisted of the following types of instruments as of December&#160;31, 2015 and 2014:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31, 2015</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 1</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 2</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 3</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Trading securities</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,035</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Derivatives designated as hedging instruments</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,063</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31, 2014</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 1</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 2</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 3</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Trading securities</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,362</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="64%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Derivatives designated as hedging instruments</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,564</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F - 45</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SIGNATURES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="33%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITURAN LOCATION AND CONTROL LTD.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Registrant)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">By: /s/ Eyal Sheratzky&#160; &#160;/s/ Nir Sheratzky</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#160;&#160;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Eyal Sheratzky&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Nir Sheratzky</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">ITURAN LOCATION AND CONTROL</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">LTD.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A COMPANY LIMITED BY SHARES</font></div>

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<td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ituran Location and Control Ltd., or any other name by which it will be called, in the event of the Company replacing or changing its name.</font></div>
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<td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">In writing</font></div>
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<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In script, in print, by means of a typewriter, photocopying, telex, cable, facsimile, electronic mail or in any other legible form, or which is produced in any other visual substitute for writing, including a combination of two or more methods, and &#8220;signed&#8221; shall be understood accordingly.</font></div>
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<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
</table>
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<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Unless the subject or the context otherwise requires, each word and expression not specifically defined herein and defined in the Companies Law as in effect on the date when these Articles or any amendment hereto, as the case maybe first became effective, shall have the same meaning herein, and to the extent that no meaning is attached to it in the Companies Law, the meaning ascribed to it in the Companies Regulations, and if no meaning is ascribed thereto in the Companies Regulations, the meaning ascribed to it in the Securities Law or Securities Regulations; words and expressions importing the singular shall include the plural and vice versa; words and expressions importing the masculine gender shall include the feminine gender and vice versa; and words and expressions importing persons shall include corporate entities.</font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: ; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.3</font></div>
</td>
<td style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The captions in these Articles are for convenience only and shall not be deemed a part hereof or affect the construction of any provision hereof.</font></div>
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<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: ; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.4</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The specific provisions of these articles supersede the provisions of the companies Law to the extent permitted under the companies Law with respect to any matter that is not specifically addressed in these articles, the provisions of the companies Law shall govern.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Public Company</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is a public company.</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">The Purpose and objectives of the Company</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of the Company&#8217;s Memorandum of Association, the purpose of the Company is to engage, directly or indirectly, in any lawful business activity or occupation whatsoever; provided, however, that the Company may donate reasonable amounts to worthy causes, as the Board may determine in its discretion, even if such donations are not within the framework of business considerations.</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Limited Liability</font></font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The liability of each Shareholder for the company&#8217;s obligations is limited to the unpaid sum, if any, owing to the company in consideration for the issuance of the shares allotted to him.&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SHARE CAPITAL</font></font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Share Capital</font></font></div>
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<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">5.1</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The authorized share capital of the Company is 20 million New Israeli Shekels (NIS Twenty Million Shekels) divided into 60 million Ordinary Shares NIS 0.331/3 par value each.</font></div>
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<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The ordinary shares of the Company confer on the holders thereof rights to receive notice of, attend, and vote in meetings of the shareholders, rights to receive dividends, rights to receive a distribution of assets upon liquidation and certain other rights all as specified in these Articles.&#160; </font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Increase of Share Capital</font></font></div>
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<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company may, from time to time, by a resolution of the General Meeting adopted by an Ordinary Majority, whether or not all the shares then authorized have been issued, and whether or not all the shares theretofore issued have been called up for payment, increase its share capital by the creation of new shares. Any such increase shall be in such amount and shall be divided into shares of such nominal value, and such shares shall confer such rights and preferences, and shall be subject to such restrictions, as such resolution of the General Meeting shall provide.</font></div>
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<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
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<div id="HDR">
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<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except to the extent otherwise provided in such resolution of the General Meeting, such new shares shall be subject to all the provisions applicable to the shares of the original capital.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Special Rights; Modifications of Rights</font></font></div>
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<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1&#160;</font></div>
</td>
<td align="left">
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</div>
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<div style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.2&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If at any time the issued share capital is divided into different classes of shares, the rights attached to any class, unless otherwise provided by these Articles, may be modified or abrogated by the Company, by a resolution of the General Meeting adopted by an Ordinary Majority, subject to the consent of the holders of more than fifty percent (50%) of the issued shares of such class or the sanction of a resolution of a separate General Meeting of the holders of the shares of such class adopted by an Ordinary Majority, except if no rights in the Company are attached to that class of shares other than the receipt of their par value on a winding-up of the Company (&#8220;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Deferred Shares</font>&#8221;) and unless the issue terms of those shares provide otherwise.</font></div>
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</div>

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<div style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Unless otherwise provided by these Articles, the increase of the authorized number of shares of an existing class of shares, or the issuance of additional shares thereof or the creation of a new class of shares identical to an existing class of shares in all respects, shall not be deemed, for purposes of this Article 7, to modify or abrogate the rights attached to the previously issued shares of such class or of any other class.</font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Consolidation. Subdivision. Cancellation and Reduction of Share Capital</font></font></div>
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</div>

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<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company may, from time to time, by a resolution of the General Meeting adopted by an Ordinary Majority (subject, however, to the provisions of Articles 7.2 and 7.3 hereof and to the Companies Law): </font></div>
</td>
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</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.1.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Consolidate and divide all or any of its issued or unissued share capital into shares of larger nominal value than its existing shares;</font></div>
</td>
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</div>
</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.1.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subdivide its shares, issued or unissued, or any of them, into shares of smaller nominal value than is fixed by these Articles, subject to the provisions of the Companies Law, and the resolution whereby any share is subdivided may determine that, as among the holders of the shares resulting from such subdivision, one or more of the shares may, as compared with the others, have any such preferred or deferred rights or rights of redemption or other special rights, or be subject to any such restrictions, as the Company has power to attach to unissued or new shares.</font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.1.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cancel any shares which, at the date of the adoption of such resolution of the General Meeting, have not been allotted, so long as the Company is not under an obligation to allot these shares, and diminish the amount of its share capital by the amount of the shares so cancelled; or</font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.1.4&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reduce its share capital in any manner, subject to any authorization or consent required by Law.</font></div>
</td>
</tr></table>
</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.2&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to any consolidation of issued shares into shares of larger nominal value, and with respect to any other action which may result in fractional shares, the Board may settle any difficulty which may arise with regard thereto, as it deems appropriate, including,</font><font style="FONT-STYLE: italic; DISPLAY: inline">inter alia, </font>resort to one or more of the following actions:</font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.2.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Determine, as to the holder of shares so consolidated, which issued shares shall be consolidated into each share of larger nominal value;</font></div>
</td>
</tr></table>
</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.2.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Allot, in contemplation of or subsequent to such consolidation or other action, such shares or fractional shares sufficient to preclude or remove fractional share holdings;</font></div>
</td>
</tr></table>
</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.2.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Redeem, in the case of redeemable shares, and subject to applicable Law, such shares or fractional shares sufficient to preclude or remove fractional share holdings;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">8.2.4&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Cause the transfer of fractional shares by certain Shareholders to other Shareholders so as to most expediently preclude or remove any fractional shareholdings, and cause the transferees to pay the transferors the fair value of the fractional shares so transferred, and the Board is hereby authorized to act as agent for the transferors and transferees with power of substitution for purposes of implementing the provisions of this Article 8.2.4.</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SHARES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.&#160;&#160;&#160;&#160; &#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Issuance of Share Certificates: Replacement of Lost Certificates</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Share certificates shall be issued under the seal or stamp of the Company and shall bear the signature of a Director, or of any other person or persons so authorized by the Board.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each Shareholder shall be entitled to one numbered certificate for all the shares of any class registered in his name, and if the Board so approves, to several certificates, each for one or more of such shares. Each certificate may specify the serial numbers of the shares represented thereby and may also specify the amount paid up thereon.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.3&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A share certificate registered in the names of two or more persons shall be delivered to the person first named in the Shareholder Register in respect of such co-ownership (&#8220;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">the first Co-Owner</font>&#8221;).</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.4&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If a share certificate is defaced, lost or destroyed, it may be replaced, upon payment of such fee, and upon the furnishing of such evidence of ownership and such indemnity, as the Board may deem appropriate. </font></div>
</td>
</tr></table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10.&#160;</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Registered Holder</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except as otherwise provided in these Articles, the Company shall be entitled to treat the registered holder of any share as the absolute owner thereof, and, shall be entitled to treat the holder of any share in trust as a Shareholder and to issue to him a share certificate, in condition that the trustee notifies the Company of the identity of the beneficiary, and, accordingly, shall not, except as ordered by a court of competent jurisdiction, or as required by Law, be bound to recognize any equitable or other claim to, or interest in, such share on the part of any other person.&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.&#160;</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Issuance of Shares and other Securities</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.1&#160;</font></font></div>
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<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The unissued shares from time to time shall be under the control of the Board, which shall have the power to allot shares or otherwise dispose of them to such persons, on such terms and conditions (including</font><font style="FONT-STYLE: italic; DISPLAY: inline">inter alia </font>terms relating to calls as set forth in Article&#160;13 (&#8220;Calls on Shares&#8221;) hereof), and either at par or at a premium, or, subject to the provisions of the Companies Law, at a discount, and at such times, as the Board may deem appropriate, and the power to give to any person the option to acquire from the Company any shares, either at par or at a premium, or, subject as aforesaid, at a discount, during such time and for such consideration as the Board may deem appropriate.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.2&#160;</font></div>
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<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may determine to issue a series of bonds or other debt securities, as part of its authority or to take a loan on behalf of the Company, and within the limits of such authority.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.3&#160;</font></div>
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<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Shareholders of the Company at any given time shall not have any preemptive right or priority or any other right whatsoever with respect to the acquisition of securities of the Company. The Board, in its sole discretion, may decide to offer securities of the Company first to existing Shareholders or to anyone or more of them.</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.4&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is entitled to pay a commission (including underwriting fees) to any person, in consideration for underwriting services, or the marketing or distribution of securities of the Company, whether reserved or unreserved, as determined by the Board. Payments, as stated in this Article 11.4, may be paid in cash or in Securities of the Company, or in a combination thereof or in any other manner.</font></div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
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<div id="HDR">
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.&#160;</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Payment in Installments</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If by the terms of issuance of any share, the whole or any part of the price thereof shall be payable in installments, every such installment shall, when due, be paid to the Company by the then registered holder(s) of the share or the person(s) entitled thereto.&#160;</font></div>

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<div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13. &#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Calls on Shares</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.1&#160;</font></div>
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<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may, from time to time, make such calls as it may deem appropriate upon Shareholders in respect of any sum unpaid in respect of shares held by such Shareholders which is not, by the terms of issuance thereof or otherwise, payable at a fixed time, and each Shareholder shall pay the amount of every call so made upon him (and of each installment thereof if the same is payable in installments), to the person(s) and at the time(s) and place(s) designated by the Board, as any such time(s) may be thereafter extended and/or such person(s) or place(s) changed. Unless otherwise stipulated in the resolution of the Board (and in the notice referred to in Article13.2), each payment in response to a call shall be deemed to constitute a pro rata payment on account of all shares in respect of which such call was made.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Notice of any call shall be given in writing to the applicable Shareholder(s) not less than fourteen (14) days prior to the time of payment, specifying the time and place of payment, and designating the person to whom such payment shall be made; provided, however, that before the time for any such payment, the Board may, by notice in writing to such Shareholder(s), revoke such call in whole or in part, extend such time, or alter such designated person and/or place. In the event of a call payable in installments, only one notice thereof need be given.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If, by the terms of allotment of any share or otherwise, any amount is made payable at any fixed time, every such amount shall be payable at such time as if it were a call duly made by the Board and of which due notice had been given, and all the provisions herein contained with respect to calls shall apply to each such amount.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.4&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any amount unpaid in respect of a call shall bear interest from the date on which it is payable until actual payment thereof, at such rate (not exceeding the then prevailing debitory rate charged by leading commercial banks in Israel), and at such time(s) as the Board may prescribe.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.5&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon the allotment of shares, the Board may provide for differences among the allottees of such shares as to the amount of calls and/or the times of payment thereof</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.6&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof and all interest payable thereon.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">14.&#160;&#160; &#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Prepayment</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With the approval of the Board, any Shareholder may pay to the Company any amount not yet payable in respect of his shares, and the Board may approve the payment of interest on any such amount until the same would be payable if it had not been paid in advance, at such rate and time(s) as may be approved by the Board. The Board may, at any time cause the Company to repay all or any part of the money so advanced, without premium or penalty. Nothing in this Article&#160;14 shall derogate from the right of the Board to make any call before or after receipt by the Company of any such advance.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.&#160; &#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Forfeiture and Surrender</font></font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If any Shareholder fails to pay any amount payable in respect of a call, or interest thereon as provided herein, on or before the day fixed for payment of the same, the&#160; Company, by resolution of the Board, may at any time thereafter, so long as such amount or interest remains unpaid, forfeit all or any of the shares in respect of which such call had been made. Any expense incurred by the Company in attempting to collect any such amount or interest, including, inter alia, attorneys&#8217; fees and costs of suit, shall be added to, and shall, for all purposes (including the accrual of interest thereon), constitute a part of the amount payable to the Company in respect of such call.</font></div>
</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon the adoption of a resolution of forfeiture, the Board shall cause notice thereof to be given to the Shareholder whose shares are the subject of such forfeiture, which notice shall state that, in the event of the failure to pay the entire amount so payable within a period stipulated in the notice (which period shall not be less than fourteen (14) days and which may be extended by the Board), such shares shall be ipso facto forfeited, provided, however, that, prior to the expiration of such period, the Board may nullify such resolution of forfeiture, but no such nullification shall estop the Board from adopting a further resolution of forfeiture in respect of the non-payment of such amount.</font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Whenever shares are forfeited as herein provided, all distributions theretofore declared in respect thereof and not actually paid or distributed shall be deemed to have been forfeited at the same time.</font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.4&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company, by resolution of the Board, may accept the voluntary surrender of any share.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.5&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any share forfeited or surrendered as provided herein shall become the property of the Company, and the same, subject to the provisions of these Articles, may be sold, re-allotted or otherwise disposed of as the Board deems appropriate.</font></div>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.6&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any Shareholder whose shares have been forfeited or surrendered shall cease to be a Shareholder in respect of the forfeited or surrendered shares, but shall, notwithstanding, be liable to pay, and shall forthwith pay, to the Company, all calls, interest and expenses owing upon or in respect of such shares at the time of forfeiture or surrender, together with interest thereon from the time of forfeiture or surrender until actual payment, at the rate prescribed in Article 13.4 above, and the Board, in its discretion, may enforce the payment of such moneys, or any part thereof, but shall not be under any obligation to do so. In the event of such forfeiture or surrender, the Company, by resolution of the Board, may accelerate the date(s) of payment of any or all amounts then owing by the Shareholder in question (but not yet due) in respect of all shares owned by such Shareholder, solely or jointly with another, and in respect of any other matter or transaction whatsoever.</font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.7&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may at any time, before any share so forfeited or surrendered shall have been sold, re-allotted or otherwise disposed of, nullify the forfeiture or surrender on such conditions as it deems appropriate, but no such nullification shall estop the Board from re-exercising its powers of forfeiture pursuant to this Article15. </font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">16.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Lien</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">16.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except to the extent the same may be waived or subordinated in writing, the Company shall have a first and paramount lien upon all the shares registered in the name of each Shareholder which are not fully paid up (without regard to any equitable or other claim or interest in such shares on the part of any other person), and upon the proceeds of the sale thereof, for the amount payable to the Company in respect of such unpaid shares, solely or jointly with another, to or with the Company, whether the period for the payment, fulfillment or discharge thereof shall have actually arrived or not. Such lien shall extend to all distributions from time to time declared in respect of such shares. Unless otherwise provided, the registration by the company of a transfer of shares shall be deemed to be a waiver on the part of the company of the lien (if any) existing on such shares immediately prior to such transfer. </font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">16.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may cause the Company to sell any shares subject to such lien when any such debt, liability or engagement has matured, in such manner as the Board may deem appropriate, but no such sale shall be made unless such debt, liability or engagement has not been satisfied within fourteen (14) days after written notice of the Company&#8217;s intention to sell shall have been served on such Shareholder, his executors, administrators or assignees.</font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">16.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The net proceeds of any such sale, after payment of the costs thereof, shall be applied in or toward satisfaction of the debts, liabilities or engagements of such Shareholder in connection with such unpaid shares (whether or not the same have matured), or any specific part of the same (as the Board may determine), and the balance, if any, shall be paid to the Shareholder, his executors, administrators or assigns. </font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">17.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Sale after Forfeiture or Surrender or in Enforcement of Lien</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon any sale of shares after forfeiture or surrender or for enforcing a lien, the Board may appoint a person to execute a proper instrument of transfer of the shares so sold and cause the purchaser&#8217;s name to be entered in the Shareholders Register in respect of such shares, and the purchaser shall not be bound to see to the regularity of the proceedings, or to the application of the purchase money, and after his name has been entered in the Shareholder Register in respect of such shares, the validity of the sale shall not be impeached by any person, and the remedy of any person aggrieved by the sale shall be in damages only and against the Company exclusively.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">18.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Redeemable Shares</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company may, by resolution of the Board, issue redeemable securities and the provisions of section&#160;312 of the Companies Law will apply to the issue of such securities. The Board shall determine which securities of the redeemable securities shall be redeemed, from time to time, and it shall furnish written notice thereof of at least 14 days to the holders of the above-mentioned securities, regarding the place, the date and the conditions of the redemption.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Transfer of Shares</font></font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">No transfer of shares shall be registered unless the Company receives a deed of transfer or other proper instrument of transfer (in form and substance satisfactory to the Board), together with any share certificate(s). Until the transferee has been registered in the Shareholders Register in respect of the shares so transferred, the Company may continue to regard the transferor as the owner thereof. The Board may, from time to time, prescribe a reasonable fee for registration of a transfer. A Deed of Transfer shall be in the following form or in any substantially similar form, including any such form as is acceptable to the transfer agent for the Company&#8217;s shares, or in any form otherwise approved by the board.</font></div>
</td>
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</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deed of transfer</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;I,&#160;&#8230;&#8230;&#8230;&#8230;&#8230;(hereinafter: &#8220;The Transferor&#8221;) of, &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;, do hereby transfer, in consideration for &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#160;,to (hereinafter: &#8220;The Transferee&#8221;),&#160;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;share(s) NIS &#8230;&#8230;. par value each of Ituran Location and Control&#160;&#160;Ltd. (hereinafter: &#8220;The Company&#8221;) to be held by the Transferee and/or his executors, administrators and assigns, subject to the same terms and conditions under which I held the same at the time of execution hereof; and I, the said Transferee, do hereby agree to take the said share(s) subject to the conditions aforesaid.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In witness whereof we hereby execute this Deed of Transfer, this &#8230;.&#160;day of &#8230;..&#160;20...&#8221;</font></div>

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<div style="MARGIN-LEFT: 54pt" align="left">
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Transferee</font></div>
</td>
<td align="left" colspan="3" valign="top" width="21%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Transferor</font></div>
</td>
<td align="left" valign="top" width="42%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" colspan="3" valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="4" valign="top" width="63%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Name:</font></div>
</td>
<td align="left" valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Name:</font></div>
</td>
<td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Signature:</font></div>
</td>
<td align="left" colspan="4" valign="top" width="63%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Signature:</font></div>
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<td align="left" colspan="3" valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="4" valign="top" width="63%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" colspan="3" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Witness to Signature</font></div>
</td>
<td align="left" colspan="3" valign="top" width="21%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Witness to Signature</font></div>
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<td align="left" valign="top" width="42%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" colspan="3" valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="4" valign="top" width="63%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Name:</font></div>
</td>
<td align="left" valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Name:</font></div>
</td>
<td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" colspan="3" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Signature:</font></div>
</td>
<td align="left" colspan="4" valign="top" width="63%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Signature:</font></div>
</td>
</tr><tr>
<td valign="middle" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="middle" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="middle" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="middle" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="middle" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="middle" width="42%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The transfer of shares which were not fully paid for, or shares on which the Company has a lien, shall have no validity unless approved by the Board, which may, in its absolute discretion and without giving any reason thereto, decline the registration of such transferor impose conditions on the transfer.</font></div>
</td>
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</div>
</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The board may suspend the registration of transfers for such periods as it deems appropriate, and no such transfers shall be registered during any period in which the shareholders is so closed, provided such periods shall not exceed 30 days each year and provided that no such suspension shall take place in any 14 days precluding the recode date for any general meeting or to any distribution.</font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19.4&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon the death of a Shareholder </font></div>
</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19.4.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In case of a share registered in the names of two or more holders, the Company may recognize the survivor(s) as the sole owner(s) thereof.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19.4.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any person becoming entitled to a share in consequence of the death of any person, upon producing evidence of the grand of probate or letters of administration or deceleration of succession (or such other evidence as the Board of Directors may reasonably deem sufficient that he sustains the character in respect of which he proposes to act under this Article or of his title), shall be registered as a shareholder in respect of such shares, or may, subject to the regulations as to transfer herein contained, transfer such share.</font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19.5&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company may recognize the receiver or liquidator of any corporate Shareholder in liquidation or dissolution, or the receiver or trustee in bankruptcy of any Shareholder, as being entitled to the shares registered in the name of such Shareholder, after receipt of evidence to the entitlement thereto, as determined by the Board.</font></div>
</td>
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</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19.6&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A person acquiring a right in shares as a result of being a custodian, administrator of the estate, executor of a will or the heir of a Shareholder, or a receiver, liquidator or a trustee in a liquidation, dissolution or bankruptcy of a Shareholder or according to another provision of Law, is entitled, after producing evidence of his right to the satisfaction of the Board, to be registered as the Shareholder or to transfer such shares to another person, subject to the provisions of this Article 19. </font></div>
</td>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">20.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Bearer Share</font></font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company shall not issue bearer shares.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
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</div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">GENERAL MEETINGS</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">21.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Annual Meeting</font></font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An annual General Meeting shall be held once in every calendar year at such time within a period of not more than fifteen (15) months after the last preceding annual General Meeting and at such place either within or outside of the State of Israel as may be determined by the Board. These General Meetings shall be referred to as &#8220;Annual Meetings.&#8221;&#160;</font></div>

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<div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">22.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Extraordinary Meetings</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">22.1&#160;</font></div>
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<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All General Meetings other than Annual Meetings shall be referred to as &#8220;Extraordinary Meetings&#8221;.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">22.2&#160;</font></div>
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<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may, whenever it deems appropriate, convene an Extraordinary Meeting at such time and place, within or outside of the State of Israel, as may be determined by the Board, and shall be obliged to do so upon the demand in writing of one of the following: </font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 81pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">22.2.1&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any two Directors or a quarter of the Directors, whichever is lower; or</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">22.2.2&#160;</font></div>
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<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">One or more Shareholders, holding alone or together at least five percent (5%) of the issued share capital of the Company, and at least one percent (1%) of the voting rights in the company; or</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">22.2.3&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">One or more Shareholders holding at least five percent (5%) of the voting rights in the company. The demand shall set forth the reasons for convening of the meeting and shall be delivered to the registered office of the Company.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">22.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board, upon demand to convene an Extraordinary Meeting in accordance with Article 22.2.2 above, shall announce the convening of the General Meeting within twenty one (21) days from the receipt of a demand in that respect; provided, however, that the date fixed for the Extraordinary Meeting shall not be more than thirty five (35) days from the date of the announcement of the Extraordinary Meeting, or such other period as may be permitted by the Companies Law or Companies Regulations.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">23.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Class Meetings</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The provisions of these Articles of Association with respect to General Meetings shall apply, <font style="FONT-STYLE: italic; DISPLAY: inline">mutatis mutandis, </font>to meetings of the holders of a class of shares of the Company (hereinafter: &#8220;Class Meetings&#8221;); provided, however, that the requisite quorum at any such Class Meeting shall be one or more Shareholders present in person, by proxy or by proxy card, and holding together not less than fifty percent (50%) of the issued shares of such class.</font></div>

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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
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<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">24.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Notice of General Meetings</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">24.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is not required to give notice under section 69(b) of the Companies Law, to the extent that such section is in effect.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">24.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">General Meeting requires prior notice of at least 21 days. </font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">PROCEEDINGS AT GENERAL MEETINGS</font></font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">25.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">The Agenda of General Meetings</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">25.1&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agenda of</font><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>General Meetings shall be determined by the Board and shall also include issues for which an Extraordinary Meeting is being convened in accordance with Article&#160;22 above, or as otherwise may be required in accordance with the provisions of<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>the Companies Law.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">25.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The General Meeting shall only adopt resolutions on issues or act upon items which are on its agenda.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">25.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The General Meeting is entitled to accept or reject a proposed resolution which is on the agenda of the General Meeting. Subject to applicable Law, the General Meeting may adopt a resolution which is different from the description thereof included in the announcement of the General Meeting, provided that such resolution is not materially different from the proposed resolution.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">25.4&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any Shareholder entitled to be present and vote in a General Meeting may bring any proposal with respect to any of the matters on the agenda of such General Meeting, provided however the Shareholder submits his written proposal specifying his intention to present it to the General Meeting at the Company&#8217;s Registered office, within three (3) days of the announcement of the convening of the General Meeting. </font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">26.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Quorum</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">26.1&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">No business shall be transacted at a General Meeting, or at any adjournment thereof, unless a lawful quorum is present when the meeting proceeds to business.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">26.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the requirements of the Companies Law, the rules of Nasdaq National Market and any other exchange on which the Company&#8217;s securities are or may become quoted or listed, and the provisions of these Articles, any two or more Shareholders (not in default in payment of any sum referred to in Article 13 hereof), present in person or by proxy, or who have delivered to the Company proxy card indicating their manner of voting, and who hold or represent shares conferring in the aggregate at least thirty-three and one-third percent (33 1/3%) of the voting power of the Company, shall constitute a lawful quorum at General Meetings. A Shareholder or his proxy, who also serves as a proxy for other Shareholder(s), shall be regarded as two or more Shareholders, in accordance with the number of Shareholders he is representing.</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">26.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If within an hour from the time appointed for the General Meeting a quorum is not present, the meeting, if convened by the Board upon demand under Article 22.2 or, if not convened by the Board, if convened by the persons making or court demanding in accordance with the provisions of the Companies Law, shall be dissolved, but in any other case it shall stand adjourned to the same day in the next week, at the same time and place, or to such day and at such time and place as the Chairman may determine with the consent of the holders of a majority of the voting power represented at the meeting in person or by proxy and voting on the question of adjournment. No business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting as originally called. At such adjourned meeting, any number of Shareholders present in person or by proxy or by proxy card, shall constitute a lawful quorum.</font></div>
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<div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">27.&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Chairman</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Chairman of the Board shall preside as Chairman at every General Meeting. If there is no such Chairman, or if the Chairman is not present within fifteen (15) minutes after the time fixed for holding such meeting or is unwilling to act as Chairman, the Shareholders present shall choose someone of their number or any other person to be Chairman. The position of Chairman shall not, by itself, entitle the holder thereof to vote at any General Meeting nor shall it entitle such holder to a second or casting vote (without derogating, however, from the rights of such Chairman to vote as a Shareholder or proxy of a Shareholder if, in fact, he is also a Shareholder or proxy, respectively).&#160;</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">28.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Adjourned Meeting</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A General Meeting at which a lawful quorum is present (hereinafter: &#8220;The Original General Meeting&#8221;), may resolve by an Ordinary Majority to adjourn the General Meeting, from time to time, to another time and/or place (hereinafter: an &#8220;Adjourned Meeting&#8221;). In the event that a General Meeting is adjourned for twenty one (21) days or more, a notice of the Adjourned Meeting shall be given in the same manner as the notice of the Original General Meeting. With the exception of the aforesaid, a Shareholder shall not be entitled to receive a notice of an Adjourned Meeting or of the issues which are to be discussed in the Adjourned Meeting. The Adjourned Meeting shall only discuss issues that could have been discussed at the Original General Meeting, and with respect to which no resolution was adopted.&#160;</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">29.&#160;&#160;&#160;&#160; &#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Adoption of Resolutions at General Meetings</font></font></div>
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<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">29.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except with respect to matters which require the approval of a special majority under the Companies Law or these Articles, all resolutions of the General Meeting, shall be deemed adopted if approved by an Ordinary Majority. A resolution of the General Meeting approving an amendment to the "Appointment of Directors" (Article 40 of these Articles) shall be deemed adopted only if approved by Special Majority.</font></div>
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<div style="TEXT-ALIGN: justify">
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">29.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Every matter submitted to a General Meeting shall be decided by a show of hands, but if a written ballot is demanded by any Shareholder present in person, by proxy or by proxy card and entitled to vote at the meeting, the same shall be decided by such ballot. A written ballot may be demanded before the proposed resolution is voted upon or immediately after the declaration by the Chairman of the results of the vote by a show of hands. If a vote by written ballot is taken after such declaration, the results of the vote by a show of hands shall be of no effect, and the proposed resolution shall be decided by such written ballot. The demand for a written ballot may be withdrawn at any time before the same is conducted, in which event another Shareholder may then demand such written ballot. The demand for a written ballot shall not prevent the continuance of the meeting for the transaction of business other than the question on which the written ballot has been demanded.</font></div>
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<div style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">29.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A declaration by the Chairman of the meeting that a resolution has been adopted unanimously, or adopted by a particular majority, or rejected, and an entry to that effect in the minute book of the Company, shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favor of or against such resolution. </font></div>
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<div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">30.&#160;&#160; &#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Power to Adjourn</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a) The Chairman of a General Meeting at which a quorum is present may, with the consent of the holders of a majority of the voting power represented in person or by proxy and voting on the question of adjournment (and shall if so directed by the meeting), adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjournment meeting except business which might lawfully have been transacted at the meeting as originally called. (b) It shall not be necessary to announce an adjournment, unless the meeting is adjourned for thirty (30) days or more in which event announcement thereof shall be given in the manner required for the meeting as originally called.&#160;</font></div>

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<div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">31.&#160;&#160;&#160; &#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Voting Power</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of Article&#160;32.1 and subject to any provision hereof conferring special rights as to voting, or restricting the right to vote, every Shareholder shall have one vote for each share held by him of record, on every resolution, without regard to whether the vote thereon is conducted in person, by proxy or by proxy card, by a show of hands, by written ballot or by any other means.&#160;</font></div>

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<div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">32.&#160; &#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Voting Rights</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">32.1&#160;</font></div>
</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">No Shareholder shall be entitled to vote at any General Meeting (or be counted as a part of the lawful quorum thereat), unless all calls and other sums then payable by him in respect of his shares in the Company have been paid.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">32.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A company or other corporate entity being a Shareholder of the Company may authorize any person to be its representative at any General Meeting. Any person so authorized shall be entitled to exercise on behalf of such Shareholder all the power which the latter could have exercised if it were an individual shareholder. Upon the request of the Chairman of the General Meeting, written evidence of such authorization (in form acceptable to the Chairman) shall be delivered to him.</font></div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">32.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any Shareholder entitled to vote may vote either personally (or, if the Shareholder is a company or other corporate entity, by a representative authorized pursuant to Article 32.2) or by proxy (subject to Article 34 below), or by proxy card.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">32.4&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may determine, in its discretion, matters that may be voted upon at the meeting by proxy card in addition to the matters listed in section 87to the Companies Law.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">32.5&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If two or more persons are registered as joint holders of any share, the vote of the senior who tenders a vote, in person, by proxy or by proxy card, shall be accepted to the exclusion of the vote(s) of the other joint holder(s), and for this purpose seniority shall be determined by the order in which the names stand in the Shareholder Register. </font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">32.6&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Personal Interest in Resolutions</font></div>
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</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Shareholder seeking to vote using a proxy with respect to a resolution which requires that the majority for its adoption include at least a specified majority of the votes of all those not having a personal interest (as defined in the Companies Law) shall mark&#160;&#160;on the Proxy, if he or she has Personal Interest in such resolution, and in such case the Company will not count his/her vote for such resolution. In event the shareholder will vote by other means than Proxy, he/she shall notify the company of his/her Personal Interest in writing prior to the time of the General Meeting.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Such notice either in Proxy or in writing (as applicable) shall be a condition for the&#160;&#160;right to vote with respect to a resolution which requires that the majority for its adoption include at least a specified majority of the votes of all those not having a Personal Interest.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">33.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">The Record Date with Respect to Participation and Voting</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Shareholders who are entitled to participate and vote at a General Meeting shall be those Shareholders who are registered in the Shareholder Register of the Company on the date determined by the Board, provided that such date is not be more than twenty one (21) days, nor less than four (4) days, prior to the date of the General Meeting, except as otherwise permitted by the Companies Law or the Companies Regulations.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">PROXIES</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">34.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Voting by Means of a Proxy</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">34.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Shareholder is entitled to appoint by deed of authorization a proxy (who is not required to be a Shareholder of the Company) to participate and vote in his stead, whether at a certain General Meeting or generally at General Meetings of the Company (e.g, until the occurrence of such date or event as is specified in the deed of authorization), whether personally, by proxy or by means of a proxy card.</font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">34.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event that the deed of authorization is not limited to a certain General Meeting, then the deed of authorization, which was deposited prior to a certain General Meeting, shall also be good for other General Meetings thereafter, subject to the terms&#160; of the deed of authorization. This Article 34 shall also apply to a Shareholder which is a corporation, appointing a person to participate and vote in a General Meeting in its stead. </font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">35.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">A Deed of Authorization</font></font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">35.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The deed of authorization shall be in writing and shall be substantially in the form specified below, or in any usual or common form or in such other form as may be approved by the Board. It shall be duly signed by the appointer or his duly authorized attorney or, if such appointer is a company or other corporate entity, under its common seal or stamp or the hand of its duly authorized agent(s) or attorney(s). signed by the appointing shareholder or by his attorney duly authorized in writing, and shall be in the following form or any form similar thereto:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ITURAN LOCATION AND CONTROL LTD<font style="FONT-STYLE: italic; DISPLAY: inline"> (&#8220;the Company&#8221;)</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I,&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..&#160;&#160;of &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#160;&#160;being a shareholder of the Company hereby appoint Mr. &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#160;&#160;of &#160;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#160;&#160;or, in his absence, Mr. &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#160; of &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#160;&#160;as proxy to vote for me and on my behalf at the general (ordinary or special) meeting of the Company (as the case may be) to be convened on the &#8230;..&#160;&#160;day of &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. and at every adjournment thereof.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Signed this &#8230;&#8230;. day of &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..&#8220;.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Signature of Appointer)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">35.2&#160;</font></div>
</td>
<td style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The deed of authorization (and the power of attorney or other authority, if any, under which such instrument has been signed) shall either be delivered to the Company (at its registered office, or at its principal place of business, or at the office of its registrar and/or transfer agent or at such place as the Board may specify) not less than twenty four (24) hours before the time fixed for the meeting, at which the person named in the deed of authorization proposes to vote, or presented to the Chairman at such meeting.</font></div>
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</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">36.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Effect of Death of Appointer or Revocation of Appointment</font></font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A vote cast pursuant to a deed of authorization shall be valid notwithstanding the previous death, incapacity or bankruptcy, or if a company or other corporate entity, the liquidation, of the appointing Shareholders (or of his attorney-in fact, if any, who signed such instrument), or the revocation of the appointment provided no written notice of any such event shall have been received by the Company or by the Chairman of the General Meeting before such vote is cast and provided, further, that the appointing Shareholder, if present in person at said General Meeting, may revoke the appointment by means of a written or oral notification to the Chairman, or otherwise.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">37.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">The Disqualification of Proxy Cards and Deed of Authorization</font></font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of applicable Law, the corporate secretary of the Company and/or the Chairman of the Board may, in his discretion, disqualify proxy card and deed of authorization and so notify the Shareholder who submitted a proxy card or deed of authorization in the following cases:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
</table>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">37.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If there is a reasonable suspicion that they are forged or falsified;</font></div>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">37.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If they are not duly executed or completed, as set forth in Article 35.1 above, if applicable</font></div>
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</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">37.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If they are given with respect to shares for which one or more proxy cards or deeds of authorization have been given and not withdrawn;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">37.4&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If more than one choice is marked for the same resolution; or</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">37.5&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to resolutions which require that the majority for their adoption include a certain percentage of those not having a personal interest in the approval of the resolution, where it was not marked, or otherwise notified to the Company, whether or not the relevant Shareholder has a personal interest. </font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">BOARD OF DIRECTORS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">38.&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">The Authority of the Board</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">38.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The authority of the Board is as specified in the Companies Law and in the provisions of these Articles. Without derogating from the generality of the aforesaid, The management of the business of the Company shall be vested in the Board, which may exercise all such powers and do all such acts and things as the Company is authorized to exercise and do, and are not hereby or by law required to be exercised or done by the company in a General Meeting. The authority conferred on the Board by this Article 38 shall be subject to the provisions of the Companies Law, of these Articles and any regulation or resolution consistent with these Articles adopted from time to time by the Company in a General Meeting, provided, however, that no such regulation or resolution shall invalidate any prior act done by or pursuant to a decision of the Board which would have been valid if such regulation or resolution had not been adopted.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">38.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Without derogating from the generality of Articles 38.1 above, the Board&#8217;s authority shall include the following:</font></div>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">38.2.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may, from time to time, in its discretion, cause the Company to borrow or secure the payment of any sum or sums of money for the purposes of the Company, and may secure or provide for the repayment of such sum or sums in such manner, at such times and upon such terms and conditions in all respects as it deems appropriate, including, without limitation, by the issuance of bonds, perpetual or redeemable debentures or other securities, or any mortgages, charges, or other liens on the undertaking or the whole or any part of the property of the Company, both present and future, including its uncalled or called but unpaid capital.</font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">38.2.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of Article 35 below and subject to the provisions of any applicable law, the Board may, from time to time, set aside any amount(s) out of the profits of the Company as a reserve or reserves for any purpose(s) which the Board, in its sole discretion, shall deem appropriate, and may invest any sum so set aside in any manner and from time to time deal with and vary such investments, and dispose of all or any part thereof, and employ any such reserve or any part thereof in the business of the Company without being bound to keep the same separate from other assets of the Company, and may subdivide or re-designate any reserve or cancel the same or apply the funds therein for another purpose, all as the Board may from time to time deem appropriate.</font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">38.2.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of any Law, the Board may, from time to time, authorize any person to be the representative of the Company with respect to those objectives with such powers, discretions and authorities subject to those conditions and for that time period, as the Board deems appropriate, and any such appointment may contain such provisions for the protection and convince of persons dealing with such representative as the board may deem it and may also grant any such representative the authority to delegate any or all of the authorities, powers and discretions vested in him by the Board.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">38.2.4&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may, at any time in its sole discretion, adopt protective measures to prevent or delay a coercive takeover of the company, including without limitation the adoption of a &#8220;Shareholder Rights Plan&#8221;. </font></div>
</td>
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</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Board Meetings</font></font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.1&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Convening Meetings of the Board</font></font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.1.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Chairman of the Board may convene a meeting of the Board at any time; provided that a meeting of the Board be convened at least once every three (3) months.</font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.1.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Chairman of the Board shall convene a meeting of the Board at any time or in any event that such meeting is required by the provisions of the Companies Law. </font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.2&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice of a Meeting of the Board</font></font></div>
</td>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.2.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any notice with respect to a meeting of the Board may be given orally or in writing, so long as the notice is given at least seven (7) days prior to the date fixed for the meeting, unless all members of the Board or their Alternate Directors (as described in Article 41 below) or their representatives agree on a shorter time period. Such notice shall be delivered personally, by mail, or transmitted via facsimile or e-mail or through another means of communication, to the address, facsimile number or to the e-mail address or to an address where messages can be delivered through other means of communication, as the case may be, as the Director or its alternate informed the Company in advance.</font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.2.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A notice with respect to a meeting of the Board shall include the venue, date and time of the meeting of the Board, the issues on its agenda and any other material that the Chairman of the Board requests to be included in the notice with respect to the meeting. </font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.3&#160;</font></font></div>
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<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">The Agenda of Board Meetings</font></font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The agenda of any meeting of the Board shall be as determined by the Chairman of the Board, and shall include the following matters:</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.3.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Matters for which the meeting is required to be convened in accordance with the Companies Law;</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.3.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any matter requested by a Director or by the Chief Executive Officer to be included in the agenda of the meeting within at least 24 hours (taking into account the nature of the matter) prior to the meeting;</font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.3.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any other matter determined by the Chairman of the Board. </font></div>
</td>
</tr></table>
</div>
</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.4&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Quorum</font></font></div>
</td>
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</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Unless otherwise unanimously decided by the Board, a quorum at a meeting of the Board shall be constituted by the presence of a majority of the members of the Board then in office who are lawfully entitled to participate in the meeting (as conclusively determined by the Chairman of the Board), but shall not be less than two Directors.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.5&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Conducting a Meeting through Means of Communication</font></font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may conduct a meeting of the Board through the use of any means of communication, provided all of the participating Directors can hear each other simultaneously. A resolution approved by use of means of communications as aforesaid, shall be deemed to be a resolution lawfully adopted at a meeting of the Board.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.6&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Voting in the Board</font></font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Unless otherwise provided by these Articles, issues presented at meetings of the Board shall be decided upon by a majority of the votes of Directors present (or participating, in the case of a vote through a permitted means of communications) and lawfully voting thereon (as conclusively determined by the Chairman of the Board). Subject to the provision of Article&#160;41.2 below, with respect to representatives of Directors that are companies, each Director shall have a single vote.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">39.7&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Written Resolution</font></font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A resolution in writing signed by all Directors then in office and lawfully entitled to vote thereon (as conclusively determined by the Chairman of the Board) or to which all of such Directors have given their consent (by letter, telegram, telex, facsimile, e-mail or other written forms), or their oral consent by telephone (provided that a written summary thereof has been approved and signed by the Chairman of the Board), shall be deemed to have been adopted by a meeting of the board duly convened and held. In the event of the adoption of a resolution pursuant to this article, the Chairman of the Board shall state in the minutes the manner in which each Director voted in the resolution and the fact that such Directors consented to the adoption of a resolution without the convening of a meeting. &#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">The Appointment of Directors</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Number of Directors</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board shall consist of such number of Directors, not less than two (2) nor more than twelve (12) (including External Directors, as defined by the Companies Law).&#160;</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Classes &amp; Term of Directors Office </font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Directors on the Board, other than the External Directors, are divided into three classes, Class A, Class B and Class C, consisting of up to 4 Directors each.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The term of office of the directors assigned to Class A will expire at the Company&#8217;s second Annual Meeting to be convened following the adoption of these Articles, and at each third succeeding Annual Meeting thereafter.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The term of office of the directors assigned to Class B will expire at the third annual meeting of shareholders, to be convened following the adoption of these Articles and at each third succeeding Annual Meeting thereafter.</font></div>

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</div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The term of office of the directors assigned to Class C will expire at the forth annual meeting of shareholders, to be convened following the adoption of these Articles and at each third succeeding Annual Meeting thereafter.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">External Directors shall be elected and serve terms in accordance with the Companies Law.&#160;</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.3&#160;</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Directors Generally</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.3.1&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of the Companies Law, a Director may hold another position in the Company.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.3.2&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A company or other corporate entity may serve as a Director in the Company.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.3.3&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board shall include External Directors as may be required to comply with the requirements of the Companies Law, and shall include Independent Directors as may be required to comply with the Nasdaq Stock Market or any other securities exchange on which the securities of the Company are or may become quoted or listed. </font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.4&#160;</font></font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.4.1&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Directors (other than the External Directors) shall be elected only at Annual Meetings, unless other provided in these Articles, and shall so serve until the expiration of their term of office pursuant to these Articles. A Director whose office is terminated shall be eligible for re-election (subject to the provisions of the Companies Law applicable to External Directors). The Annual Meeting and in the case of External Directors also the Extraordinary Meeting, at the time of election of a Director, shall classify such Director to Class A, Class B or Class C as set forth above, subject however to the provisions of the Companies Law.</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.4.2&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Annual Meeting may elect any person(s) as Director(s) if such person served as a Director up until the date of the Annual Meeting, if such person was nominated by the Board or if such person was elected by a Shareholder in accordance with Article 40.4.1 above.</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.4.3</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Annual Meeting at a Special Majority shall be entitled to remove from office any Director. </font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.4.4&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board of Directors may elect any person or persons as a Director(s), to fill an office which became vacant to the same class of directors and the same duration of office which would have been applicable to the Director whose office became vacant, had his/her office would not have been terminated.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 81pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.4.5&#160;</font></div>
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<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition to the aforesaid, and subject to the provisions of the Companies Law with respect to External Directors, the office of a Director shall vacate with the occurrence of one or more of the events listed in section 228 of the Companies Law (with the exception of section 230 of the Companies Law which shall not apply) as well as in the event the Director dies, is declared by the court to be incapable or, in the event of a company or another corporate entity upon adaptation of a resolution for its voluntary liquidation or the issuance of a liquidation order.</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">40.4.6&#160;</font></div>
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<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a) Notwithstanding anything to the contrary herein, the term of a Director may commence on a date later than the date of the Shareholders Resolution electing said Director, if so specified in said Shareholders Resolution. (b) The election and removal of External Directors shall be governed by the Companies Law, provided, however, that the company shall not have more than three &#8220;External Directors&#8221;. </font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">41.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Alternate Directors and Representative of a Director that is a Company</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 81pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">41.1.1&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of the Companies Law, any Director may, by written notice to the Company, appoint an alternate for himself (in these Articles, an &#8220;Alternate Director&#8221;), dismiss such Alternate Director and appoint another Alternate Director in place of any Alternate Director appointed by him whose office has been vacated for any reason whatsoever, whether for a certain meeting or a certain period of time or generally. Any notice given to the Company pursuant to this Article shall be in writing, delivered to the Company and signed by the appointing or dismissing Director, and shall become effective on the date fixed therein, or upon the delivery thereof to the Company, whichever is later.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 81pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">41.1.2&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Anyone who is not qualified to be appointed as a Director and/or anyone serving as a Director or as an existing Alternate Director may not be appointed and may not serve as an Alternate Director.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">41.2&#160;</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Representative of a Director that is a Company</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">41.2.1&#160;</font></div>
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<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Director that is a company or other corporate entity shall appoint an individual, qualified to be appointed as a Director in the Company, in order to serve on its behalf, either for a certain meeting or for a certain period of time or generally and such company or other entity may also dismiss that individual and appoint another in his stead (hereinafter: &#8220;Director&#8217;s Representatives&#8221;). Any notice given to the Company pursuant to this Article shall be in writing, delivered to the Company and signed by the appointing or dismissing body, and shall become effective on the date fixed therein, or upon the delivery thereof to the Company, whichever is later.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 81pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">41.2.2&#160;</font></div>
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<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to Article 41.2.1, any person, whether or not a Director may serve as a Director&#8217;s Representative. One person may act as a Director&#8217;s Representative of several Directors, and in such event he shall have a number of votes (and shall be treated as the number of persons for purposes of establishing a quorum) equal to the number of Directors for whom he acts as a Director&#8217;s Representative. If a Director&#8217;s Representative is also a Director in his own right, his rights as a Director&#8217;s Representative shall be in addition to his rights as a Director. </font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">41.3&#160;</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Provisions with Respect to Alternate Directors and Director&#8217;s Representatives</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 81pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">41.3.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An Alternate Director and a Director&#8217;s Representative shall have all the authority of the Director who appointed him, provided, however, that an appointment by such alternate or a representative for himself may only be made in compliance with the provisions of the Companies Law, provided further that an Alternate Director and a Director&#8217;s Representative shall have no standing at any meeting of the Board or any committee thereof while the Director who appointed him is present.</font></div>
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<td style="WIDTH: 81pt">&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">41.3.2&#160;</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The office of an Alternate Director or a Director&#8217;s Representative shall be vacated under the circumstances,</font><font style="FONT-STYLE: italic; DISPLAY: inline">mutatis mutandis, </font>set forth in Article&#160;40.4.5, and such office shall <font style="FONT-STYLE: italic; DISPLAY: inline">ipso facto </font>be vacated if the Director who appointed such Alternate Director or Director&#8217;s Representative ceases to be a Director.&#160;</font></div>
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<div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">42.&#160;&#160;&#160; &#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Continuing Directors in the Event of Vacancies</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event of one or more vacancies in the Board, the continuing Directors may continue to act in every matter; provided, however, that if the number of continuing Directors is less than the minimum number provided for pursuant to Article&#160;40.1 hereof, and unless the vacancy or vacancies is filled by the Board of Directors pursuant to Article&#160;40.4.4, they may only act for the convening of a General Meeting for the purpose of electing Director(s) to fill any or all vacancies.&#160;</font></div>

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<div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">43.&#160;&#160; &#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Personal Interest of a Director</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to compliance with the provisions of the Companies Law and the Nasdaq rules, the Company may enter into any contract or otherwise transact any business with any Director and may enter into any contract or otherwise transact any business with any third party in which contract or business a Director has a personal interest, directly or indirectly.&#160;</font></div>

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<div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">44.&#160;&#160; &#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Committees of the Board of Directors</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">44.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of the Companies Law, the Board may delegate its authorities or any&#160; part of thereof to committees, as it deems appropriate, and it may from time to time cancel the delegation of any such authority. Any such committee shall, in the exercise of the powers delegated, fulfill all of the instructions given to it from time to time by the Board.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">44.2&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of the Companies Law, the rules of the Nasdaq National Market or any other exchange on which the Company&#8217;s securities are or may become quoted or listed, each committee of the Board shall consist of at least two (2) Directors, of which at least one shall be an External Director; provided that the audit committee shall consist of at least three (3) Directors, and all of the External Directors of the Company shall be members of it and the majority of its members shall be Independent Directors ("</font><font style="FONT-STYLE: italic; DISPLAY: inline">Bilti Talui") </font>as defined in the Companies Law; and provided that the Remuneration Committee shall consist of at least three (3) Directors, and all External Directors of the Company shall be members of it and shall consist a majority of such committee and its other members shall be directors whose service terms in office are determined pursuant to Section 244 of the Companies Law.</font></div>
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</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">44.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The provisions of these Articles with respect to meetings of the Board shall apply, mutatis mutandis, to the meetings and discussions of each committee of the Board, so far as they are not superseded by any regulations adopted by the Board under this Article, and provided that the lawful quorum for the meetings of the committee, as stated, shall be at least a majority of the members of the committee, unless otherwise Required by Law. </font></div>
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<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 27pt">&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">45A.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Approval of Certain Related Party Transactions</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A transaction of the type described in Section 270(1) of the Companies Law; i.e., a transaction with an Office Holder or a transaction in which an Office Holder has a personal interest (as specified in Section 270(1)), provided that such transactions are in the Company's ordinary course of business, are on market terms and are not likely to substantially influence the profitability of the Company, its assets or its liabilities, may be approved by the audit committee, without the need for Board of Director's approval, subject to any applicable Law and any relevant stock exchange rule applicable to the Company.</font></div>

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<div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">45.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Chairman of the Board</font></font></div>
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<td style="WIDTH: 81pt">&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">45.1.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board shall choose one of its members to serve as the Chairman of the Board. Unless otherwise provided in the appointing resolution, the Chairman of the Board shall serve until otherwise resolved by the Board.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="TEXT-ALIGN: justify; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="TEXT-ALIGN: justify;">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">45.1.2&#160;</font></div>
</td>
<td style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event that the Chairman of the Board ceases to serve as a Director in the Company, the Board, in its first meeting held thereafter, shall appoint one of its members to serve as a new Chairman who will serve in his position for the term set in the appointment resolution, and if no period is set, until the appointment of a new Chairman, as provided in this Article.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">45.1.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event that the Chairman of the Board is absent from a meeting of the Board within fifteen (15) minutes of the time fixed for the meeting, or if he is unwilling to preside at the meeting, the Board shall appoint one of the Directors present to preside at the meeting. </font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">45.2&#160;</font></font></div>
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<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Authority</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">45.2.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Chairman of the Board shall preside over meetings of the Board and shall sign the minutes of the meetings.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">45.2.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event of deadlock vote, the Chairman of the Board shall not have an additional or casting vote.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">45.2.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Chairman of the Board is entitled, at all times, at his initiative or pursuant to a resolution of the Board, to require reports from the General Manager in matters pertaining to the business affairs of the Company.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">45.2.4&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Chairman of the Board shall not serve as the General Manager of the Company, unless he is appointed in accordance with the provisions of the Companies Law.</font></div>
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</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">45.2.5&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Chairman of the Board shall not serve as a member of the audit committee. </font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">46.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Validity of Acts despite Defects</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of the Companies Law, all acts done bona fide at any meeting of the Board, or of a committee of the Board, or by any person(s) acting as Director(s), shall, notwithstanding that it may afterwards be discovered that there was some defect in the appointment of the participants in such meetings or any of them or any person(s) acting as aforesaid, or that they or any of them were disqualified, be as valid as if there was no such defect or disqualification.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MINUTES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">47.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Minutes</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">47.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">minutes of each General Meeting and of each meeting of the Board shall be recorded and duly entered in books provided for that purpose. Such minutes shall set forth all resolutions adopted at the meeting and, with respect to minutes of board meetings, the names of the persons present at the meeting</font></div>
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</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">47.2&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any minutes as aforesaid, if purporting to be signed by the Chairman of the meeting or by the Chairman of the next succeeding meeting, shall constitute prima</font><font style="FONT-STYLE: italic; DISPLAY: inline"> facie </font>evidence of the matters recorded therein.&#160;</font></div>
</td>
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</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">OFFICERS; AUDITOR</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">48.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">The General Manager</font></font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">48.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board shall appoint a General Manager, and may appoint more than one General Manager. Subject to Article 45.2.4, the General Manager may be a Director. Such appointment(s) may be either for a fixed term or without any limitation of time, and the Board of Directors may from time to time (subject to the provisions of the Companies Law and of any contract between any such person and the Company) fix his or their salaries and emoluments, remove or dismiss him or them from office and appoint another or others in his or their place or places.</font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">48.2&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">The Authority of the General Manager</font></font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">48.2.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The General Manager is responsible for the day-to-day management of the affairs of the Company within the framework of the policies set by the Board and subject to its instructions.</font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">48.2.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The General Manager shall have all managerial and operational authorities, which were not conferred by Law or pursuant to these Articles to any other organ of the Company, and he shall be under the supervision of the Board.</font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">48.2.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event the Board appoints more than one General Manager, the Board may determine the respective positions and functions of the General Managers and allocate their authorities as the Board may deem appropriate.</font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">48.2.4&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may assume the authority granted to the General Manager, either with respect to a certain issue or for a certain period of time.</font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">48.2.5&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event that the General Manager is unable to exercise his authority, the Board may exercise such authority in his stead, or authorize another to exercise such authority.</font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">48.2.6&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The General Manager, with the approval of the Board, may delegate to his subordinates any of his authority. </font></div>
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</div>
</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">49.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Internal Auditor</font></font></div>
</td>
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</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">49.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board shall appoint an internal auditor to the Company in accordance with the proposal of the audit committee and with the provisions of the Companies Law. The internal auditor shall report to the Chairman of the Board, the General Manager and the Chairman of the audit committee, all to the extent required by Law.</font></div>
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</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">49.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The internal auditor shall file with the Audit Committee (after consulting with the Chairman of the Board) a proposal for an annual or other periodic work plan, which shall be approved by the Audit Committee, subject to any changes it deems appropriate. </font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">50.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Other Officers of the Company</font></font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may appoint, in addition to the General Manager and the internal auditor, other officers, define their positions and authorities, and set their compensation and terms of employment. Unless otherwise resolved by the Board, the General Manager is authorized to exercise any or all of its authorities stated in this Article.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">50A.</font></font></div>
</td>
<td align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Limitations on the Eligibility of the Company&#8217;s Officeholders</font></font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any person serving in the following positions in the Company:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 9pt">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(a)</font></div>
</td>
<td align="left" valign="top" width="65%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The chairman of the Board and one third of the members of the Board, provided that these officers are authorized to discuss and decide on the subject of security.</font></div>
</td>
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</div>

<div style="MARGIN-LEFT: 9pt">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="4%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)</font></div>
</td>
<td align="left" valign="top" width="65%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The CEO, his deputy and their substitutes.</font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 9pt">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(c)</font></div>
</td>
<td align="left" valign="top" width="65%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The deputy in charge of engineering.</font></div>
</td>
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</div>

<div style="MARGIN-LEFT: 9pt">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(d)</font></div>
</td>
<td align="left" valign="top" width="65%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Legal Counsel, his deputy and substitute.</font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 9pt">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(e)</font></div>
</td>
<td align="left" valign="top" width="65%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The head of security and his staff.</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">shall be eligible to serve in such position provided that such person shall meet all of the following criteria (without derogating from additional criteria set under the applicable laws):</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="3%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50.A.1</font></div>
</td>
<td valign="top" width="64%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Such person is a citizen and resident of the State of Israel; and</font></div>
</td>
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</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="3%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50.A.2</font></div>
</td>
<td valign="top" width="64%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Such person received security approval from the General Security Service (&#8220;Shabak&#8221;), that there is no objection to their appointment.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">51.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">The Auditor</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">51.1&#160;</font></div>
</td>
<td style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Shareholders at the Annual Meeting shall appoint an auditor for a period until the close of the following Annual Meeting or for a period not to extend beyond the close of the third Annual Meeting following the Annual Meeting in which he was appointed. Subject to the provisions of the Companies Law, the General Meeting is entitled at any time to terminate the service of the auditor.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">51.2&#160;</font></div>
</td>
<td style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board shall fix the compensation of the auditor of the Company for his auditing activities, and shall also fix the compensation of the auditor for additional services, if any, which are not auditing activities, and, in each case, shall report thereon to the Annual Meeting.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">DISTRIBUTIONS</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">52.&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">General</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company may effect a distribution to its Shareholders to the extent permitted by the Companies Law.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.&#160;&#160;&#160; &#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Dividend and Bonus Shares</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.1&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Right to Dividend or Bonus Shares</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.1.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A shareholder shall be entitled to receive dividends or bonus shares, upon the resolution of the Company in accordance with Article 53.2 below, consistent with the rights attached to the shares held by such Shareholder.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.1.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Shareholders entitled to receive dividends or bonus shares shall be those who are Shareholders on the date of the resolution approving the distribution or allotment, or on such later date, as may be determined in such resolution. </font></div>
</td>
</tr></table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.2&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Resolution of the Company with Respect to a Dividend or Bonus Shares</font></font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The resolution of the Company with respect to the distribution of a dividend or bonus shares shall be adopted by the Board in accordance with the provisions of the Companies Law.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.3&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Specific Dividend</font></font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board will determine the way and method of payment of any dividend or bonus shares.&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.4&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Deductions from Dividends</font></font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may deduct from any distribution or other moneys payable to any Shareholder in respect of a share any and all relevant withholding tax, and any and all sums of money then payable by him to the Company on account of calls or otherwise in respect of shares of the Company.&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.5&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Retention of Dividends</font></font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.5.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may retain any dividend, bonus shares or other moneys payable or property distributable in respect of a share on which the Company has a lien, and may apply the same in or toward satisfaction of the debts, liabilities, or engagements in respect of which the lien exists.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.5.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may retain any dividend, bonus shares or other moneys payable or property distributable in respect of a share in respect of which any person is, under Article 19.5, entitled to become a Shareholder, or which any person is, under said Articles, entitled to transfer, until such person shall become a Shareholder in respect of such share or shall transfer the same. </font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.6&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Mechanics of Payment</font></font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any dividend or other moneys payable in cash in respect of a share may be paid by check sent by registered mail to, or left at, the registered address of the person entitled thereto or by transfer to a bank account specified by such person (or, if two or more persons are registered as joint holders of such share or are entitled jointly thereto as a result of the death or bankruptcy of the holder or otherwise, to anyone of such persons or to his bank account), or to such person and at such address as the person entitled thereto may direct in writing. Every such check shall be made payable to the order of the person to whom it is sent, or to such person as the person entitled thereto as aforesaid may direct, and payment of the check by the banker upon whom it is drawn shall be a good discharge to the Company. Every such check shall be sent at the risk of the person entitled to the money represented thereby.&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.7&#160;</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">An Unclaimed Dividend</font></font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All unclaimed dividends or other moneys payable in respect of a share may be invested or otherwise made use of by the Board for the benefit of the Company until claimed. The payment by the Board of any unclaimed dividend or such other moneys into a separate account shall not constitute the Company a trustee in respect thereof, and any dividend unclaimed after a period of seven (7) years from the date of declaration of such dividend, and any such other moneys unclaimed after a like period from the date the same were payable, shall be forfeited and shall revert to the Company; provided, however, that the Board may, at its discretion, cause the Company to pay any such dividend or such other moneys, or any part thereof, to a person who would have been entitled thereto had the same not reverted to the Company.&#160;</font></div>

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<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
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<div id="HDR">
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.8&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Receipt from a Joint Holder</font></font></div>
</td>
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</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If two or more persons are registered as joint holders of any share, or are entitled jointly thereto as a result of the death or bankruptcy of the holder or otherwise, anyone of them may give effectual receipts for any dividend, bonus shares or other moneys payable or property distributable in respect of such share.&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.9&#160;</font></font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Manner of Capitalization of Profits and the Distribution of Bonus Shares</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon the resolution of the Board the Company may cause any moneys, investments, or other assets forming part of the undivided profits of the Company, standing to the credit of a reserve fund, or to the credit of a reserve fund for the redemption of capital, or in the hands of the Company and available for distribution, or representing premiums received on the issuance of shares and standing to the credit of the share premium account, to be capitalized and distributed as capital among such of the Shareholders as would be entitled to receive the same if distributed by way of dividend and in the same proportion, or may cause any part of such capitalized fund to be applied on behalf of such Shareholders in paying up in full, either at par or at such premium as the resolution may provide, any un issued shares or debentures or other securities of the Company which shall be distributed accordingly, in payment, in full or in part, of the uncalled liability on any issued shares or debentures or other securities, and may cause such distribution or payment to be accepted by such Shareholders in full satisfaction of their interest in such capitalized sum.&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.10&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board may settle, as it deems fit, any difficulty arising with regard to the distribution of bonus shares, distributions referred to in Articles 53.2 and 53.9 hereof or otherwise, and in particular, to issue certificates for fractions of shares and sell such fractions of shares in order to pay their consideration to those entitled thereto, to set the value for the distribution of certain assets and to determine that cash payments shall be paid to the Shareholders on the basis of such value, or that fractions whose value is less than NIS 1.00 shall not be taken into account. The Board may pay cash or convey these certain assets to a trustee in favor of those people who are entitled to a dividend or to a capitalized fund, as the Board shall deem appropriate. </font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">53.11&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The provisions of this chapter shall also apply to the distribution of Securities.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">54. &#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Acquisition of Shares</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">54.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is entitled to acquire or to finance an acquisition, directly or indirectly, of shares of the Company or securities convertible or exercisable into shares of the Company, including incurring an obligation to take any of these actions, subject to the fulfillment of the conditions of a permitted distribution under the Companies Law. In the event that the Company so acquired any of its shares, any such share shall become a dormant share, and shall not confer any rights, so long as it held by the Company.</font></div>
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<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">54.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A subsidiary or another company controlled by the Company is entitled to acquire or finance an acquisition, directly or indirectly, of shares of the Company or securities convertible or exercisable into shares of the Company, or incur an obligation with respect thereto, to the same extent that the Company may make a distribution, subject to the terms of, and in accordance with the Companies Law. In the event a subsidiary or such controlled company so acquired any of the Company&#8217;s shares, any such share shall not confer any voting rights, so long as it is held by such subsidiary or controlled company.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">INSURANCE AND INDEMNIFICATION OF OFFICE HOLDERS</font></font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">55.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Definition</font></font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For purposes of Articles 56 and 57 below, the term &#8220;Office Holder&#8221; shall have the meaning ascribed to such term in the Companies Law.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">56.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Insurance of Office Holders</font></font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">56.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company may, to the extent permitted by the Companies Law, enter into a contract for the insurance of the liability of an Office Holder of the Company, in respect of a liability imposed on him as a result of an act done by him in his capacity as an Office Holder of the Company, in any of the following:</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">56.1.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A breach of his duty of care to the Company or to another person;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">56.1.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A breach of his duty of loyalty to the Company, provided that the Office Holder acted in good faith and had reasonable grounds to assume that such act would not harm the Company;</font></div>
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</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">56.1.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A financial liability imposed on him in favor of another person. </font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">56.1.4&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A payment which he is obligated to make to an injured party as set forth in&#160; Section 52(BBB)(a)(1)(a) of the Securities Law;</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">56.1.5</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Expenses that he incurred in connection with a proceeding under Chapters H'3, H'4 or I'l of the Securities Law, Sections 363a-363c of the Companies Law and Chapter G1 of the Antitrust Law, 1988, including reasonable legal expenses, which term includes attorney fees.</font></div>
</td>
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</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">57.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Indemnification of Office Holders</font></font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">57.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company may, to the extent permitted by the Companies Law, indemnify an Office Holder of the Company for liability or expense he incurs as a result of an act done by him in his capacity as an Office Holder of the Company, as follows:</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">57.1.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A financial liability imposed on him in favor of another person by a court judgment, including a settlement judgment or an arbitrator&#8217;s award approved by a court;</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">57.1.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">reasonable litigation expenses, including attorneys&#8217; fees, expended by an Office Holder pursuant to an investigation or a proceeding commenced against him by a competent authority and that was terminated without an indictment and without having a monetary charge imposed on him in exchange for a criminal procedure (as such terms are defined in the Companies Law), or that was terminated without an indictment but with a monetary charge imposed on him in exchange for a criminal procedure in a crime that does not require the finding of criminal intent, or in connection with a financial sanction.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">57.1.3&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">reasonable litigation expenses, including attorneys&#8217; fees, expended by an Office Holder or charged to him by a court, in a proceeding filed against him by the Company or on its behalf or by another person, or in a criminal charge from which he was acquitted, or in a criminal charge of which he was convicted of a crime which does not require a finding of criminal intent. </font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">57.1.4</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A payment which an Office Holder is obligated to make to an injured party as&#160; set forth in Section 52(BBB)(a)(1)(a) of the Securities Law.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 90pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">57.1.5</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Expenses that an Office Holder incurred in connection with a proceeding under Chapters H'3, H'4 or I'l of the Securities Law, Sections 363a-363c of the Companies Law and Chapter G1 of the Antitrust Law, 1988 including reasonable legal expenses, which term includes attorney fees.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">57.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company may indemnify an Office Holder of the Company pursuant to this Article 57 retrospectively, and may also undertake in advance to indemnify an Office Holder of the Company with respect to matters set forth in Articles 57.1.1, 57.1.2, 57.1.3, 57.1.4 and 57.1.5 provided that an undertaking with respect to matters set forth in Article 57.1.1 is limited to events of a kind which the Board believes can be anticipated in light of the Company&#8217;s activities at the time of such undertaking, and in an amount or criteria that the Board determines is reasonable under the circumstances, and that the indemnification undertaking will specify the events of that the Board believes can be anticipated in light of the Company&#8217;s activities at the time of such undertaking, and the amount or criteria that the Board determines is reasonable under the circumstances.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">57.3</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indemnification pursuant to this Article 57 shall not exceed the rate of twenty five percent (25%) of the Company&#8217;s capital, calculated based on the Company&#8217;s most recent consolidated financial statements published prior to the actual indemnification.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">58.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">General</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The provisions of Articles 56 and 57 above are not intended, and shall not be interpreted, to restrict the Company in any manner in respect of the procurement of insurance and/or in respect of indemnification and/or release from liability in connection with any person who is not an Office Holder, including, without limitation, any employee, agent, consultant or contractor of the Company who is not an Office Holder, or in connection with any Office Holder to the extent that such insurance and/or indemnification and/or release from liability us permitted under the law.&#160;</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">LIQUIDATION</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">59.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Liquidation</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">59.1&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to applicable Law and to the rights of shares with special rights upon liquidation, the assets of the Company available for distribution among the Shareholders shall be distributed to them in proportion to the amount paid or credited as paid on the par value of their respective holdings of the shares in respect of which such distribution is being made.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">&#160;</td>
<td align="right" style="WIDTH: 27pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">59.2&#160;</font></div>
</td>
<td align="left">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event that the Company is liquidated, whether voluntarily or otherwise, the liquidator, with the approval of a General Meeting, may make a distribution in kind to the Shareholders of all or part of the property of the Company, and he may, with the approval of the General Meeting, deposit any part of the property of the Company with trustees in favor of the Shareholders, as the liquidator with the aforementioned approval, deems appropriate and subject to applicable law. </font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">ACCOUNTS</font></font></div>

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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">60.&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Books of Account</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board shall cause accurate books of account to be kept in accordance with the provisions of the Companies Law and of any other applicable Law. Such books of account shall be kept at the registered office of the Company, or at such other place or places as the Board may deem appropriate, and they shall always be open to inspection by all Directors. No Shareholder, not being a Director, shall have any right to inspect any account or book or other similar document of the Company, except as conferred by Law or authorized by the Board or by a resolution of the General Meeting adopted by an Ordinary Majority.&#160;</font></div>

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<div>
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<tr valign="top">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">61.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Audit</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Without derogating from the requirements of any applicable law, at least once in every fiscal year the accounts of the Company shall be audited and the accuracy of the profit and loss account and balance sheet certified by one or more duly qualified auditors.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">RIGHTS OF SIGNATURE, STAMP AND SEAL</font></font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 28.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">62.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Rights of Signature. Stamp and Seal</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">62.1&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board shall be entitled to authorize any person or persons (who may not be Directors) to act and sign on behalf of the Company, and the acts and signature of such person(s) on behalf of the Company shall bind the Company insofar as such person(s) acted and signed within the scope of his or their authority.</font></div>
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<td style="WIDTH: 54pt">&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<td style="WIDTH: 54pt">&#160;</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">62.3&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">NOTICES</font></font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">63.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Notices</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">63.1&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">63.2&#160;</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 12.1</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTIFICATION OF THE CO-CHIEF EXECUTIVE OFFICER</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PURSUANT TO RULE 13a-14(a) OF THE SECURITIES EXCHANGE ACT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Eyal Sheratzky, certify that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1. I have reviewed this annual report on Form 20-F of Ituran Location and Control Ltd.;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4. The company&#8217;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c. Evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">d. Disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting, and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5. The company&#8217;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and the audit committee of company&#8217;s board of directors (or persons performing the equivalent functions):</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a. All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal controls over financial reporting.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date: April 20, 2016</font></div>

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<td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">/s/ Eyal Sheratzky&#160;</font></div>
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<td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTIFICATION OF THE CO-CHIEF EXECUTIVE OFFICER</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PURSUANT TO RULE 13a-14(a) OF THE SECURITIES EXCHANGE ACT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Nir Sheratzky, certify that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1. I have reviewed this annual report on Form 20-F of Ituran Location and Control Ltd.;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4. The company&#8217;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c. Evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">d. Disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting, and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a. All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal controls over financial reporting.</font></div>

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<TYPE>EX-12.2
<SEQUENCE>5
<FILENAME>exhibit_12-2.htm
<DESCRIPTION>EXHIBIT 12.2
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTIFICATION OF THE CHIEF FINANCIAL OFFICER</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Eli Kamer, certify that:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1. I have reviewed this annual report on Form 20-F of Ituran Location and Control Ltd.;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4. The company&#8217;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c. Evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">d. Disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting, and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5. The company&#8217;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and the audit committee of company&#8217;s board of directors (or persons performing the equivalent functions):</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a. All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal controls over financial reporting.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date: April 20, 2016</font></div>

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<td valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">/s/ Eli Kamer</font></div>
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<td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Financial Officer</font></div>
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<DOCUMENT>
<TYPE>EX-13
<SEQUENCE>6
<FILENAME>exhibit_13.htm
<DESCRIPTION>EXHIBIT 13
<TEXT>
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    <title>exhibit_13.htm</title>
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<DOCUMENT>
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<SEQUENCE>8
<FILENAME>ituran.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>mazars.jpg
<TEXT>
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<DOCUMENT>
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<SEQUENCE>10
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&lt;table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td align="right" style="width: 63pt;"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;NOTE 18 - &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;SEGMENT REPORTING&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 63pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="width: 27pt;"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;A.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;General information:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

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&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: HE; mso-bidi-language: HE;"&gt;The operations of the Group are conducted through two different core activities: Location based services and Wireless communications products.&lt;font style="mso-spacerun: yes;"&gt;&amp;#160;&lt;/font&gt;These activities also represent the reportable segments of the Group.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; font-family: 'times new roman'; margin: 0px 0px 0px 90pt; text-indent: 0px;"&gt;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: HE; mso-bidi-language: HE;"&gt;The reportable segments are viewed and evaluated separately by Company management, since the marketing strategies, processes and expected long term financial performances of the segments are different.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Location based&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; services:&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; font-family: 'times new roman'; margin: 0px 0px 0px 90pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Location based&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; services segment consists predominantly of regionally- based stolen vehicle recovery (SVR) services, fleet management services and value-added services comprised of personal advanced locater services and concierge services.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Group&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; provides &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Location based&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; services in Israel, Brazil, Argentina and the United States.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Wireless communications products:&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: HE; mso-bidi-language: HE;"&gt;The wireless communications product segment consists of short and medium range two-way machine-to-machine wireless communications products that are used for various applications, including automatic vehicle location, and automatic vehicle identification.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 63pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="width: 27pt;"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;B.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Information about reported segment profit or loss and assets:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-size: 10pt;"&gt;US dollars&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(in thousands)&lt;/font&gt;&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Location&amp;#160;based&lt;br/&gt;services&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Wireless&lt;br/&gt;communications&lt;br/&gt;products&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Total&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"&gt;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"&gt;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"&gt;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"&gt;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;h1 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31, 2015&lt;/strong&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Revenues &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"&gt;&lt;font&gt;127,683&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 2%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"&gt;&lt;font&gt;47,945&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 2%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"&gt;&lt;font&gt;175,628&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Operating income&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;38,328&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;2,316&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;40,644&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;62,236&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;10,463&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;72,699&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;1,539&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;1,817&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;3,356&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Expenditures for assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;14,478&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;393&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;14,871&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;8,636&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;152&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;8,788&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Impairment of goodwill and intangible assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;929&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;929&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;h1 style="font-size: 10pt; margin: 0pt 2.55pt 0pt 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31, 2014&lt;/strong&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Revenues &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;133,692&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;48,435&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;182,127&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Operating income (loss)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;42,603&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;3,267&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; /* padding: 0px 5px; */ text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;45,870&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;63,795&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;11,094&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;74,889&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;1,544&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;2,497&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;4,041&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Expenditures for assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;12,574&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;598&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;13,172&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;8,920&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;148&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;9,068&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Impairment of goodwill and intangible assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;34&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;888&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;922&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;h1 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31, 2013&lt;/strong&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Revenues &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;126,951&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;43,216&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;170,167&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -17.8px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #cceeff;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;38,470&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;(540&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px 0px 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;37,930&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;66,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;10,564&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;76,864&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,730&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;3,703&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;5,433&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Expenditures for assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;12,312&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;264&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;12,576&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;9,360&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;358&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;9,718&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -17.8px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;"&gt;Impairment of goodwill and intangible assets&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;2,816&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;1,804&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;4,620&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 63pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="width: 27pt;"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;C.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Information about reported segment profit or loss and assets:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The evaluation of performance is based on the operating income of each of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;two &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;reportable segments.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Accounting policies of the segments are the same as those described in the accounting policies applied in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;consolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Due to the nature of the reportable segments, there have been no inter-segment sales or transfers during the reported periods.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Financing expenses, net, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;non-operating &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;other expenses, net, taxes on income and the share of the Company in losses of affiliated companies were not allocated to the reportable segments, since these items are carried and evaluated on the enterprise level.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 8%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="width: 3%;"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;D.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" style="width: 89%;"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Reconciliations of reportable segment revenues, profit or loss, and assets, to the enterprise's consolidated totals:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;div&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-size: 10pt;"&gt;US dollars&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-size: 10pt;"&gt;Year ended December 31,&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Total revenues of reportable segment and consolidated revenues&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;" align="right"&gt;&lt;font&gt;175,628&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 2%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;182,127&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;170,167&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Operating income&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Total operating income for reportable segments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;40,644&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;45,870&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;37,930&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Unallocated amounts: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other income (expenses) income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="/* padding: 0px; */ font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;(166&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: left;" align="right"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing income, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;1,189&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,704&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;238&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated income before taxes on income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;41,833&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;47,574&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;38,002&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;h4 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Assets&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total assets for reportable segments (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;76,055&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;78,930&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;82,297&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other unallocated amounts: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;46,119&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;57,159&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;61,530&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Investments in affiliated and other companies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;4,783&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,095&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,511&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Property and equipment, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;8,730&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;7,786&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;8,644&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other unallocated amounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;" align="right"&gt;&lt;font&gt;6,316&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;7,367&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;6,560&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated total assets (at year end) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;" align="right"&gt;&lt;font&gt;142,003&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;152,337&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;160,542&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;h4 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Other significant items&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total expenditures for assets of reportable segments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;14,871&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;13,172&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;12,576&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Unallocated amounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;3,676&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;2,021&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,387&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated total expenditures for assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;18,547&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;15,193&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;13,963&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total depreciation, amortization and impairment for reportable segments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;9,717&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;9,990&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;14,338&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Unallocated amounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;2,245&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;2,229&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,858&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated total depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;11,962&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;12,219&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;16,196&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;/div&gt;
&lt;div align="right"&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 90pt;"&gt;

&lt;tr&gt;
&lt;td style="width: 5%; vertical-align: top;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(*)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 94%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Including&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;goodwill&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;br/&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;

&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 63pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="width: 27pt;"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;E.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Geographic information&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Revenues&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;"&gt;
&lt;h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;Israel&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;88,556&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;90,061&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;83,331&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; United States &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;7,811&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;7,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;4,876&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;58,403&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;66,462&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;63,454&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Argentina &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;17,324&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;13,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;15,190&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;3,534&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;4,244&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;3,316&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Total&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;175,628&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;182,127&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;170,167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div style="text-indent: 0pt; display: block;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Property and equipment, net&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;"&gt;
&lt;h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;Israel&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;9,934&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;8,563&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;9,051&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; United States &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;73&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;155&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;17,228&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;17,801&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;19,178&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Argentina &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;4,279&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;5,424&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;4,162&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Total&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;31,514&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;31,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;32,546&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;Revenues were attributed to countries based on customer location.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;Property and equipment were classified based on major geographic areas in which the Company operates.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 63pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="width: 27pt;"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;F.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Major customers&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;During &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;there were no sales exceeding 10% of total revenues to none of our customers.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
  <itrn:ProfitBeforeTaxTargets id="Tag181" contextRef="D2015-01-01_To_2015-12-31_ProfitBeforeTaxTargetsRangeThreeMember_MaximumMember_ExecutiveOfficerMember" unitRef="USD" decimals="-3">35000000</itrn:ProfitBeforeTaxTargets>
  <itrn:ProfitBeforeTaxTargets id="Tag182" contextRef="D2015-01-01_To_2015-12-31_ExecutiveOfficerMember_MinimumMember" unitRef="USD" decimals="-6">24000000</itrn:ProfitBeforeTaxTargets>
  <itrn:CashIncentiveAwardTerms id="Tag183" contextRef="D2015-01-01_To_2015-12-31_ExecutiveOfficerMember">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;since the date of its approval (an "Examined Period"), as compared to the TA 100 Index's Yield over such Examined Period; and to the extent that the Company's Stock Yield exceeds the TA 100 Index's Yield for such period, each of the Executive Office Holders shall receive an amount equal to &lt;/font&gt;50&lt;font style="font-size: 10pt;"&gt;% of his monthly Cost of Pay for each &lt;/font&gt;1&lt;font style="font-size: 10pt;"&gt;% of excess return (in percentage points' terms), or a relative amount in the event of a partial excess return.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;</itrn:CashIncentiveAwardTerms>
  <itrn:ScheduleOfTargetBasedCashIncentivesTableTextBlock id="Tag184" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="margin-left: 130pt;"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; 24,001&lt;/font&gt; - &lt;font&gt;27,500&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;%&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; 27,501&lt;/font&gt;-&lt;font&gt;31,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;45&lt;/font&gt;%&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; 31,001&lt;/font&gt;-&lt;font&gt;35,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;75&lt;/font&gt;%&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; 35,001&lt;/font&gt;-&lt;font&gt;39,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;110&lt;/font&gt;%&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; Above &lt;font&gt;39,001&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;150&lt;/font&gt;%&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</itrn:ScheduleOfTargetBasedCashIncentivesTableTextBlock>
  <itrn:RelatedPartyTransactionTermOfAgreement id="Tag185" contextRef="D2015-01-01_To_2015-12-31_GilSheratzkyMember_EComGlobalElectronicCommerceLtMember">P3Y</itrn:RelatedPartyTransactionTermOfAgreement>
  <itrn:RelatedPartyTransactionTermOfAutomaticExtension id="Tag186" contextRef="D2015-01-01_To_2015-12-31_MrAvnerKurzMember_IturanSistemasDeMonitoramentoLtdaMember">P2Y</itrn:RelatedPartyTransactionTermOfAutomaticExtension>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="Tag187" contextRef="D2013-01-01_To_2013-12-31_MrAvnerKurzMember" unitRef="USD" decimals="0">81105</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <itrn:DeferredTaxAssetsGrossAndDeferredTaxLiabilitiesNoncurrent id="Tag188" contextRef="I2015-12-31" unitRef="USD" decimals="-3">6276000</itrn:DeferredTaxAssetsGrossAndDeferredTaxLiabilitiesNoncurrent>
  <us-gaap:DeferredTaxLiabilitiesGrossNoncurrent id="Tag189" contextRef="I2014-12-31" unitRef="USD" decimals="-3">150000</us-gaap:DeferredTaxLiabilitiesGrossNoncurrent>
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign id="Tag190" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">21553000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign>
  <us-gaap:AllowanceForDoubtfulAccountsReceivable id="Tag191" contextRef="I2015-12-31" unitRef="USD" decimals="0">2063000</us-gaap:AllowanceForDoubtfulAccountsReceivable>
  <us-gaap:MinorityInterestDecreaseFromRedemptions id="Tag192" contextRef="D2013-01-01_To_2013-12-31_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:DividendsCommonStockCash id="Tag193" contextRef="D2013-01-01_To_2013-12-31_NoncontrollingInterestMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:DividendsCommonStockCash id="Tag194" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">13502000</us-gaap:DividendsCommonStockCash>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag195" contextRef="I2013-12-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">71550000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag196" contextRef="I2013-12-31_RetainedEarningsMember" unitRef="USD" decimals="-3">38831000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag197" contextRef="I2013-12-31_NoncontrollingInterestMember" unitRef="USD" decimals="-3">4567000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:ProfitLoss id="Tag198" contextRef="D2014-01-01_To_2014-12-31_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:ProfitLoss id="Tag199" contextRef="D2014-01-01_To_2014-12-31_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:DepreciationDepletionAndAmortization id="Tag200" contextRef="D2015-01-01_To_2015-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">152000</us-gaap:DepreciationDepletionAndAmortization>
  <us-gaap:Revenues id="Tag201" contextRef="D2014-01-01_To_2014-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">133692000</us-gaap:Revenues>
  <us-gaap:Revenues id="Tag202" contextRef="D2013-01-01_To_2013-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">126951000</us-gaap:Revenues>
  <us-gaap:OperatingIncomeLoss id="Tag203" contextRef="D2013-01-01_To_2013-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">-540000</us-gaap:OperatingIncomeLoss>
  <us-gaap:InventoryPolicyTextBlock id="Tag204" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;G.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Inventories&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Inventories are stated at the lower of cost or market.&amp;#160; Cost is determined as follows: raw materials and finished products &amp;#150; mainly on the basis of first-in, first-out (FIFO).&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:InventoryPolicyTextBlock>
  <itrn:AdjustmentToPurchasePriceFromSaleOfSubsidiary id="Tag205" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-200000</itrn:AdjustmentToPurchasePriceFromSaleOfSubsidiary>
  <us-gaap:GoodwillAndIntangibleAssetImpairment id="Tag206" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">929000</us-gaap:GoodwillAndIntangibleAssetImpairment>
  <us-gaap:GoodwillImpairmentLoss id="Tag207" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="0">3093000</us-gaap:GoodwillImpairmentLoss>
  <us-gaap:AdvertisingExpense id="Tag208" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-5">6700000</us-gaap:AdvertisingExpense>
  <us-gaap:PropertyPlantAndEquipmentAdditionalDisclosures id="Tag209" contextRef="D2015-01-01_To_2015-12-31_LeaseholdImprovementsMember">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;&lt;font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;Duration&amp;#160;of&amp;#160;the&amp;#160;lease&amp;#160;which&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;is&amp;#160;less&amp;#160;or&amp;#160;equal&amp;#160;to&amp;#160;useful&amp;#160;life.&lt;/font&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentAdditionalDisclosures>
  <us-gaap:FairValueInputsLongTermRevenueGrowthRate id="Tag210" contextRef="D2014-01-01_To_2014-12-31_CertainReportingUnitMember" unitRef="Pure" decimals="2">0.00</us-gaap:FairValueInputsLongTermRevenueGrowthRate>
  <us-gaap:GainOrLossOnSaleOfStockInSubsidiary id="Tag211" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:TradingSecurities id="Tag212" contextRef="I2015-12-31_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true" />
  <us-gaap:LiabilitiesCurrent id="Tag213" contextRef="I2014-12-31" unitRef="USD" decimals="-3">46312000</us-gaap:LiabilitiesCurrent>
  <us-gaap:DerivativesPolicyTextBlock id="Tag214" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;J.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Derivatives&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The group applies the provisions of ASC Topic 815, &lt;font style="font-style: italic;"&gt;"Derivatives and Hedging"&lt;/font&gt;.&amp;#160; In accordance with ASC Topic 815, all the derivative financial instruments are recognized as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value of a derivative financial instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For derivative financial instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;From time to time the Company carries out transactions involving foreign exchange derivative financial instruments (mainly forward exchange contracts) which are designed to hedge the cash flows expected to be paid with respect to forecasted&amp;#160;monthly purchases of inventory, denominated in currencies other than the functional currency of the Company. Such transactions were designated as hedging instruments on the date that the Company entered into such derivative contracts, and qualify as cash flow hedges under ASC Topic 815. &lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The effective portion of the changes in fair value of the derivative instruments designated for hedging purposes are reported as other comprehensive income (loss), net of tax under the caption "unrealized gains (losses) in respect of derivative financial instruments designated for cash flow hedge" and are reclassified to the statements of income when the hedged transaction realizes. During the reporting periods, the gains or losses that were recognized in earnings for hedge ineffectiveness were insignificant. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;All other derivatives which do not qualify for hedge accounting, or which have not been designated as hedging instruments, are recognized in the balance sheet at their fair value, with changes in the fair value carried to the statements of income as incurred in financing income (expenses), net.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;See also Note 19B for further information.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:DerivativesPolicyTextBlock>
  <us-gaap:PensionAndOtherPostretirementPlansPolicy id="Tag215" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;P.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Funds in respect of, and liability for employee rights upon retirement&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The Company's liability for employee rights upon retirement with respect to its Israeli employees is calculated, pursuant to Israeli severance pay law, based on the most recent salary of each employee multiplied by the number of years of employment, as of the balance sheet date. Employees are entitled to one month's salary for each year of employment, or a portion thereof. The Company makes monthly deposits to insurance policies and severance pay funds. The liability of the Company is fully provided for.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The deposited funds include profits or losses accumulated up to the balance sheet date. The deposited funds may be withdrawn upon the fulfillment of the obligation pursuant to Israeli severance pay laws or labor agreements. The value of the deposited funds is based on the cash surrender value of these policies, and includes profits or losses.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The liability for employee rights upon retirement in respect of the employees of the non-Israeli subsidiaries of the Company, is calculated on the basis of the labor laws of the country in which the subsidiary is located and is covered by an appropriate accrual.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; font-family: 'times new roman'; margin: 0pt 0pt 11pt 90.75pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Severance expenses for the years ended December 31, 2015, 2014 and 2013, amounted to US$ &lt;font&gt;1,386,000&lt;/font&gt; US$&amp;#160;&lt;font&gt;1,460,000&lt;/font&gt; and US$&amp;#160;&lt;font&gt;882,000&lt;/font&gt;, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:PensionAndOtherPostretirementPlansPolicy>
  <itrn:DeferredChargesAndPrepaidExpensesPolicyTextBlock id="Tag216" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;W&lt;/strong&gt;&lt;strong&gt;.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Deferred installation expenses&amp;#160;and prepaid expenses&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Direct installation expenses incurred at the inception of specific subscription arrangements in Brazil with specific customers, to enable the Company's subsidiary in Brazil to perform under the terms of the arrangement (i.e. directly attributable to obtaining a specific subscriber), which their costs can be measured reliably, are capitalized and presented as "Deferred installation expenses" within the balances "Other current assets" and "Other non-current assets", as applicable. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Such installation activities has determined not to represent separate earnings process for revenue recognition purposes in accordance with the principles of ASC Topic 605-25, "Multiple-Element Arrangements" as they&amp;#160;has been determined&amp;#160;not to have a value on a stand-alone basis to the customer.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The deferred expenses that are capitalized are limited to the higher of value of the amount of nonrefundable deferred revenue, if any or to the amount of the minimum contractual subscription revenue, net of direct costs.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The deferred expenses are amortized over the estimated&amp;#160;life of the related subscription arrangements by the straight-line method (usually &lt;font&gt;20&lt;/font&gt; months). Costs that do not meet the aforementioned criteria, are recognized immediately as expenses.&lt;br/&gt;&lt;br/&gt;Prepaid expenses, consist of amounts paid by the Brazilian subsidiary to insurance companies as a prepaid insurance on behalf of its customers as part of bundle transactions of SVR services together with insurance services to be supplied by a third party insurance company. Under such transactions, the customers are required accordingly to pay the Brazilian subsidiary a monthly fee for all the bundled services (see Note 1R regarding the revenue recognition of bundle transactions). The insurance companies are obligated to refund any unearned insurance amounts to the Brazilian subsidiary in the event of cancelation by the customers. The prepaid expenses are amortized over the contractual life of the insurance service with the insurance company (usually 12 months) by the straight-line method. The amortization is netted against the monthly receipts from customers for the bundled services.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</itrn:DeferredChargesAndPrepaidExpensesPolicyTextBlock>
  <itrn:RateOfDepreciation id="Tag217" contextRef="D2015-01-01_To_2015-12-31_MajorityMember_EquipmentMember_MaximumMember" unitRef="Pure" decimals="2">0.33</itrn:RateOfDepreciation>
  <us-gaap:ProfitLoss id="Tag218" contextRef="D2015-01-01_To_2015-12-31_CommonStockMember" unitRef="USD" xsi:nil="true" />
  <itrn:RelatedPartyTransactionPaymentToRelatedParty id="Tag219" contextRef="D2014-01-01_To_2014-12-31_IzzySheratzkyMember_SheratzkyHoldingsMember_PresidentAndDirectorMember" unitRef="USD" decimals="0">2387000</itrn:RelatedPartyTransactionPaymentToRelatedParty>
  <us-gaap:MarketableSecuritiesCurrent id="Tag220" contextRef="I2015-12-31" unitRef="USD" decimals="-3">2035000</us-gaap:MarketableSecuritiesCurrent>
  <us-gaap:AssetsCurrent id="Tag221" contextRef="I2015-12-31" unitRef="USD" decimals="-3">91705000</us-gaap:AssetsCurrent>
  <us-gaap:OtherAssetsNoncurrent id="Tag222" contextRef="I2014-12-31" unitRef="USD" decimals="-3">2091000</us-gaap:OtherAssetsNoncurrent>
  <us-gaap:LoansPayableToBank id="Tag223" contextRef="I2015-12-31" unitRef="USD" decimals="-3">155000</us-gaap:LoansPayableToBank>
  <us-gaap:DeferredRevenueCurrent id="Tag224" contextRef="I2014-12-31" unitRef="USD" decimals="-3">9401000</us-gaap:DeferredRevenueCurrent>
  <us-gaap:OtherLiabilitiesCurrent id="Tag225" contextRef="I2015-12-31" unitRef="USD" decimals="-3">21750000</us-gaap:OtherLiabilitiesCurrent>
  <us-gaap:SignificantAccountingPoliciesTextBlock id="Tag226" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;h4 style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;NOTE 1&lt;/strong&gt;&lt;strong&gt;&amp;#160; &lt;/strong&gt;&lt;strong&gt;-&lt;/strong&gt;&lt;strong&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&lt;/strong&gt;&lt;strong&gt;SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;A.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/strong&gt;&lt;strong&gt;General&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;1.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Operations&lt;br/&gt;&lt;br/&gt;&lt;/strong&gt;Ituran Location and Control Ltd. (the &amp;#147;Company&amp;#148;) commenced operations in 1994. The Company and its subsidiaries (the &amp;#147;Group&amp;#148;) are engaged in the provision of Location based services and machine-to-machine Wireless communications products for use in stolen vehicle recovery, fleet management and other applications.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &amp;#160;The Group operates through subsidiaries in Brazil and Argentina, which generates revenues in their respective local currencies. The local currencies of such countries have been subject to significant fluctuations in recent years and the exchange rate of the Brazilian Real to the US Dollar (the presentation currency of the Group) was decreased significantly during fiscal year 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The functional currency of the Company and its subsidiaries located in Israel is the New Israeli Shekel (&amp;#147;NIS&amp;#148;), which is the local currency in which those entities operate.&amp;#160; The functional currency of the foreign subsidiaries of the Group is their respective local currency.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The consolidated financial statements of the Company and all of its subsidiaries were translated into U.S. dollars in accordance with the standards of the Financial Accounting Standards Board ("FASB").&amp;#160; Accordingly, assets and liabilities were translated from local currencies to U.S. dollars using yearend exchange rates, and income and expense items were translated at average exchange rates during the year.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Gains or losses resulting from translation adjustments (which result from translating an entity's financial statements into U.S. dollars if its functional currency is different than the U.S. dollar) are reported in other comprehensive income and are reflected in equity, under &amp;#147;accumulated other comprehensive income (loss)&amp;#148;.&lt;br/&gt;&lt;br/&gt;Translation gains and losses resulting from changes in exchange rates used in the translation of inter company balances that are long term investment nature (i.e. which their settlement is not planned or anticipated) are also included in other comprehensive income (loss).&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Balances denominated in, or linked to foreign currency are stated on the basis of the exchange rates prevailing at the balance sheet date.&amp;#160; For foreign currency transactions included in the statement of income, the exchange rates applicable on the relevant transaction dates are used.&amp;#160; Transaction gains or losses arising from changes in the exchange rates used in the translation of such balances are carried to financing income or expenses as applicable.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The following table presents data regarding the dollar exchange rate of relevant currencies and the Israeli CPI:&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer" align="right"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 85%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="7" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Exchange rate&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;of one US dollar&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; /* border-top-width: 1pt !important; *//* border-top-style: solid !important; *//* border-top-color: #000000 !important; */border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Israeli CPI&lt;/strong&gt;&lt;font style="vertical-align: middle;"&gt;&lt;strong&gt;(*)&lt;/strong&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3" align="center"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;NIS&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3" align="center"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Real&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;At December 31&lt;/strong&gt;,&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" colspan="3" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" colspan="3" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2015 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3.902&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3.9048&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;112.82&amp;#160;&lt;/font&gt;points&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2014 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3.889&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2.6562&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;113.96&amp;#160;&lt;/font&gt;&lt;/font&gt;points&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px; background-color: #cceeff;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2013 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; text-align: center; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3.471&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2.3426&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;114.18&amp;#160;&lt;/font&gt;&lt;/font&gt;points&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Increase (decrease) during the year:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 63%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2015 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.33&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;47.01&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1.0)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2014 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;12.04&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;13.39&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(0.2)&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2013 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(&lt;font&gt;7.02&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(&lt;font&gt;14.63&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1.8&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table width="86%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.1px;"&gt;

&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: -30.2666664123535px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;(*) &amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Based on the Index for the month ending on each balance sheet date, on the basis of 2008 average 100.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer" align="right"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.4pt; orphans: 0; text-align: justify; text-indent: -22.7pt; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;3.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Basis of presentation&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (&amp;#147;US GAAP&amp;#148;).&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.4pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;4.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Use of estimates in the preparation of financial statements&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods.&amp;#160; Actual results could differ from the estimates.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As applicable to these consolidated financial statements, the most significant estimates and assumptions relate to legal contingencies, revenue recognition and related deferred expenses, goodwill impairment assessment, deferred taxes and tax liabilities and uncertainties.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/h4&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;B.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Principles of consolidation&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The consolidated financial statements include the accounts of the Company and all of its subsidiaries.&amp;#160; In these financial statements, the term &amp;#147;subsidiary&amp;#148; refers to a company over which the Company exerts control (ownership interest of more than &lt;font&gt;50&lt;/font&gt;%), and the financial statements of which are consolidated with those of the Company.&amp;#160; Significant intercompany transactions and balances are eliminated upon consolidation; profits from intercompany sales, not yet realized outside of the Group, are also eliminated.&amp;#160; Non-controlling interests are presented in equity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Changes in the Company ownership interest in a subsidiary while the control is retained are accounted for as equity transactions and accordingly no gain or loss is recognized in consolidated net income or comprehensive income. Upon such transaction, the carrying amount of the noncontrolling interest is adjusted to reflect the change in its ownership interest in the subsidiary and any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest was adjusted is recognized in additional paid-in capital.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;C.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Cash &lt;/strong&gt;&lt;strong&gt;and&lt;/strong&gt;&lt;strong&gt; cash equivalents&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group considers all highly liquid investments, which include short-term bank deposits that are not restricted as to withdrawal or use, and short-term debentures, with original periods to maturity not exceeding three months, to be cash equivalents.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;D.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Marketable securities&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company accounts for investments in marketable securities in accordance with ASC Topic 320-10, &lt;font style="font-style: italic;"&gt;"Investments - Debt and Equity Securities"&lt;/font&gt; (&amp;#147;ASC Topic 320-10&amp;#148;). Management determines the appropriate classification of its investments in marketable securities at the time of purchase and reassesses such determination at each balance sheet date. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The investments in marketable securities covered by ASC Topic 320-10 that were held by the Company during the reported periods were designated by management as trading securities. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Trading securities are stated at market value. The changes in market value are charged to financing income or expenses.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Trading gains for the years 2015 and 2014 amounted to approximately US$ &lt;font&gt;666,000&lt;/font&gt; and US$ &lt;font&gt;133,000&lt;/font&gt;&amp;#160;respectively. Trading gains for the&amp;#160;year 2013 were&amp;#160;insignificant.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;

&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;E.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;T&lt;/strong&gt;&lt;strong&gt;reasury stock&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Company shares held by the Company and its subsidiary are presented as a reduction of equity, at their cost, under the caption &amp;#147;Treasury Stock&amp;#148;. Gains and losses upon sale of these shares, net of related income taxes, are recorded as additional paid in capital.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;F.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Allowance for doubtful accounts&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The allowance for doubtful accounts is determined with respect to amounts the Group has determined to be doubtful of collection. In determining the allowance for doubtful accounts, the Company considers, among other things, its past experience with customers, the length of time that the balance is post due, the customer's current ability to pay and available information about the credit risk on such customers.&amp;#160; See also Note&amp;#160;19A.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The allowance in respect of accounts receivable at December 31, 2015 and 2014 was US$ &lt;font&gt;2,063,000&lt;/font&gt; and US$&amp;#160;&lt;font&gt;2,391,000&lt;/font&gt;, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;G.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Inventories&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Inventories are stated at the lower of cost or market.&amp;#160; Cost is determined as follows: raw materials and finished products &amp;#150; mainly on the basis of first-in, first-out (FIFO).&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;H.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Investment in affiliated companies&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Investments in companies in which the Group has significant influence (ownership interest of between &lt;font&gt;20&lt;/font&gt;% and &lt;font&gt;50&lt;/font&gt;%) but less than controlling interests, are accounted for by the equity method.&amp;#160; Income on intercompany sales, not yet realized outside of the Group, was eliminated.&amp;#160; The Company also reviews these investments for impairment whenever events indicate the carrying amount may not be recoverable.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;In accordance with ASC Topic 323-10-40-1, a change in the Company's proportionate share of an investee's equity, resulting from issuance of shares by the investee to third parties, is accounted for as if the Company had sold a proportionate share of its investment. Any gain or loss resulting from an investee's share issuance is recognized in earnings.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;Management evaluates investments in affiliated companies, for evidence of other-than-temporary declines in value. Such evaluation is dependent on the specific facts and circumstances and includes analysis of relevant financial information (e.g. budgets, business plans, financial statements, etc.). During&amp;#160;2015&amp;#160;and&amp;#160;2014,&amp;#160;no&amp;#160;impairment was identified.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Investments in companies in which the company no longer has significant influence, are classified as "investments in other companies".&amp;#160; See I. below.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;I.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Investment in other company&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Non-marketable investment in other company in which the Company does not have a controlling interest nor significant influence are accounted for at cost, net of write down for any permanent decrease in value.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.75pt; /* page-break-after: avoid; */ /* page-break-inside: avoid; */ text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;J.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Derivatives&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The group applies the provisions of ASC Topic 815, &lt;font style="font-style: italic;"&gt;"Derivatives and Hedging"&lt;/font&gt;.&amp;#160; In accordance with ASC Topic 815, all the derivative financial instruments are recognized as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value of a derivative financial instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For derivative financial instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;From time to time the Company carries out transactions involving foreign exchange derivative financial instruments (mainly forward exchange contracts) which are designed to hedge the cash flows expected to be paid with respect to forecasted&amp;#160;monthly purchases of inventory, denominated in currencies other than the functional currency of the Company. Such transactions were designated as hedging instruments on the date that the Company entered into such derivative contracts, and qualify as cash flow hedges under ASC Topic 815. &lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The effective portion of the changes in fair value of the derivative instruments designated for hedging purposes are reported as other comprehensive income (loss), net of tax under the caption "unrealized gains (losses) in respect of derivative financial instruments designated for cash flow hedge" and are reclassified to the statements of income when the hedged transaction realizes. During the reporting periods, the gains or losses that were recognized in earnings for hedge ineffectiveness were insignificant. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;All other derivatives which do not qualify for hedge accounting, or which have not been designated as hedging instruments, are recognized in the balance sheet at their fair value, with changes in the fair value carried to the statements of income as incurred in financing income (expenses), net.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;See also Note 19B for further information.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;K.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Property and equipment&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.&amp;#160; Leasehold improvements are depreciated on the straight-line method over the shorter of the estimated useful life of the property or the duration of the lease.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 113.4pt; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Rates of depreciation:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;%&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 34%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Operating equipment (mainly &lt;font&gt;20&lt;/font&gt;%-&lt;font&gt;33&lt;/font&gt;%) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 28%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;6.5&lt;/font&gt;-&lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Office&amp;#160;furniture,&amp;#160;equipment&amp;#160;and&amp;#160;computers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;7&lt;/font&gt;-&lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;2.5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Vehicles &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: top; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;Duration&amp;#160;of&amp;#160;the&amp;#160;lease&amp;#160;which&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;is&amp;#160;less&amp;#160;or&amp;#160;equal&amp;#160;to&amp;#160;useful&amp;#160;life.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;L.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Impairment of long-lived assets&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The Group's long-lived assets (including finite-lived intangible assets)&amp;#160;are reviewed for impairment, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.&amp;#160; Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset.&amp;#160; If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value (see also Note 1N and Note 7).&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;M.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Income taxes&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group accounts for income taxes in accordance with ASC Topic 740-10,&lt;font style="font-style: italic;"&gt; "Income Taxes"&lt;/font&gt;. According to this guidance, deferred income taxes are determined utilizing the asset and liability method based on the estimated future tax effects of differences between the financial accounting and the tax bases of assets and liabilities under the applicable tax law.&amp;#160; Deferred tax balances are computed using the tax rates expected to be in effect at the time when these differences reverse. Valuation allowances in respect of the deferred tax assets are provided for if, based upon the weight of available evidence, it is more likely than not that all or a portion of the deferred income tax assets will not be realized.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is "more-likely-than-not" to be sustained were to be challenged by a taxing authority.&amp;#160; The assessment of a tax position is based solely on the technical merits of the position, without regard the likelihood that the tax position may be challenged.&amp;#160; If an uncertain tax position meets the "more-likely-than-not" threshold, the largest amount of tax benefit that is greater than 50% likely to be recognized upon ultimate settlement with the taxing authority is recorded.&amp;#160; See also Note&amp;#160;15L.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company recognizes interest as interest expenses (among financing expenses) and penalties, if any, related to unrecognized tax benefits in its provision for income tax.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;N.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Goodwill and intangible assets&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in business combinations accounted for in accordance with the "purchase method" and is allocated to reporting units at acquisition. Goodwill is not amortized but rather tested for impairment at least annually in accordance with the provisions of ASC Topic 350, "Intangibles - Goodwill and Other". The Company performs its goodwill annual impairment test for the reporting units at December 31 of each year, or more often if indicators of impairment are present.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As required by ASC Topic 350, the Company chooses either to perform a qualitative assessment whether the two-step goodwill impairment test is necessary or proceeds directly to the two-step goodwill impairment test. Such determination is made for each reporting unit on a stand-alone basis.&amp;#160; The qualitative assessment includes various factors such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, earnings multiples, gross margin and cash flows from operating activities and other relevant factors. When the Company chooses to perform a qualitative assessment and determines that it is more likely than not (more than 50 percent likelihood) that the fair value of the reporting unit is less than its carrying value, then the Company proceeds to the two-step goodwill impairment test. If the Company determines Otherwise, no further evaluation is necessary.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;When the Company decides or is required to perform the two-step goodwill impairment test, the Company compares the fair value of the reporting unit to its carrying value ("step 1"). If the fair value of the reporting unit exceeds the carrying value of the reporting unit net assets (including the goodwill allocated to such reporting unit), goodwill is considered not to be impaired, and no further testing is required. If the carrying value exceeds the fair value of the reporting unit, then the implied fair value of goodwill is determined by subtracting the fair value of all the identifiable net assets from the fair value of the reporting unit. An impairment loss is recorded for the excess, if any, of the carrying value of the goodwill allocated to the reporting unit over its implied fair value ("step 2").&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;There are a number of generally accepted methods used for valuing a reporting unit: &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The &amp;#145;income approach' utilizes discounted forecasted cash flows, the &amp;#145;Market &amp;#150; approach which utilize pricing multiples of business entities with publicly traded securities whose business and financial risks are comparable to those of the reporting unit being valued and the &amp;#145;Asset - based approach'&amp;#160; which establishes a value based on the cost of reproducing or replacing the asset being valued. These methods described may be used alone or in combination with one another.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company applies assumptions that market participants would consider in determining the fair value of each reporting unit and the fair value of the identifiable assets and liabilities of the reporting units, as applicable.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company performed a qualitative assessment for two reporting units as of December 31, 2015 and 2014, and concluded that the qualitative assessment did not result in a more likely than not indication of impairment, and therefore no further impairment testing was required, with respect to such units.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For other reporting units (two in 2014, one in 2015), operating in Israel, the Company elected to bypass the qualitative assessment and proceeded directly to performing the first step of the goodwill impairment test.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In order to determine the fair value of such&amp;#160;reporting units, the Company utilized the "income approach". According to the income approach expected future cash flows are discounted to their present value using an appropriate rate of return. Judgments and assumptions related to future cash flows (projected revenues, operating expenses, and capital expenditures), future short-term and long-term growth rates, and weighted average cost of capital, which are based on management's internal assumptions, and believed to be similar to those that would be utilized by market participants under the circumstances and to represent both the specific risks associated with the business, and capital market conditions, are inherent in developing the discounted cash flow model.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;During 2015, 2014 and 2013, the Company recorded a goodwill impairment loss in an amount of US$&amp;#160;&lt;font&gt;674,000&lt;/font&gt;, US$&amp;#160;&lt;font&gt;879,000&lt;/font&gt; and US$&amp;#160;&lt;font&gt;3,093,000&lt;/font&gt;, respectively.&amp;#160; See Note 8.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Intangible assets with finite lives are amortized using the straight-line basis over their useful lives, to reflect the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up, as follows&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 82%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Years&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 38%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; GIS database &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Brand name &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;3&lt;/font&gt;-&lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Recoverability of intangible assets is measured as described in Note&amp;#160;1L above.&amp;#160; During 2015, the Company recorded an intangible assets impairment loss in an amount of US$&amp;#160;&lt;font&gt;255,000&lt;/font&gt;.&amp;#160; See Note 7.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;O.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Contingencies&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company and its subsidiaries are involved in certain legal proceedings that arise from time to time in the ordinary course of their business and in connection with certain agreements with third parties.&amp;#160; Except for income tax contingencies, the Company records accruals for contingencies to the extent that the management concludes that the occurrence is probable and that the related liabilities are estimable. Legal expenses associated with contingencies are expensed as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;

&lt;h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/h4&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;P.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Funds in respect of, and liability for employee rights upon retirement&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The Company's liability for employee rights upon retirement with respect to its Israeli employees is calculated, pursuant to Israeli severance pay law, based on the most recent salary of each employee multiplied by the number of years of employment, as of the balance sheet date. Employees are entitled to one month's salary for each year of employment, or a portion thereof. The Company makes monthly deposits to insurance policies and severance pay funds. The liability of the Company is fully provided for.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The deposited funds include profits or losses accumulated up to the balance sheet date. The deposited funds may be withdrawn upon the fulfillment of the obligation pursuant to Israeli severance pay laws or labor agreements. The value of the deposited funds is based on the cash surrender value of these policies, and includes profits or losses.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The liability for employee rights upon retirement in respect of the employees of the non-Israeli subsidiaries of the Company, is calculated on the basis of the labor laws of the country in which the subsidiary is located and is covered by an appropriate accrual.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; font-family: 'times new roman'; margin: 0pt 0pt 11pt 90.75pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Severance expenses for the years ended December 31, 2015, 2014 and 2013, amounted to US$ &lt;font&gt;1,386,000&lt;/font&gt; US$&amp;#160;&lt;font&gt;1,460,000&lt;/font&gt; and US$&amp;#160;&lt;font&gt;882,000&lt;/font&gt;, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Q.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Revenue recognition&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Revenues are recognized when delivery has occurred and, where applicable, after installation has been completed, there is persuasive evidence of an arrangement, the fee is fixed or determinable and collection of the related receivable is reasonably assured and no further obligations exist. In cases where delivery has occurred but the required installation has not been performed, the company does not recognize the revenues until the installation is completed.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company's revenues are recognized as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Revenues from sales are recognized when title and risk of loss of the product pass to the customer (usually upon delivery).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The Company applies the provisions of ASC Topic 605-25, "Revenue Recognition - Multiple-Element Arrangements", as amended. ASC Topic 605-25 provides guidance on how to account for arrangements that involve the delivery or performance of multiple products, services and/or rights to use assets. For such arrangements, each element of the contract is accounted for as a separate unit when it provides the customer value on a stand-alone basis and if an arrangement includes a right of return relative to a delivered item, delivery or performance of the undelivered item or items is considered probable and substantially in the control of the Company. According to ASC 605-25, as amended, when neither "vendor specific objective evidence" of selling price, nor third party price exists, the Company is required to develop a best estimate of the selling price of the deliverables and the entire arrangement consideration is allocated to the deliverables based on the relative selling prices.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Revenues from SVR services subscription fees and from installation services, sold to customers within a single contractually binding arrangement were accounted for revenue recognition purposes as a single unit of accounting in accordance with ASC Topic 605-25, since the installation services element was determined not to have a value on a stand-alone basis to the customer. Accordingly, the entire contract fee for the two deliverables&amp;#160;is recognized ratably on a straight-line basis over the subscription period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3. &amp;#160; &amp;#160;&amp;#160;Amounts earned by the Brazilian subsidiary for arranging a bundle transaction of SVR services subscription and installation services together with insurance services to be supplied by a third party insurance company, are recognized ratably on a straight-line basis over the subscription period, since the amount allocated to the company, is contingent upon the delivery of the SVR services. As the insurance company is the primary obligor of the insurance component, the company recognizes only the net amounts as revenues, after deduction of amounts related to the insurance component.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4. &amp;#160; &amp;#160; Deferred revenues include unearned amounts received from customers (mostly for the provision of installation and subscription services) but not yet recognized as revenues.&amp;#160; Such deferred revenues are recognized as described in paragraph 2, above.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5. &amp;#160; &amp;#160; &amp;#160;Extended warranty&lt;br/&gt;&lt;br/&gt;Revenues from extended warranty which are provided for a monthly fee and are sold separately are recognized over the duration of the warranty periods.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;R.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Warranty costs&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company provides a standard warranty for its products to end-users at no extra charge. The Company estimates the costs that may be incurred under its warranty obligation and records a liability at the time the related revenues are recognized.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Among the factors affecting the warranty liability are the number of installed units and historical percentages of warranty claims. The Company periodically assesses the adequacy of the recorded warranty liability and adjusts the amount to the extent necessary. To date, warranty costs and the related liabilities have not been material.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;S.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Research and development costs&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Research and development costs (other than computer software related expenses) are expensed as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Software Development Costs&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.45pt; text-align: justify; text-indent: -1.1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;ASC Topic 985-20, &lt;font style="font-style: italic;"&gt;"Costs of Software to Be Sold, Leased, or Marketed"&lt;/font&gt; requires capitalization of certain software development costs subsequent to the establishment of technological feasibility.&amp;#160; Research and development costs incurred in the process of developing product improvements or new products, are generally expensed as incurred, net of grants received from the Government of Israel for development of approved projects. Costs incurred by the Company between the establishment of technological feasibility and the point at which the product is ready for general release are usually insignificant.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;T.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Advertising costs&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Advertising costs are expensed as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Advertising expenses for the years ended December 31, 2015, 2014 and 2013 amounted to US$ &lt;font&gt;6.8&lt;/font&gt; million, US$&amp;#160;&lt;font&gt;6.7&lt;/font&gt; million and US$&amp;#160;&lt;font&gt;7.6&lt;/font&gt; million, respectively.&amp;#160; Advertising expenses are presented among "selling and marketing expenses".&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;U.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Earnings per share&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;Basic earnings per share are computed by dividing net income attributable to the common shares, by the weighted average number of shares outstanding during the year, net of the weighted average number of treasury stock.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;In computing diluted earnings per share, basic earnings per share are adjusted to reflect the effect of any potential dilutive ordinary shares. During the reporting periods there were no such potential shares.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;V&lt;/strong&gt;&lt;strong&gt;.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Fair value measurements&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;"&gt;The Company measures fair value and discloses fair value measurements for financial and non-financial assets and liabilities. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman'; margin-bottom: 0pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;"&gt;As such, fair value is a market based measurement that is required to be determined based on the assumptions that market participants would use to determine the price of an asset or a liability.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As a basis for considering such assumptions, the fair value accounting standard establishes the following fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Level 1 - Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Level 2 - Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Level 3 - Unobservable inputs are used when little or no market data is available. Level 3 inputs are considered as the lowest priority under the fair value hierarchy.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In determining fair value, companies are required to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as to consider counterparty credit risk in the assessment of fair value.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Regarding the fair value measurements of financial assets and liabilities and the fair value hierarchy of such measurements, see Note 19C.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company also measures certain non-financial assets, consisting mainly goodwill and intangible assets at fair value on a nonrecurring basis. These assets are adjusted to fair value when they are considered to be impaired (see 1N and 1L above). As of December 31, 2015, the Company measured the fair value of goodwill with a total carrying amount of US$ &lt;font&gt;0.7&lt;/font&gt;&amp;#160;million (before the recognition of an impairment loss) that is allocated to one reporting unit.&amp;#160; As a result of the above impairment test, the Company recorded an impairment loss of goodwill in an&amp;#160;amount of US$ &lt;font&gt;0.7&lt;/font&gt;&amp;#160;million, to its implied fair value of &amp;#160;US$&amp;#160;&lt;font&gt;0&lt;/font&gt;&amp;#160;million.&amp;#160; The fair value measurement of the non-financial assets is classified as level 3.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;As of December 31, 2014, the Company measured the fair value of goodwill with a total carrying amount of US$ &lt;font&gt;1.5&lt;/font&gt; million (before the recognition of an impairment loss) that was allocated to two&amp;#160;reporting units. As a result of the above impairment test, the Company recorded an impairment loss of goodwill in&amp;#160;amount of US$ &lt;font&gt;0.9&lt;/font&gt;&amp;#160;million, to its implied fair value of US$ &lt;font&gt;0.7&lt;/font&gt; million. The fair value measurement of the non-financial assets is classified as level 3.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;W&lt;/strong&gt;&lt;strong&gt;.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Deferred installation expenses&amp;#160;and prepaid expenses&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Direct installation expenses incurred at the inception of specific subscription arrangements in Brazil with specific customers, to enable the Company's subsidiary in Brazil to perform under the terms of the arrangement (i.e. directly attributable to obtaining a specific subscriber), which their costs can be measured reliably, are capitalized and presented as "Deferred installation expenses" within the balances "Other current assets" and "Other non-current assets", as applicable. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Such installation activities has determined not to represent separate earnings process for revenue recognition purposes in accordance with the principles of ASC Topic 605-25, "Multiple-Element Arrangements" as they&amp;#160;has been determined&amp;#160;not to have a value on a stand-alone basis to the customer.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The deferred expenses that are capitalized are limited to the higher of value of the amount of nonrefundable deferred revenue, if any or to the amount of the minimum contractual subscription revenue, net of direct costs.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The deferred expenses are amortized over the estimated&amp;#160;life of the related subscription arrangements by the straight-line method (usually &lt;font&gt;20&lt;/font&gt; months). Costs that do not meet the aforementioned criteria, are recognized immediately as expenses.&lt;br/&gt;&lt;br/&gt;Prepaid expenses, consist of amounts paid by the Brazilian subsidiary to insurance companies as a prepaid insurance on behalf of its customers as part of bundle transactions of SVR services together with insurance services to be supplied by a third party insurance company. Under such transactions, the customers are required accordingly to pay the Brazilian subsidiary a monthly fee for all the bundled services (see Note 1R regarding the revenue recognition of bundle transactions). The insurance companies are obligated to refund any unearned insurance amounts to the Brazilian subsidiary in the event of cancelation by the customers. The prepaid expenses are amortized over the contractual life of the insurance service with the insurance company (usually 12 months) by the straight-line method. The amortization is netted against the monthly receipts from customers for the bundled services.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;

&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;X.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Stock-based compensation&lt;/strong&gt;&lt;/font&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;br/&gt;The Company measures and recognizes compensation expense for cash bonuses to senior employees, which are based, or partly based, on the price of the Company's shares in accordance with ASC 718 -30, "Compensation-Stock Compensation - Awards Classified as Liabilities" (See Note 17 F regarding "Excess Return Cash Incentives").&lt;br/&gt;&lt;br/&gt;The awards are measured at the grant date at their fair value and remeasured at the end of each reporting period through settlement, with changes in the fair value recognized as compensation cost over the requisite service period. Compensation cost for awards that are subject to market conditions are be attributed separately for each vesting tranche of the award (generally calendar year).&lt;br/&gt;&lt;br/&gt;The fair value of the award is estimated using the Monte-Carlo-pricing model. The effect of market conditions is reflected in the fair value measurements.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Y.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Reclassification&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Certain comparative figures have been reclassified to conform to the current year presentation.&amp;#160; Such reclassifications did not have any significant impact on the Company's equity, net income or cash flows.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Z.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Recently issued accounting pronouncements&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;1.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Accounting &lt;/strong&gt;&lt;strong&gt;pronouncements&lt;/strong&gt;&lt;strong&gt; not yet effective&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 6pt 135.1pt; text-align: justify; text-indent: -22.55pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; A&lt;b&gt;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;"&gt;ccounting Standard Update 2014-09, "Revenue from Contracts with Customers"&lt;/font&gt;&lt;/b&gt; &lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In May 2014, the FASB issued Accounting Standard Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09").&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;ASU 2014-09 outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 also requires entities to disclose sufficient information, both quantitative and qualitative, to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;An entity should apply the amendments in this ASU using one of the following two methods: 1. Retrospectively to each prior reporting period presented with a possibility to elect certain practical expedients, or, 2. Retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. If an entity elects the latter transition method, it also should provide certain additional disclosures.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;An entity should apply the amendments in this ASU using one of the following two methods: 1. Retrospectively to each prior reporting period presented with a possibility to elect certain practical expedients, or, 2. Retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. If an entity elects the latter transition method, it also should provide certain additional disclosures.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In accordance with a recent amendment to ASU 2014-09, introduced by Accounting Standards Update 2015-11, "Revenue from Contracts with Customers - Deferral of the Effective Date", for a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period (the first quarter of fiscal year 2018 for the Company). Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company is in the process of assessing the impact, if any, of ASU 2014-09 on its consolidated financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounting Standard Update 2015-11, "Simplifying the Measurement of Inventory"&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In July, 2015, The FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330) ("ASU 2015-11").&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;ASU 2015-11 outlines that inventory within the scope of its guidance be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and the retail inventory method (RIM) are not impacted by the new guidance. Prior to the issuance of ASU 2015-11, inventory was measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For a public entity, the amendments in ASU 2015-11 are effective, in a prospective manner, for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period (the first quarter of fiscal year 2017 for the Company). Early adoption is permitted as of the beginning of an interim or annual reporting period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company is in the process of assessing the impact, if any, of ASU 2015-11 on its consolidated financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounting Standards Update 2015-17, "Income Taxes: Balance Sheet Classification of Deferred Taxes"&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In November 2015, the FASB has issued Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which changes how deferred taxes are classified on organizations' balance sheet.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The ASU eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, all deferred tax assets and liabilities will be required to be classified as noncurrent.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The amendments apply to all organizations that present a classified balance sheet. For public companies, the amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods (i.e., in the first quarter of 2017 for calendar year-end companies).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;"&gt;Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheet). If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company does not believe this ASU will have a significant impact on its consolidated financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounting Standards Update 2016-02, "Leases"&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In February, 2016, the FASB issued its new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1. A lease liability, which is a lessee&amp;#145;s obligation to make lease payments arising from a lease, measured on a discounted basis; and, 2. A right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e., January 1, 2019, for a calendar year Company). Early application is permitted for all public business entities upon issuance.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;"&gt;Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;"&gt;The Company is in the process of assessing the impact, if any, of ASU 2016-02 on its consolidated financial statements.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
  <itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear id="Tag227" contextRef="D2013-01-01_To_2013-12-31_IL" unitRef="Pure" decimals="4">-0.0702</itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax id="Tag228" contextRef="D2015-01-01_To_2015-12-31_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" decimals="-3">-15670000</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <us-gaap:DividendsCommonStockCash id="Tag229" contextRef="D2015-01-01_To_2015-12-31_CommonStockMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:DividendsCommonStockStock id="Tag230" contextRef="D2015-01-01_To_2015-12-31_RetainedEarningsMember" unitRef="USD" decimals="-3">3128000</us-gaap:DividendsCommonStockStock>
  <us-gaap:DividendsCommonStockStock id="Tag231" contextRef="D2015-01-01_To_2015-12-31_NoncontrollingInterestMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:SharesOutstanding id="Tag232" contextRef="I2015-12-31_CommonStockMember" unitRef="Shares" decimals="INF">23476</us-gaap:SharesOutstanding>
  <us-gaap:TreasuryStockShares id="Tag233" contextRef="I2015-12-31" unitRef="Shares" decimals="INF">2507314</us-gaap:TreasuryStockShares>
  <us-gaap:DividendsPayableAmountPerShare id="Tag234" contextRef="I2016-02-28" unitRef="USDPerShare" decimals="2">0.31</us-gaap:DividendsPayableAmountPerShare>
  <us-gaap:CommonStockParOrStatedValuePerShare id="Tag235" contextRef="I2014-12-31" unitRef="ILSPerShare" decimals="INF">0.3333</us-gaap:CommonStockParOrStatedValuePerShare>
  <us-gaap:StockholdersEquityNoteDisclosureTextBlock id="Tag236" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 54pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;NOTE 12&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 18pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;-&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;STOCKHOLDERS' EQUITY&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 70.9pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 18pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;A.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Share capital&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.75pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;1.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;Composition:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div align="right" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table cellpadding="0" cellspacing="0" width="85%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr&gt;
&lt;td align="left" valign="bottom" width="76%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black;"&gt;
&lt;div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;December 31, 2015 and 2014&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" width="10%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black;"&gt;
&lt;div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;Registered&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" width="10%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black;"&gt;
&lt;div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;Issued and fully paid&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: rgb(204, 238, 255);"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom: 4px; background-color: rgb(204, 238, 255);"&gt;
&lt;div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;Ordinary&amp;#160;shares&amp;#160;of&amp;#160;NIS&amp;#160;0.33&amp;#8531;&amp;#160;each&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;60,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;23,475,431&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div align="right" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;2.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;Since May&amp;#160;1998, the Company has been trading its shares on the Tel-Aviv Stock Exchange (&amp;#147;TASE&amp;#148;).&amp;#160;&amp;#160;On September&amp;#160;2005, the Company registered its Ordinary shares for trade in the United States.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;3.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Ordinary shares of the Company confer upon their holders the right to receive notice to participate and vote in general meetings of the Company and the right to receive dividends, if and when, declared.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;4.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December&amp;#160;31, 2015, 2014 and 2013, 2,507,314 ordinary shares representing 10.7% of the share capital of the Company is held by the Group as treasury shares.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;5.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;Shares of the Company held by the Group have no voting rights.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;6.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;On February 24, 2015 the company issued a press release announcing that its Board of Directors has resolved to act to voluntarily delist it's ordinary shares from trading on the Tel Aviv Stock Exchange. The Company was informed that such delisting will be effective as of May 25, 2016 with the last trading date on the Tel Aviv Stock Exchange being May 23, 2016.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 70.9pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 18pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;B.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Retained earnings&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;1.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;In determining the amount of retained earnings available for distribution as a dividend, the Israeli Companies Law stipulates that the cost of the Company's shares acquired by the Company and its subsidiaries (presented as a separate item in the statement of changes in equity) must be deducted from the amount of retained earnings.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;2.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;On February 21, 2012, the board of directors of the Company revised its dividend policy so that dividends will be declared and distributed on a quarterly basis in an amount not less than 50% of its net profits, calculated on the basis of the interim financial statements.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;3.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;Dividends are declared and paid in NIS. Dividends paid to stockholders outside Israel are converted into dollars on the basis of the exchange rate prevailing at the date of declaration.&amp;#160;&amp;#160;See also B1, above.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;4.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;During 2012, the Company declared dividends totaling an amount of approximately US$&amp;#160;36.1 million (NIS&amp;#160;135.4 million).&amp;#160;&amp;#160;These dividends were paid during 2012 and January 2013.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;5.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;During 2013, the Company declared dividends totaling an amount of approximately US$&amp;#160;17.2 million (NIS&amp;#160;61.1 million).&amp;#160;&amp;#160;These dividends were paid during 2013 and January 2014.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;6.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;During 2014, the Company declared dividends totaling an amount of approximately US$&amp;#160;20.5 million (NIS&amp;#160;72.4 million).&amp;#160;&amp;#160;These dividends were paid during 2014 and January 2015.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;7.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;During 2015, the Company declared dividends in an amount of approximately US$ 16.5 million (NIS&amp;#160;63.4 million).&amp;#160;&amp;#160;These dividends were paid during 2015 and January 2016.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;8.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;"&gt;In February 2016, the Company declared a dividend in the amount of US&amp;#160;0.31 dollar per share, totaling approximately US$&amp;#160;6.5 million (NIS&amp;#160;25.4. million).&amp;#160;&amp;#160;The dividend was paid in April 2016.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
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  <us-gaap:ResearchAndDevelopmentExpense id="Tag251" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">2414000</us-gaap:ResearchAndDevelopmentExpense>
  <us-gaap:SellingAndMarketingExpense id="Tag252" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">9715000</us-gaap:SellingAndMarketingExpense>
  <us-gaap:OperatingIncomeLoss id="Tag253" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">45870000</us-gaap:OperatingIncomeLoss>
  <us-gaap:IncomeTaxExpenseBenefit id="Tag254" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">14246000</us-gaap:IncomeTaxExpenseBenefit>
  <us-gaap:NonoperatingIncomeExpense id="Tag255" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">1189000</us-gaap:NonoperatingIncomeExpense>
  <itrn:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCurrent id="Tag256" contextRef="I2015-12-31" unitRef="USD" decimals="-3">145000</itrn:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCurrent>
  <itrn:DeferredTaxAssetsGrossAndDeferredTaxLiabilitiesNoncurrent id="Tag257" contextRef="I2014-12-31" unitRef="USD" decimals="-3">6009000</itrn:DeferredTaxAssetsGrossAndDeferredTaxLiabilitiesNoncurrent>
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign id="Tag258" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">17846000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign>
  <us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation id="Tag259" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">2000</us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation>
  <us-gaap:EquityMethodInvestmentOwnershipPercentage id="Tag260" contextRef="I2015-12-31_MinimumMember" unitRef="Pure" decimals="2">0.20</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag261" contextRef="I2013-12-31_CommonStockMember" unitRef="USD" decimals="-3">1983000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders id="Tag262" contextRef="D2014-01-01_To_2014-12-31_NoncontrollingInterestMember" unitRef="USD" decimals="-3">2564000</us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders>
  <us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders id="Tag263" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">2564000</us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders>
  <us-gaap:DepreciationDepletionAndAmortization id="Tag264" contextRef="D2015-01-01_To_2015-12-31_ReportableSegmentMember" unitRef="USD" decimals="-3">9717000</us-gaap:DepreciationDepletionAndAmortization>
  <us-gaap:Revenues id="Tag265" contextRef="D2013-01-01_To_2013-12-31_IL_1" unitRef="USD" decimals="-3">83331000</us-gaap:Revenues>
  <us-gaap:Revenues id="Tag266" contextRef="D2014-01-01_To_2014-12-31_BR_1" unitRef="USD" decimals="-3">66462000</us-gaap:Revenues>
  <us-gaap:Revenues id="Tag267" contextRef="D2015-01-01_To_2015-12-31_AR" unitRef="USD" decimals="-3">17324000</us-gaap:Revenues>
  <us-gaap:PropertyPlantAndEquipmentNet id="Tag268" contextRef="I2013-12-31_IL_1" unitRef="USD" decimals="-3">9051000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentNet id="Tag269" contextRef="I2015-12-31_BR_1" unitRef="USD" decimals="-3">17228000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax id="Tag270" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">-11052000</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest id="Tag271" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">1465000</us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag272" contextRef="I2012-12-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">71927000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag273" contextRef="I2012-12-31_TreasuryStockMember" unitRef="USD" decimals="-3">-30054000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag274" contextRef="I2012-12-31_NoncontrollingInterestMember" unitRef="USD" decimals="-3">3980000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:OperatingIncomeLoss id="Tag275" contextRef="D2015-01-01_To_2015-12-31_ReportableSegmentMember" unitRef="USD" decimals="-3">40644000</us-gaap:OperatingIncomeLoss>
  <us-gaap:OperatingIncomeLoss id="Tag276" contextRef="D2013-01-01_To_2013-12-31_ReportableSegmentMember" unitRef="USD" decimals="-3">37930000</us-gaap:OperatingIncomeLoss>
  <us-gaap:OtherNonoperatingIncomeExpense id="Tag277" contextRef="D2015-01-01_To_2015-12-31_MaterialReconcilingItemsMember" unitRef="USD" decimals="-3">1189000</us-gaap:OtherNonoperatingIncomeExpense>
  <us-gaap:AssetsCurrent id="Tag278" contextRef="I2013-12-31_MaterialReconcilingItemsMember" unitRef="USD" decimals="-3">61530000</us-gaap:AssetsCurrent>
  <us-gaap:PropertyPlantAndEquipmentNet id="Tag279" contextRef="I2014-12-31_MaterialReconcilingItemsMember" unitRef="USD" decimals="-3">7786000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:OtherAssetsMiscellaneous id="Tag280" contextRef="I2013-12-31_MaterialReconcilingItemsMember" unitRef="USD" decimals="-3">6560000</us-gaap:OtherAssetsMiscellaneous>
  <us-gaap:Assets id="Tag281" contextRef="I2013-12-31" unitRef="USD" decimals="-3">160542000</us-gaap:Assets>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax id="Tag282" contextRef="D2013-01-01_To_2013-12-31_TreasuryStockMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:DividendsCommonStockCash id="Tag283" contextRef="D2013-01-01_To_2013-12-31_CommonStockMember" unitRef="USD" xsi:nil="true" />
  <itrn:LevelOfIncentivePercentage id="Tag284" contextRef="D2015-01-01_To_2015-12-31_ExecutiveOfficerMember_ProfitBeforeTaxTargetsRangeFiveMember" unitRef="Pure" decimals="2">1.50</itrn:LevelOfIncentivePercentage>
  <itrn:LevelOfIncentivePercentage id="Tag285" contextRef="D2015-01-01_To_2015-12-31_ExecutiveOfficerMember_MinimumMember" unitRef="Pure" decimals="2">0.15</itrn:LevelOfIncentivePercentage>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="Tag286" contextRef="D2014-01-01_To_2014-12-31_MrAvnerKurzMember" unitRef="USD" decimals="0">80000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock id="Tag287" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160; &amp;#160; US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt; Year ended December 31,&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left; border-bottom: black 2px solid;"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(in thousands)&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2015&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: center;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2014&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: center;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2013 &amp;#160;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Income taxes (tax benefit):&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current taxes: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In Israel &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;6,279&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;7,564&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;6,060&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Outside Israel &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;6,089&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;7,630&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;8,194&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;12,368&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;15,194&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In Israel &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(121&lt;/font&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(471&lt;/font&gt;&lt;/td&gt;
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&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
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&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;206&lt;/font&gt;&lt;/td&gt;
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&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;(&lt;font&gt;432&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;85&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;(&lt;font&gt;903&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;Taxes in respect of prior years:&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Outside Israel &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;(45&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;369&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;(45&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;12,822&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;14,246&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;12,447&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
  <us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock id="Tag288" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 68%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; The Company and its Israeli subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68px; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;23,987&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;26,021&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;17,296&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-Israeli subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;17,846&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;21,553&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;20,706&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;41,833&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;47,574&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;38,002&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock>
  <itrn:ExchangeDifferencesOnPrincipalOfDepositAndLoansNet id="Tag289" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-317000</itrn:ExchangeDifferencesOnPrincipalOfDepositAndLoansNet>
  <us-gaap:MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments id="Tag290" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">133000</us-gaap:MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments>
  <us-gaap:PaymentsToAcquireMarketableSecurities id="Tag291" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">2771000</us-gaap:PaymentsToAcquireMarketableSecurities>
  <itrn:DepreciationAmortizationAndImpairmentOfGoodwill id="Tag292" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">11962000</itrn:DepreciationAmortizationAndImpairmentOfGoodwill>
  <itrn:RelatedPartyTransactionMonthlyExpense id="Tag293" contextRef="D2015-01-01_To_2015-12-31_NirSheratzkyMember_GalnirManagementAndInvestmentsLtdMember" unitRef="USD" decimals="0">45000</itrn:RelatedPartyTransactionMonthlyExpense>
  <itrn:RelatedPartyTransactionTermOfAgreement id="Tag294" contextRef="D2015-01-01_To_2015-12-31_GilSheratzkyMember_ZeroToOneSBLInvestmentsLtdMember">P3Y</itrn:RelatedPartyTransactionTermOfAgreement>
  <itrn:RelatedPartyTransactionNoticeRequiredToTerminateAgreement id="Tag295" contextRef="D2015-01-01_To_2015-12-31_GilSheratzkyMember_ZeroToOneSBLInvestmentsLtdMember">P2M</itrn:RelatedPartyTransactionNoticeRequiredToTerminateAgreement>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag296" contextRef="I2015-12-31_BuildingMember" unitRef="USD" decimals="-3">1845000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag297" contextRef="I2015-12-31_VehiclesMember" unitRef="USD" decimals="-3">3810000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment id="Tag298" contextRef="I2014-12-31" unitRef="USD" decimals="-3">48274000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
  <us-gaap:PropertyPlantAndEquipmentAdditions id="Tag299" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-6">15000000</us-gaap:PropertyPlantAndEquipmentAdditions>
  <itrn:AmortizationAndImpairmentOfIntangibleAssets id="Tag300" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="0">430000</itrn:AmortizationAndImpairmentOfIntangibleAssets>
  <us-gaap:ImpairmentOfIntangibleAssetsFinitelived id="Tag301" contextRef="D2015-01-01_To_2015-12-31_BrandNameMember" unitRef="USD" decimals="0">19000</us-gaap:ImpairmentOfIntangibleAssetsFinitelived>
  <us-gaap:FiniteLivedIntangibleAssetsGross id="Tag302" contextRef="I2015-12-31_DatabasesMember" unitRef="USD" decimals="-3">3876000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <itrn:RelatedPartyTransactionTermOfAutomaticExtension id="Tag303" contextRef="D2015-01-01_To_2015-12-31_IzzySheratzkyMember_SheratzkyHoldingsMember">P2Y</itrn:RelatedPartyTransactionTermOfAutomaticExtension>
  <itrn:RelatedPartyTransactionMonthlyExpense id="Tag304" contextRef="D2015-01-01_To_2015-12-31_NirSheratzkyMember_SheratzkyHoldingsMember" unitRef="ILS" decimals="0">49307</itrn:RelatedPartyTransactionMonthlyExpense>
  <itrn:RelatedPartyTransactionMonthlyExpense id="Tag305" contextRef="D2015-01-01_To_2015-12-31_NirSheratzkyMember_SheratzkyHoldingsMember" unitRef="USD" decimals="0">12600</itrn:RelatedPartyTransactionMonthlyExpense>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="Tag306" contextRef="D2015-01-01_To_2015-12-31_SheratzkyHoldingsMember" unitRef="USD" decimals="0">0</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="Tag307" contextRef="D2014-01-01_To_2014-12-31_SheratzkyHoldingsMember" unitRef="USD" decimals="0">793000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations id="Tag308" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-18659000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease id="Tag309" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">12244000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:DerivativeAssetsCurrent id="Tag310" contextRef="I2015-12-31" unitRef="USD" decimals="-3">1063000</us-gaap:DerivativeAssetsCurrent>
  <us-gaap:IncreaseDecreaseInAccountsReceivable id="Tag311" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-117000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <us-gaap:IncreaseDecreaseInOtherOperatingAssets id="Tag312" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">4749000</us-gaap:IncreaseDecreaseInOtherOperatingAssets>
  <us-gaap:IncreaseDecreaseInInventories id="Tag313" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">658000</us-gaap:IncreaseDecreaseInInventories>
  <us-gaap:IncreaseDecreaseInInventories id="Tag314" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">-783000</us-gaap:IncreaseDecreaseInInventories>
  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations id="Tag315" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-25706000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
  <us-gaap:DeferredTaxAssetsNetCurrent id="Tag316" contextRef="I2015-12-31" unitRef="USD" decimals="-3">2752000</us-gaap:DeferredTaxAssetsNetCurrent>
  <us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock id="Tag317" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="/* margin-left: 94pt;" align="right"&gt;
&lt;table width="88%" cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0.1px;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;font-family: 'Times New Roman';text-indent: 20px;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'Times New Roman'; text-indent: 20px;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;(in &amp;#160;thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Prepaid expenses and others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;10,960&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 9,779 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Government institutions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,910&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 2,694 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Deferred installation expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2,403&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 2,485 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Deferred income taxes (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2,752&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 3,649 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Advances to suppliers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;84&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 324 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Employees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;389&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 343 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Forward Exchange Contracts&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,063&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 1,580 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2,876&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
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&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;text-align: right;"&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
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&lt;tr&gt;
&lt;td style="width: 5%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(*)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 95%;"&gt;
&lt;div&gt;See Note 15.&lt;/div&gt;
&lt;/td&gt;
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&lt;![endif]--&gt; &lt;b&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;US dollars&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
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&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom-color: #000000 !important; border-bottom-style: solid !important; border-bottom: black 2px solid; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &amp;#160; &amp;#160; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Forward Exchange Contracts&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt; 984 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Government institutions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt; 73 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred installation expenses &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;488&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt; 459 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deposits &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;678&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt; 575 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1,166&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt; 2,091 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 88%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="7"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="7"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;Year ended December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Adjustment of purchase price of subsidiary sold&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(101)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;200&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Impairment of goodwill and intangible assets (2) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;929&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;922&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,620&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font lang="EN-US" style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Gain on sale of subsidiary (1)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(951)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(145&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px 0px 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(66&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px 0px 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(60&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(268)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;856&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,760&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="right"&gt;
&lt;table width="92%" cellpadding="0" border="0" cellspacing="0" style="margin-right: 0px;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: top; width: 4%;"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; orphans: auto; text-align: justify; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;(1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; width: 96%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;On December 31, 2015, the Company sold its entire holding in the subsidiary Mapa Internet Ltd. for a total consideration of NIS&amp;#160;&lt;font&gt;2.3&lt;/font&gt; million (approximately US$&amp;#160;&lt;font&gt;600,000&lt;/font&gt;).&lt;br/&gt;Management does not believe that the sale of Mapa internet Ltd represents a strategic shift for the company. As a result, the above transaction has not been reflected in the accompanying consolidated financial statements as discontinued operations&lt;br/&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="right"&gt;
&lt;table width="92%" cellpadding="0" border="0" cellspacing="0" style="margin-right: 0px;"&gt;

&lt;tr&gt;
&lt;td style="width: 4%; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;See Notes 7, 8 and 1N.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="right"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</itrn:ScheduleOfOtherIncomeExpenseNetTableTextBlock>
  <us-gaap:InterestExpenseLongTermDebt id="Tag333" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:InterestIncomeDepositsWithFinancialInstitutions id="Tag334" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">1998000</us-gaap:InterestIncomeDepositsWithFinancialInstitutions>
  <itrn:FinancingIncomeExpenseExchangeRateAndOthers id="Tag335" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-555000</itrn:FinancingIncomeExpenseExchangeRateAndOthers>
  <us-gaap:IncomeLossIncludingPortionAttributableToNoncontrollingInterest id="Tag336" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">23762000</us-gaap:IncomeLossIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:DerivativeGainLossOnDerivativeNet id="Tag337" contextRef="D2014-01-01_To_2014-12-31_CostOfSalesMember_DesignatedAsHedgingInstrumentMember_ForeignExchangeContractMember" unitRef="USD" decimals="-3">39000</us-gaap:DerivativeGainLossOnDerivativeNet>
  <us-gaap:DerivativeAssets id="Tag338" contextRef="I2015-12-31_FairValueInputsLevel3Member_DesignatedAsHedgingInstrumentMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:DerivativeAssets id="Tag339" contextRef="I2014-12-31_FairValueInputsLevel1Member_DesignatedAsHedgingInstrumentMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:DueFromEmployeesCurrent id="Tag340" contextRef="I2014-12-31" unitRef="USD" decimals="-3">343000</us-gaap:DueFromEmployeesCurrent>
  <itrn:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCurrent id="Tag341" contextRef="I2014-12-31" unitRef="USD" decimals="-3">130000</itrn:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCurrent>
  <us-gaap:IncomeTaxExaminationPenaltiesExpense id="Tag342" contextRef="D2010-07-10_To_2010-07-13_SaoPauloStateRevenueServicesMember" unitRef="BRL" decimals="0">66143446</us-gaap:IncomeTaxExaminationPenaltiesExpense>
  <us-gaap:ConcentrationRiskDisclosureTextBlock id="Tag343" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td align="right" style="width: 63pt;"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;NOTE 19 - &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 63pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="width: 27pt;"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;A.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Concentrations of credit risks&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="/* margin: 0pt 0pt 6pt 99pt; */ text-align: justify; /* text-indent: -22.7pt; */ font-family: 'times new roman'; margin-left: 90.75pt; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial instruments that potentially subject the Company and its subsidiaries to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivables, marketable securities and derivatives.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="/* margin: 0pt 0pt 6pt 99pt; */ text-align: justify; /* text-indent: -22.7pt; */ font-family: 'times new roman'; margin-top: 0px; margin-bottom: 0px; margin-left: 90.75pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;Most of the Group's cash and cash equivalents, deposits in short-term investments (and investments in trading marketable securities), as of December&amp;#160;31, 2015 and 2014, were deposited with major banks (mostly in Israel) with high credit rating. The Company is of the opinion that the credit risk in respect of these balances is immaterial.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;Most of the Group's sales are made in Israel, Brazil, Argentina and the United States, to a large number of customers, including insurance companies.&amp;#160;&amp;#160;Management periodically evaluates the collectability of the trade receivables to determine the amounts that are doubtful of collection and determine a proper allowance for doubtful accounts.&amp;#160;&amp;#160;Accordingly, the Group's trade receivables do not represent a substantial concentration of credit risk.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="/* margin: 0pt 0pt 6pt 99pt; */ text-align: justify; /* text-indent: -22.7pt; */ font-family: 'times new roman'; margin-left: 90.75pt; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;The company entered into foreign exchange forward contracts intended to protect against the increase in the purchase price of forecasted inventory purchases dominated in currencies other then the functional currency of the purchasing entity.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 63pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="width: 27pt;"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;B.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Foreign exchange risk management&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Group operates internationally, which gives rise to exposure to market risks mainly from changes in exchange rates of foreign currencies in relation to the functional currency of each of the entities of the Group.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 101.3px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 101.3px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;During&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 2013 and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 2014&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;the Company enter&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; into foreign currency forward transactions in order to protect itself against the risk that the eventual cash flows resulting from anticipated transactions (mainly purchases of inventory), denominated in currencies other than the functional currency, will be affected by changes in exchange rates.&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;As of December 31, 2015, &lt;font&gt;7&lt;/font&gt; transactions originated in 2014 were remained outstanding.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;During 2013,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 2014 and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, all the financial derivatives&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; were designated and accounted &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;as hedging instruments.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The following table summarizes a tabular disclosure of (a) fair values of derivative instruments in the balance sheets and (b) the effect of derivative instruments in the statements of income:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;
&lt;p style="/* margin: 0pt 0pt 6pt 99pt; */ text-align: justify; font-family: 'times new roman'; margin-left: 90pt; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Fair values of derivative instruments:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;strong&gt;Asset derivatives&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-size: 10pt;"&gt;As of December 31, 2015&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;strong&gt;Thousands of US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Balance&amp;#160;sheet&lt;br/&gt;location&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Fair&lt;br/&gt;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;value&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Derivatives&amp;#160;designated&amp;#160;as&amp;#160;hedging&amp;#160;instruments: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign&amp;#160;exchange&amp;#160;contracts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other current Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 2%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; /* padding-right: 2.85pt; */vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important; width: 14%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1,063&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;strong&gt;Liability derivatives&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 2014&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-size: 10pt;"&gt;Thousands of US dollars&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Balance&amp;#160;sheet&lt;br/&gt;location&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Fair&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;value&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Derivatives&amp;#160;designated&amp;#160;as&amp;#160;hedging&amp;#160;instruments: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign&amp;#160;exchange&amp;#160;contracts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;"&gt;Other current Assets&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 2%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;1,580&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;"&gt;&amp;#160;Other no current Assets&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 2px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;984&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; font-family: 'Times New Roman'; width: 1px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 2px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;2,564&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; font-family: 'Times New Roman'; width: 1px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Amounts reclassified to statement of income:&lt;/font&gt;&lt;/div&gt;
&lt;div class="CursorPointer" align="left"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; /* padding-left: 2.85pt; */padding-right: 2.85pt; border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Derivatives&amp;#160;designated&lt;br/&gt;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;as&amp;#160;hedging&amp;#160;instruments&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; /* padding-left: 2.85pt; *//* padding-right: 2.85pt; */border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Location&amp;#160;of&amp;#160;loss&lt;br/&gt;recognized&amp;#160;in&amp;#160;income&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; /* padding-left: 2.85pt; *//* padding-right: 2.85pt; */border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Amount&amp;#160;of&amp;#160;gain&lt;br/&gt;recognized&amp;#160;in&amp;#160;income&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31, &lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; /* border-bottom-width: 1pt !important; */ /* border-bottom-style: solid !important; */ /* border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; *//* padding-right: 2.85pt; */vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Thousands&amp;#160;of&amp;#160;US&amp;#160;dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &amp;#160; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* border-top-color: #000000; */ /* border-top-style: solid; */ /* border-top-width: 1pt; */ padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &amp;#160; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &amp;#160; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 72%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign&amp;#160;exchange&amp;#160;contracts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost of revenues &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 12%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1,616&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer" align="left"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Derivatives designated&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;as hedging instruments&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Location&amp;#160;of&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;loss&lt;br/&gt;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;recognized&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;in&amp;#160;income &lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" colspan="4" align="center"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Amount&amp;#160;of gain&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&lt;br/&gt;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;recognized&amp;#160;in&amp;#160;income&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year&amp;#160;ended&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31, &lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; /* border-bottom-width: 1pt !important; */ /* border-bottom-style: solid !important; */ /* border-bottom-color: #000000 !important;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="4" align="center"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Thousands&amp;#160;of&amp;#160;US&amp;#160;dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; /* border-top: #000000 1pt solid !important; */ padding: 0px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" colspan="4" align="center"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 72%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign&amp;#160;exchange&amp;#160;contracts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Cost of revenues &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;" align="right" colspan="4"&gt;&lt;font&gt;39&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 2.85pt; vertical-align: middle; text-align: center; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the notional amount of forward exchange contracts with respect to cash flow hedge of anticipated transactions amounted to US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;10.5&lt;/font&gt;&amp;#160;million (US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1.5&lt;/font&gt;&amp;#160;million per month for the next &lt;font&gt;7&lt;/font&gt;&amp;#160;months).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 63pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="width: 27pt;"&gt;
&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;C.&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left"&gt;
&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Fair value of financial instruments&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company measures fair value and discloses fair value measurements for financial assets and liabilities. Fair value is an exit price, representing the amount that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between market participants.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company measured cash equivalents, marketable securities and derivative financial instruments at fair value.&amp;#160; Such financial instruments are measured at fair value, on a recurring basis.&amp;#160; The measurement of cash equivalents are classified within Level 1. The fair value of derivatives generally reflects the estimated amounts that the Company would receive or pay to terminate the contracts at the reporting dates, based on the prevailing currency prices and the relevant interest rates. Such measurement is classified within Level 2.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The fair value of the financial instruments included in the working capital of the Group (cash and cash equivalents, deposit in escrow, accounts receivable, accounts payable and other current assets and liabilities) approximates their carrying value, due to the short-term maturity of such instruments.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;See also Note 1V.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company's financial assets measured at fair value on a recurring basis, consisted of the following types of instruments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; as of December 31, 2015 and 2014&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer" align="left"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31, &lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Level 1&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Level 2&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Level 3&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;Trading securities&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;2,035&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 55%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 20.7pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Derivatives designated as hedging instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1,063&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 120%; margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer" align="left"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31, 2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Level 1&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Level 2&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Level 3&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;Trading securities&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;2,362&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 55%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 20.7pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Derivatives designated as hedging instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;2,564&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
  <itrn:AggregateSumClaimedPursuantToTaxDeficiency id="Tag344" contextRef="D2014-01-01_To_2014-12-31_SaoPauloStateRevenueServicesMember" unitRef="BRL" decimals="0">220000000</itrn:AggregateSumClaimedPursuantToTaxDeficiency>
  <itrn:IncomeTaxReconciliationPriorYearDomesticIncomeTaxes id="Tag345" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">369000</itrn:IncomeTaxReconciliationPriorYearDomesticIncomeTaxes>
  <us-gaap:IncomeTaxReconciliationPriorYearIncomeTaxes id="Tag346" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">369000</us-gaap:IncomeTaxReconciliationPriorYearIncomeTaxes>
  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate id="Tag347" contextRef="D2013-01-01_To_2013-12-31" unitRef="Pure" decimals="INF">0.25</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
  <itrn:IncomeTaxReconciliationDeductionsFinancialExpenses id="Tag348" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">-365000</itrn:IncomeTaxReconciliationDeductionsFinancialExpenses>
  <us-gaap:BasisOfAccountingPolicyPolicyTextBlock id="Tag349" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.4pt; orphans: 0; text-align: justify; text-indent: -22.7pt; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;3.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Basis of presentation&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (&amp;#147;US GAAP&amp;#148;).&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
  <itrn:FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges id="Tag350" contextRef="I2015-12-31_DatabasesMember" unitRef="USD" decimals="-3">3876000</itrn:FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges>
  <us-gaap:FiniteLivedIntangibleAssetsNet id="Tag351" contextRef="I2015-12-31_TradeNamesMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:CashAndCashEquivalentsPolicyTextBlock id="Tag352" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;C.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Cash &lt;/strong&gt;&lt;strong&gt;and&lt;/strong&gt;&lt;strong&gt; cash equivalents&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group considers all highly liquid investments, which include short-term bank deposits that are not restricted as to withdrawal or use, and short-term debentures, with original periods to maturity not exceeding three months, to be cash equivalents.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
  <itrn:StockholdersEquityTreasuryStockPolicyTextBlock id="Tag353" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;E.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;T&lt;/strong&gt;&lt;strong&gt;reasury stock&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Company shares held by the Company and its subsidiary are presented as a reduction of equity, at their cost, under the caption &amp;#147;Treasury Stock&amp;#148;. Gains and losses upon sale of these shares, net of related income taxes, are recorded as additional paid in capital.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</itrn:StockholdersEquityTreasuryStockPolicyTextBlock>
  <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock id="Tag354" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;K.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Property and equipment&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.&amp;#160; Leasehold improvements are depreciated on the straight-line method over the shorter of the estimated useful life of the property or the duration of the lease.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 113.4pt; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Rates of depreciation:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="/* margin-left: 110pt;" align="center"&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table style="border-collapse: collapse; margin-left: 0.1px;" cellspacing="0" cellpadding="0" width="83%"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;%&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 34%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Operating equipment (mainly &lt;font&gt;20&lt;/font&gt;%-&lt;font&gt;33&lt;/font&gt;%) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 28%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;6.5&lt;/font&gt;-&lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Office&amp;#160;furniture,&amp;#160;equipment&amp;#160;and&amp;#160;computers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;7&lt;/font&gt;-&lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;2.5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Vehicles &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: top; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;Duration&amp;#160;of&amp;#160;the&amp;#160;lease&amp;#160;which&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;is&amp;#160;less&amp;#160;or&amp;#160;equal&amp;#160;to&amp;#160;useful&amp;#160;life.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
  <itrn:ScheduleOfFiniteLivedIntangibleAssetsUsefulLifeTableTextBlock id="Tag355" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 82%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Years&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 38%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; GIS database &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Brand name &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;3&lt;/font&gt;-&lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</itrn:ScheduleOfFiniteLivedIntangibleAssetsUsefulLifeTableTextBlock>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax id="Tag356" contextRef="D2015-01-01_To_2015-12-31_CommonStockMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders id="Tag357" contextRef="D2015-01-01_To_2015-12-31_CommonStockMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:DividendsCommonStockStock id="Tag358" contextRef="D2015-01-01_To_2015-12-31_CommonStockMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:DividendsCommonStockStock id="Tag359" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">3128000</us-gaap:DividendsCommonStockStock>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag360" contextRef="I2015-12-31_TreasuryStockMember" unitRef="USD" decimals="-3">-30054000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:GoodwillTranslationAdjustments id="Tag361" contextRef="D2014-01-01_To_2014-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">-327000</us-gaap:GoodwillTranslationAdjustments>
  <us-gaap:Goodwill id="Tag362" contextRef="I2014-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">2497000</us-gaap:Goodwill>
  <us-gaap:GoodwillImpairmentLoss id="Tag363" contextRef="D2015-01-01_To_2015-12-31_CertainReportingUnitsMember" unitRef="USD" decimals="-5">700000</us-gaap:GoodwillImpairmentLoss>
  <us-gaap:GoodwillTranslationAdjustments id="Tag364" contextRef="D2015-01-01_To_2015-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">-5000</us-gaap:GoodwillTranslationAdjustments>
  <us-gaap:FiniteLivedIntangibleAssetUsefulLife id="Tag365" contextRef="D2015-01-01_To_2015-12-31_OtherIntangibleAssetsMember_MinimumMember">P3Y</us-gaap:FiniteLivedIntangibleAssetUsefulLife>
  <us-gaap:FiniteLivedIntangibleAssetUsefulLife id="Tag366" contextRef="D2015-01-01_To_2015-12-31_OtherIntangibleAssetsMember_MaximumMember">P10Y</us-gaap:FiniteLivedIntangibleAssetUsefulLife>
  <us-gaap:NatureOfOperations id="Tag367" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;1.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Operations&lt;br/&gt;&lt;br/&gt;&lt;/strong&gt;Ituran Location and Control Ltd. (the &amp;#147;Company&amp;#148;) commenced operations in 1994. The Company and its subsidiaries (the &amp;#147;Group&amp;#148;) are engaged in the provision of Location based services and machine-to-machine Wireless communications products for use in stolen vehicle recovery, fleet management and other applications.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &amp;#160;The Group operates through subsidiaries in Brazil and Argentina, which generates revenues in their respective local currencies. The local currencies of such countries have been subject to significant fluctuations in recent years and the exchange rate of the Brazilian Real to the US Dollar (the presentation currency of the Group) was decreased significantly during fiscal year 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The functional currency of the Company and its subsidiaries located in Israel is the New Israeli Shekel (&amp;#147;NIS&amp;#148;), which is the local currency in which those entities operate.&amp;#160; The functional currency of the foreign subsidiaries of the Group is their respective local currency.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The consolidated financial statements of the Company and all of its subsidiaries were translated into U.S. dollars in accordance with the standards of the Financial Accounting Standards Board ("FASB").&amp;#160; Accordingly, assets and liabilities were translated from local currencies to U.S. dollars using yearend exchange rates, and income and expense items were translated at average exchange rates during the year.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Gains or losses resulting from translation adjustments (which result from translating an entity's financial statements into U.S. dollars if its functional currency is different than the U.S. dollar) are reported in other comprehensive income and are reflected in equity, under &amp;#147;accumulated other comprehensive income (loss)&amp;#148;.&lt;br/&gt;&lt;br/&gt;Translation gains and losses resulting from changes in exchange rates used in the translation of inter company balances that are long term investment nature (i.e. which their settlement is not planned or anticipated) are also included in other comprehensive income (loss).&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Balances denominated in, or linked to foreign currency are stated on the basis of the exchange rates prevailing at the balance sheet date.&amp;#160; For foreign currency transactions included in the statement of income, the exchange rates applicable on the relevant transaction dates are used.&amp;#160; Transaction gains or losses arising from changes in the exchange rates used in the translation of such balances are carried to financing income or expenses as applicable.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The following table presents data regarding the dollar exchange rate of relevant currencies and the Israeli CPI:&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer" align="right"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 85%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="7" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Exchange rate&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;of one US dollar&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; /* border-top-width: 1pt !important; *//* border-top-style: solid !important; *//* border-top-color: #000000 !important; */border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Israeli CPI&lt;/strong&gt;&lt;font style="vertical-align: middle;"&gt;&lt;strong&gt;(*)&lt;/strong&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3" align="center"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;NIS&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3" align="center"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Real&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;At December 31&lt;/strong&gt;,&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" colspan="3" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" colspan="3" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2015 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3.902&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3.9048&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;112.82&amp;#160;&lt;/font&gt;points&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2014 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3.889&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2.6562&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;113.96&amp;#160;&lt;/font&gt;&lt;/font&gt;points&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px; background-color: #cceeff;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2013 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; text-align: center; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3.471&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2.3426&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;114.18&amp;#160;&lt;/font&gt;&lt;/font&gt;points&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Increase (decrease) during the year:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 63%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2015 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.33&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;47.01&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1.0)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2014 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;12.04&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;13.39&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(0.2)&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2013 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(&lt;font&gt;7.02&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(&lt;font&gt;14.63&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1.8&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table width="86%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.1px;"&gt;

&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: -30.2666664123535px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;(*) &amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Based on the Index for the month ending on each balance sheet date, on the basis of 2008 average 100.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer" align="right"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:NatureOfOperations>
  <us-gaap:ScheduleOfStockByClassTextBlock id="Tag368" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;&amp;#160;&lt;/div&gt;
&lt;div align="right" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;"&gt;
&lt;table cellpadding="0" cellspacing="0" width="85%" style="font-size: 10pt; font-family: 'times new roman';"&gt;

&lt;tr&gt;
&lt;td align="left" valign="bottom" width="76%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black;"&gt;
&lt;div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;December 31, 2015 and 2014&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" width="10%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black;"&gt;
&lt;div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;Registered&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" width="10%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black;"&gt;
&lt;div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;Issued and fully paid&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: rgb(204, 238, 255);"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom: 4px; background-color: rgb(204, 238, 255);"&gt;
&lt;div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;Ordinary&amp;#160;shares&amp;#160;of&amp;#160;NIS&amp;#160;0.33&amp;#8531;&amp;#160;each&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;60,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;23,475,431&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfStockByClassTextBlock>
  <us-gaap:AdvertisingExpense id="Tag369" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-5">6800000</us-gaap:AdvertisingExpense>
  <us-gaap:AdvertisingExpense id="Tag370" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-5">7600000</us-gaap:AdvertisingExpense>
  <us-gaap:Goodwill id="Tag371" contextRef="I2015-12-31_CertainReportingUnitsMember" unitRef="USD" decimals="-5">700000</us-gaap:Goodwill>
  <us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock id="Tag372" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;N.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Goodwill and intangible assets&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in business combinations accounted for in accordance with the "purchase method" and is allocated to reporting units at acquisition. Goodwill is not amortized but rather tested for impairment at least annually in accordance with the provisions of ASC Topic 350, "Intangibles - Goodwill and Other". The Company performs its goodwill annual impairment test for the reporting units at December 31 of each year, or more often if indicators of impairment are present.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As required by ASC Topic 350, the Company chooses either to perform a qualitative assessment whether the two-step goodwill impairment test is necessary or proceeds directly to the two-step goodwill impairment test. Such determination is made for each reporting unit on a stand-alone basis.&amp;#160; The qualitative assessment includes various factors such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, earnings multiples, gross margin and cash flows from operating activities and other relevant factors. When the Company chooses to perform a qualitative assessment and determines that it is more likely than not (more than 50 percent likelihood) that the fair value of the reporting unit is less than its carrying value, then the Company proceeds to the two-step goodwill impairment test. If the Company determines Otherwise, no further evaluation is necessary.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;When the Company decides or is required to perform the two-step goodwill impairment test, the Company compares the fair value of the reporting unit to its carrying value ("step 1"). If the fair value of the reporting unit exceeds the carrying value of the reporting unit net assets (including the goodwill allocated to such reporting unit), goodwill is considered not to be impaired, and no further testing is required. If the carrying value exceeds the fair value of the reporting unit, then the implied fair value of goodwill is determined by subtracting the fair value of all the identifiable net assets from the fair value of the reporting unit. An impairment loss is recorded for the excess, if any, of the carrying value of the goodwill allocated to the reporting unit over its implied fair value ("step 2").&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;There are a number of generally accepted methods used for valuing a reporting unit: &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The &amp;#145;income approach' utilizes discounted forecasted cash flows, the &amp;#145;Market &amp;#150; approach which utilize pricing multiples of business entities with publicly traded securities whose business and financial risks are comparable to those of the reporting unit being valued and the &amp;#145;Asset - based approach'&amp;#160; which establishes a value based on the cost of reproducing or replacing the asset being valued. These methods described may be used alone or in combination with one another.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company applies assumptions that market participants would consider in determining the fair value of each reporting unit and the fair value of the identifiable assets and liabilities of the reporting units, as applicable.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company performed a qualitative assessment for two reporting units as of December 31, 2015 and 2014, and concluded that the qualitative assessment did not result in a more likely than not indication of impairment, and therefore no further impairment testing was required, with respect to such units.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For other reporting units (two in 2014, one in 2015), operating in Israel, the Company elected to bypass the qualitative assessment and proceeded directly to performing the first step of the goodwill impairment test.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In order to determine the fair value of such&amp;#160;reporting units, the Company utilized the "income approach". According to the income approach expected future cash flows are discounted to their present value using an appropriate rate of return. Judgments and assumptions related to future cash flows (projected revenues, operating expenses, and capital expenditures), future short-term and long-term growth rates, and weighted average cost of capital, which are based on management's internal assumptions, and believed to be similar to those that would be utilized by market participants under the circumstances and to represent both the specific risks associated with the business, and capital market conditions, are inherent in developing the discounted cash flow model.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;During 2015, 2014 and 2013, the Company recorded a goodwill impairment loss in an amount of US$&amp;#160;&lt;font&gt;674,000&lt;/font&gt;, US$&amp;#160;&lt;font&gt;879,000&lt;/font&gt; and US$&amp;#160;&lt;font&gt;3,093,000&lt;/font&gt;, respectively.&amp;#160; See Note 8.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Intangible assets with finite lives are amortized using the straight-line basis over their useful lives, to reflect the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up, as follows&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 82%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Years&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 38%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; GIS database &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Brand name &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;3&lt;/font&gt;-&lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Recoverability of intangible assets is measured as described in Note&amp;#160;1L above.&amp;#160; During 2015, the Company recorded an intangible assets impairment loss in an amount of US$&amp;#160;&lt;font&gt;255,000&lt;/font&gt;.&amp;#160; See Note 7.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock>
  <itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear id="Tag373" contextRef="D2015-01-01_To_2015-12-31_BR" unitRef="Pure" decimals="4">0.4701</itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear>
  <itrn:RateOfDepreciation id="Tag374" contextRef="D2015-01-01_To_2015-12-31_EquipmentMember_MinimumMember" unitRef="Pure" decimals="3">0.065</itrn:RateOfDepreciation>
  <us-gaap:FiniteLivedIntangibleAssetUsefulLife id="Tag375" contextRef="D2015-01-01_To_2015-12-31_BrandNameMember">P15Y</us-gaap:FiniteLivedIntangibleAssetUsefulLife>
  <itrn:DeferredTaxAssetsOperatingLossCarryforwardsNoncurrent id="Tag376" contextRef="I2014-12-31" unitRef="USD" decimals="-3">4321000</itrn:DeferredTaxAssetsOperatingLossCarryforwardsNoncurrent>
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic id="Tag377" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">26021000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic>
  <us-gaap:AllowanceForDoubtfulAccountsReceivable id="Tag378" contextRef="I2014-12-31" unitRef="USD" decimals="0">2391000</us-gaap:AllowanceForDoubtfulAccountsReceivable>
  <us-gaap:DueFromEmployeesCurrent id="Tag379" contextRef="I2015-12-31" unitRef="USD" decimals="-3">389000</us-gaap:DueFromEmployeesCurrent>
  <us-gaap:FairValueMeasurementPolicyPolicyTextBlock id="Tag380" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;V&lt;/strong&gt;&lt;strong&gt;.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Fair value measurements&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;"&gt;The Company measures fair value and discloses fair value measurements for financial and non-financial assets and liabilities. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman'; margin-bottom: 0pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;"&gt;As such, fair value is a market based measurement that is required to be determined based on the assumptions that market participants would use to determine the price of an asset or a liability.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As a basis for considering such assumptions, the fair value accounting standard establishes the following fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Level 1 - Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Level 2 - Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Level 3 - Unobservable inputs are used when little or no market data is available. Level 3 inputs are considered as the lowest priority under the fair value hierarchy.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In determining fair value, companies are required to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as to consider counterparty credit risk in the assessment of fair value.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Regarding the fair value measurements of financial assets and liabilities and the fair value hierarchy of such measurements, see Note 19C.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company also measures certain non-financial assets, consisting mainly goodwill and intangible assets at fair value on a nonrecurring basis. These assets are adjusted to fair value when they are considered to be impaired (see 1N and 1L above). As of December 31, 2015, the Company measured the fair value of goodwill with a total carrying amount of US$ &lt;font&gt;0.7&lt;/font&gt;&amp;#160;million (before the recognition of an impairment loss) that is allocated to one reporting unit.&amp;#160; As a result of the above impairment test, the Company recorded an impairment loss of goodwill in an&amp;#160;amount of US$ &lt;font&gt;0.7&lt;/font&gt;&amp;#160;million, to its implied fair value of &amp;#160;US$&amp;#160;&lt;font&gt;0&lt;/font&gt;&amp;#160;million.&amp;#160; The fair value measurement of the non-financial assets is classified as level 3.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;As of December 31, 2014, the Company measured the fair value of goodwill with a total carrying amount of US$ &lt;font&gt;1.5&lt;/font&gt; million (before the recognition of an impairment loss) that was allocated to two&amp;#160;reporting units. As a result of the above impairment test, the Company recorded an impairment loss of goodwill in&amp;#160;amount of US$ &lt;font&gt;0.9&lt;/font&gt;&amp;#160;million, to its implied fair value of US$ &lt;font&gt;0.7&lt;/font&gt; million. The fair value measurement of the non-financial assets is classified as level 3.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
  <us-gaap:GoodwillAndIntangibleAssetImpairment id="Tag381" contextRef="D2013-01-01_To_2013-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">2816000</us-gaap:GoodwillAndIntangibleAssetImpairment>
  <us-gaap:ProfitLoss id="Tag382" contextRef="D2015-01-01_To_2015-12-31_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" xsi:nil="true" />
  <itrn:AgreementTerm id="Tag383" contextRef="D2015-09-01_To_2015-09-30_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember">P1Y</itrn:AgreementTerm>
  <us-gaap:LossContingencyDamagesSoughtValue id="Tag384" contextRef="D2015-01-01_To_2015-12-31_TaxAssessmentMember_BrazilianInternalRevenueServiceMember" unitRef="BRL" decimals="-5">11300000</us-gaap:LossContingencyDamagesSoughtValue>
  <itrn:LossContingenciesPreviousTaxAssessment id="Tag385" contextRef="D2015-01-01_To_2015-12-31_UnfavorableRegulatoryActionFUNTELLContributionMember_TaxYear2008Member" unitRef="USD" decimals="0">193000</itrn:LossContingenciesPreviousTaxAssessment>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary id="Tag386" contextRef="I2015-12-31" unitRef="USD" decimals="-6">6000000</us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary>
  <us-gaap:InventoryDisclosureTextBlock id="Tag387" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;NOTE 3&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;-&lt;/strong&gt;&lt;strong&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;INVENTORIES&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="margin-left: 94pt;"&gt;
&lt;table style="border-collapse: collapse; margin-left: 0px;" cellspacing="0" cellpadding="0" width="100%"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: #000000 1pt solid !important; font-family: 'Times New Roman';" colspan="6"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;US&amp;#160;dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-top: #000000 1pt solid !important; font-family: 'Times New Roman';" colspan="6"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Finished products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;8,833&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 8,845 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Raw materials &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3,948&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 3,319 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;12,781&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 12,164 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:InventoryDisclosureTextBlock>
  <us-gaap:ScheduleOfInventoryCurrentTableTextBlock id="Tag388" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="margin-left: 94pt;"&gt;
&lt;table style="border-collapse: collapse; margin-left: 0px;" cellspacing="0" cellpadding="0" width="100%"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: #000000 1pt solid !important; font-family: 'Times New Roman';" colspan="6"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;US&amp;#160;dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-top: #000000 1pt solid !important; font-family: 'Times New Roman';" colspan="6"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Finished products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;8,833&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 8,845 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Raw materials &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3,948&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 3,319 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;12,781&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 12,164 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
  <us-gaap:PaymentsToAcquireEquityMethodInvestments id="Tag389" contextRef="D2013-12-01_To_2013-12-31_BRINGGDeliveryTechnologiesLtdMember" unitRef="USD" decimals="-5">1400000</us-gaap:PaymentsToAcquireEquityMethodInvestments>
  <us-gaap:EquityMethodInvestmentOwnershipPercentage id="Tag390" contextRef="I2015-12-31_LocationetMember" unitRef="Pure" decimals="4">0.1064</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <itrn:GovernmentInstitutionsNoncurrent id="Tag391" contextRef="I2014-12-31" unitRef="USD" decimals="-3">73000</itrn:GovernmentInstitutionsNoncurrent>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag392" contextRef="I2014-12-31_VehiclesMember" unitRef="USD" decimals="-3">3412000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag393" contextRef="I2015-12-31" unitRef="USD" decimals="-3">78823000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag394" contextRef="I2014-12-31" unitRef="USD" decimals="-3">80182000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentAdditions id="Tag395" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-5">18700000</us-gaap:PropertyPlantAndEquipmentAdditions>
  <itrn:AmortizationAndImpairmentOfIntangibleAssets id="Tag396" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="0">231000</itrn:AmortizationAndImpairmentOfIntangibleAssets>
  <us-gaap:DeferredIncomeTaxExpenseBenefit id="Tag397" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">-903000</us-gaap:DeferredIncomeTaxExpenseBenefit>
  <itrn:IncomeTaxReconciliationPriorYearForeignIncomeTaxes id="Tag398" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate id="Tag399" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="INF">0.265</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
  <us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate id="Tag400" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">9500000</us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate>
  <us-gaap:ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock id="Tag401" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Revenues&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;"&gt;
&lt;h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;Israel&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;88,556&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;90,061&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;83,331&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; United States &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;7,811&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;7,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;4,876&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;58,403&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;66,462&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;63,454&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Argentina &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;17,324&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;13,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;15,190&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;3,534&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;4,244&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;3,316&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Total&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;175,628&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;182,127&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;170,167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div style="text-indent: 0pt; display: block;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Property and equipment, net&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;"&gt;
&lt;h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;Israel&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;9,934&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;8,563&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;9,051&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; United States &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;73&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;155&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;17,228&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;17,801&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;19,178&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Argentina &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;4,279&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;5,424&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;4,162&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Total&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;31,514&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;31,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;32,546&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;Revenues were attributed to countries based on customer location.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 90.7pt;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 27pt;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;Property and equipment were classified based on major geographic areas in which the Company operates.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock>
  <us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted id="Tag402" contextRef="D2013-01-01_To_2013-12-31" unitRef="Shares" decimals="0">20968</us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
  <us-gaap:EarningsPerShareTextBlock id="Tag403" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td align="right" style="width: 63pt;"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;NOTE 16 - &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;EARNINGS PER SHARE&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 92%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;During the periods, there were no potential instruments that could be exercised or converted to ordinary shares. The net income and the weighted average number of shares used in computing basic and diluted earnings per share for the years ended December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, are as follows:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; margin-left: 0.1px;" cellspacing="0" cellpadding="0" width="92%"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; /* text-indent: -11.35pt; */ font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income attributable to stockholder's used for the computation of basic and diluted earnings per share &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;24,971&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;30,429&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;23,762&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; margin-left: 0.1px;" cellspacing="0" cellpadding="0" width="92%"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Number of shares&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; /* text-indent: -11.35pt; */ font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Weighted average number of shares used in the computation of basic and diluted earnings per share &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;20,968&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; /* padding-right: 2.85pt; */ vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <itrn:DerivativeMonthlyNotionalAmount id="Tag404" contextRef="I2015-12-31_ForeignExchangeContractMember" unitRef="USD" decimals="-5">1500000</itrn:DerivativeMonthlyNotionalAmount>
  <dei:EntityVoluntaryFilers id="Tag405" contextRef="D2015-01-01_To_2015-12-31">No</dei:EntityVoluntaryFilers>
  <dei:EntityCommonStockSharesOutstanding id="Tag406" contextRef="I2015-12-31" unitRef="Shares" decimals="INF">23475431</dei:EntityCommonStockSharesOutstanding>
  <dei:DocumentFiscalPeriodFocus id="Tag407" contextRef="D2015-01-01_To_2015-12-31">FY</dei:DocumentFiscalPeriodFocus>
  <us-gaap:IncomeTaxExaminationEstimateOfPossibleLoss id="Tag408" contextRef="D2010-06-21_To_2010-06-24_TaxAssessmentMember_BrazilianInternalRevenueServiceMember" unitRef="BRL" decimals="0">5567032</us-gaap:IncomeTaxExaminationEstimateOfPossibleLoss>
  <us-gaap:FiniteLivedIntangibleAssetsNet id="Tag409" contextRef="I2015-12-31_OtherIntangibleAssetsMember" unitRef="USD" decimals="-3">26000</us-gaap:FiniteLivedIntangibleAssetsNet>
  <us-gaap:FiniteLivedIntangibleAssetsNet id="Tag410" contextRef="I2015-12-31" unitRef="USD" decimals="-3">26000</us-gaap:FiniteLivedIntangibleAssetsNet>
  <us-gaap:ImpairmentOfIntangibleAssetsFinitelived id="Tag411" contextRef="D2014-01-01_To_2014-12-31_DatabasesMember" unitRef="USD" decimals="0">33500</us-gaap:ImpairmentOfIntangibleAssetsFinitelived>
  <us-gaap:EmployeeRelatedLiabilitiesCurrent id="Tag412" contextRef="I2014-12-31" unitRef="USD" decimals="-3">5692000</us-gaap:EmployeeRelatedLiabilitiesCurrent>
  <us-gaap:OtherSundryLiabilitiesCurrent id="Tag413" contextRef="I2015-12-31" unitRef="USD" decimals="-3">1184000</us-gaap:OtherSundryLiabilitiesCurrent>
  <us-gaap:PropertyPlantAndEquipmentNet id="Tag414" contextRef="I2013-12-31_MaterialReconcilingItemsMember" unitRef="USD" decimals="-3">8644000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:OtherAssetsMiscellaneous id="Tag415" contextRef="I2014-12-31_MaterialReconcilingItemsMember" unitRef="USD" decimals="-3">7367000</us-gaap:OtherAssetsMiscellaneous>
  <itrn:DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts id="Tag416" contextRef="I2013-12-31_MaterialReconcilingItemsMember" unitRef="USD" decimals="-3">1858000</itrn:DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts>
  <itrn:ReportableSegmentAssets id="Tag417" contextRef="I2015-12-31" unitRef="USD" decimals="-3">72699000</itrn:ReportableSegmentAssets>
  <itrn:AssetExpenditures id="Tag418" contextRef="D2015-01-01_To_2015-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">14478000</itrn:AssetExpenditures>
  <itrn:AssetExpenditures id="Tag419" contextRef="D2014-01-01_To_2014-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">12574000</itrn:AssetExpenditures>
  <us-gaap:Revenues id="Tag420" contextRef="D2013-01-01_To_2013-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">43216000</us-gaap:Revenues>
  <us-gaap:DepreciationDepletionAndAmortization id="Tag421" contextRef="D2013-01-01_To_2013-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">9360000</us-gaap:DepreciationDepletionAndAmortization>
  <us-gaap:OtherOperatingIncomeExpenseNet id="Tag422" contextRef="D2015-01-01_To_2015-12-31_MaterialReconcilingItemsMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:OtherOperatingIncomeExpenseNet id="Tag423" contextRef="D2013-01-01_To_2013-12-31_MaterialReconcilingItemsMember" unitRef="USD" decimals="-3">-166000</us-gaap:OtherOperatingIncomeExpenseNet>
  <us-gaap:OtherNonoperatingIncomeExpense id="Tag424" contextRef="D2014-01-01_To_2014-12-31_MaterialReconcilingItemsMember" unitRef="USD" decimals="-3">1704000</us-gaap:OtherNonoperatingIncomeExpense>
  <us-gaap:Assets id="Tag425" contextRef="I2015-12-31_ReportableSegmentMember" unitRef="USD" decimals="-3">76055000</us-gaap:Assets>
  <us-gaap:AssetsCurrent id="Tag426" contextRef="I2014-12-31_MaterialReconcilingItemsMember" unitRef="USD" decimals="-3">57159000</us-gaap:AssetsCurrent>
  <itrn:InvestmentInAffiliatedAndOtherCompanies id="Tag427" contextRef="I2013-12-31_MaterialReconcilingItemsMember" unitRef="USD" decimals="-3">1511000</itrn:InvestmentInAffiliatedAndOtherCompanies>
  <us-gaap:PropertyPlantAndEquipmentNet id="Tag428" contextRef="I2015-12-31_IL_2" unitRef="USD" decimals="-3">9934000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentNet id="Tag429" contextRef="I2013-12-31_BR_1" unitRef="USD" decimals="-3">19178000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock id="Tag430" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 88%;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 12px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 88px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(in thousands)&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 88%;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance at January 1, 2014&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 12%;" align="right"&gt;&lt;font&gt;&lt;font&gt;472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Translations differences related to the current year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;(51&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance at December 31, 2014&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;421&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt;Decrease related tax positions of prior years&lt;/font&gt; &lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;(419&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Translations differences related to the current year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(2&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance at December 31, 2015 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock>
  <us-gaap:OperatingLossCarryforwardsExpirationDate id="Tag431" contextRef="D2015-01-01_To_2015-12-31_US">2022-12-31</us-gaap:OperatingLossCarryforwardsExpirationDate>
  <us-gaap:CurrentForeignTaxExpenseBenefit id="Tag432" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">8194000</us-gaap:CurrentForeignTaxExpenseBenefit>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="Tag433" contextRef="D2013-01-01_To_2013-12-31_SheratzkyHoldingsMember" unitRef="USD" decimals="0">3470000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <itrn:RelatedPartyTransactionMonthlyExpense id="Tag434" contextRef="D2015-01-01_To_2015-12-31_YehudaKahaneMember" unitRef="ILS" decimals="0">15000</itrn:RelatedPartyTransactionMonthlyExpense>
  <itrn:RelatedPartyTransactionMonthlyExpense id="Tag435" contextRef="D2015-01-01_To_2015-12-31_YehudaKahaneMember" unitRef="USD" decimals="0">3900</itrn:RelatedPartyTransactionMonthlyExpense>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="Tag436" contextRef="D2013-01-01_To_2013-12-31_YehudaKahaneMember" unitRef="USD" decimals="0">59000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <itrn:RelatedPartyTransactionMonthlyExpense id="Tag437" contextRef="D2015-01-01_To_2015-12-31_EyalSheratzkyMember_ORASCapitalLtdMember" unitRef="ILS" decimals="0">175000</itrn:RelatedPartyTransactionMonthlyExpense>
  <itrn:RelatedPartyTransactionPaymentToRelatedParty id="Tag438" contextRef="D2015-01-01_To_2015-12-31_EyalSheratzkyMember_ORASCapitalLtdMember" unitRef="USD" decimals="0">1565000</itrn:RelatedPartyTransactionPaymentToRelatedParty>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease id="Tag439" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">-3279000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue id="Tag440" contextRef="I2014-12-31" unitRef="USD" decimals="-3">38418000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue id="Tag441" contextRef="I2013-12-31" unitRef="USD" decimals="-3">41697000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:InterestPaidNet id="Tag442" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">254000</us-gaap:InterestPaidNet>
  <us-gaap:OtherAssetsCurrent id="Tag443" contextRef="I2015-12-31" unitRef="USD" decimals="-3">22437000</us-gaap:OtherAssetsCurrent>
  <us-gaap:DeferredTaxAssetsNetNoncurrent id="Tag444" contextRef="I2015-12-31" unitRef="USD" decimals="-3">2279000</us-gaap:DeferredTaxAssetsNetNoncurrent>
  <us-gaap:AssetsNoncurrent id="Tag445" contextRef="I2014-12-31" unitRef="USD" decimals="-3">12714000</us-gaap:AssetsNoncurrent>
  <us-gaap:PropertyPlantAndEquipmentNet id="Tag446" contextRef="I2015-12-31" unitRef="USD" decimals="-3">31514000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:IntangibleAssetsNetExcludingGoodwill id="Tag447" contextRef="I2014-12-31" unitRef="USD" decimals="-3">452000</us-gaap:IntangibleAssetsNetExcludingGoodwill>
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  <us-gaap:ComprehensiveIncomeNetOfTax id="Tag449" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">9301000</us-gaap:ComprehensiveIncomeNetOfTax>
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&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
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&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" colspan="2" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px; text-align: left;"&gt;&lt;/td&gt;
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&lt;td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" colspan="2" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" colspan="2" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(64)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;309&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(1,201&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
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&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Gains&amp;#160;in&amp;#160;respect&amp;#160;of&amp;#160;marketable&amp;#160;securities &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;666&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;133&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
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&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest&amp;#160;expenses&amp;#160;in&amp;#160;respect&amp;#160;of&amp;#160;long-term&amp;#160;loans &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(4&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest&amp;#160;income&amp;#160;in&amp;#160;respect&amp;#160;of&amp;#160;deposits&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;773&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;982&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;1,998&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Exchange&amp;#160;rate&amp;#160;differences&amp;#160;and&amp;#160;others,&amp;#160;net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(186)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;280&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(555&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;1,189&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;1,704&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;238&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:OtherNonoperatingIncomeAndExpenseTextBlock>
  <us-gaap:ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock id="Tag486" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 90%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="8"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="8"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;strong&gt;Year ended December 31,&lt;/strong&gt;&lt;/font&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" colspan="2" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" colspan="2" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" colspan="2" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" colspan="2" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;"&gt;
&lt;p style="/* margin: 0pt 0pt 0pt 11.35pt; */ /* text-indent: -11.35pt; */ font-family: 'times new roman'; margin-bottom: 0px; margin-top: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Short-term&amp;#160;interest&amp;#160;expenses,&amp;#160;commissions&amp;#160;and&amp;#160;other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(64)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;309&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(1,201&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Gains&amp;#160;in&amp;#160;respect&amp;#160;of&amp;#160;marketable&amp;#160;securities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;666&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;133&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest&amp;#160;expenses&amp;#160;in&amp;#160;respect&amp;#160;of&amp;#160;long-term&amp;#160;loans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(4&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest&amp;#160;income&amp;#160;in&amp;#160;respect&amp;#160;of&amp;#160;deposits&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;773&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;982&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;1,998&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Exchange&amp;#160;rate&amp;#160;differences&amp;#160;and&amp;#160;others,&amp;#160;net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(186)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;280&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(555&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;1,189&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;1,704&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;238&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock>
  <us-gaap:GainLossOnSaleOfEquityInvestments id="Tag487" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments id="Tag488" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">666000</us-gaap:MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments>
  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment id="Tag489" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">31000</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
  <itrn:IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals id="Tag490" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">-708000</itrn:IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals>
  <itrn:IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals id="Tag491" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-718000</itrn:IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals>
  <us-gaap:PaymentsToAcquireMarketableSecurities id="Tag492" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">11000</us-gaap:PaymentsToAcquireMarketableSecurities>
  <us-gaap:IncreaseDecreaseInOtherOperatingAssets id="Tag493" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-580000</us-gaap:IncreaseDecreaseInOtherOperatingAssets>
  <us-gaap:PaymentsForProceedsFromBusinessesAndInterestInAffiliates id="Tag494" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">1400000</us-gaap:PaymentsForProceedsFromBusinessesAndInterestInAffiliates>
  <us-gaap:PaymentsToAcquireMarketableSecurities id="Tag495" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" xsi:nil="true" />
  <itrn:DepreciationAmortizationAndImpairmentOfGoodwill id="Tag496" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">12219000</itrn:DepreciationAmortizationAndImpairmentOfGoodwill>
  <us-gaap:IncomeTaxExaminationIncreaseDecreaseInLiabilityFromPriorYear id="Tag497" contextRef="I2014-08-04_IL" unitRef="ILS" decimals="-6">36000000</us-gaap:IncomeTaxExaminationIncreaseDecreaseInLiabilityFromPriorYear>
  <itrn:InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure id="Tag498" contextRef="I2015-12-31" unitRef="USD" decimals="-3">4705000</itrn:InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure>
  <us-gaap:DividendsCommonStockCash id="Tag499" contextRef="D2015-01-01_To_2016-01-31" unitRef="USD" decimals="-5">16500000</us-gaap:DividendsCommonStockCash>
  <us-gaap:GoodwillImpairedAccumulatedImpairmentLoss id="Tag500" contextRef="I2013-12-31" unitRef="USD" decimals="0">5545000</us-gaap:GoodwillImpairedAccumulatedImpairmentLoss>
  <us-gaap:Goodwill id="Tag501" contextRef="I2015-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">1539000</us-gaap:Goodwill>
  <us-gaap:GoodwillTranslationAdjustments id="Tag502" contextRef="D2015-01-01_To_2015-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">-6000</us-gaap:GoodwillTranslationAdjustments>
  <us-gaap:OtherLiabilitiesNoncurrent id="Tag503" contextRef="I2014-12-31" unitRef="USD" xsi:nil="true" />
  <itrn:IncomeTaxReconciliationNondeductibleExpenseLossesThatDidNotGenerateDeferredTaxes id="Tag504" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">-304000</itrn:IncomeTaxReconciliationNondeductibleExpenseLossesThatDidNotGenerateDeferredTaxes>
  <itrn:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLegalSettlementsCurrent id="Tag505" contextRef="I2014-12-31" unitRef="USD" decimals="-3">3519000</itrn:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLegalSettlementsCurrent>
  <itrn:DeferredTaxAssetsTemporaryDifferencesNetNoncurrent id="Tag506" contextRef="I2014-12-31" unitRef="USD" decimals="-3">1010000</itrn:DeferredTaxAssetsTemporaryDifferencesNetNoncurrent>
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest id="Tag507" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">38002000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>
  <us-gaap:ForeignCurrencyExchangeRateTranslation1 id="Tag508" contextRef="I2013-12-31_BR" unitRef="BRL_per_USD" decimals="4">2.3426</us-gaap:ForeignCurrencyExchangeRateTranslation1>
  <itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear id="Tag509" contextRef="D2014-01-01_To_2014-12-31_IsraeliConsumerPriceIndexMember" unitRef="Pure" decimals="3">-0.002</itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear>
  <itrn:RateOfDepreciation id="Tag510" contextRef="D2015-01-01_To_2015-12-31_EquipmentMember_MaximumMember" unitRef="Pure" decimals="2">0.33</itrn:RateOfDepreciation>
  <itrn:RateOfDepreciation id="Tag511" contextRef="D2015-01-01_To_2015-12-31_OfficeEquipmentMember_MaximumMember" unitRef="Pure" decimals="2">0.33</itrn:RateOfDepreciation>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax id="Tag512" contextRef="D2015-01-01_To_2015-12-31_NoncontrollingInterestMember" unitRef="USD" decimals="-3">-136000</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders id="Tag513" contextRef="D2015-01-01_To_2015-12-31_RetainedEarningsMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:DividendsCommonStockCash id="Tag514" contextRef="D2015-01-01_To_2015-12-31_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag515" contextRef="I2015-12-31_RetainedEarningsMember" unitRef="USD" decimals="-3">57739000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:GoodwillImpairmentLoss id="Tag516" contextRef="D2014-01-01_To_2014-12-31_CertainReportingUnitMember" unitRef="USD" decimals="-5">900000</us-gaap:GoodwillImpairmentLoss>
  <itrn:LevelOfIncentivePercentage id="Tag517" contextRef="D2015-01-01_To_2015-12-31_ExecutiveOfficerMember_ProfitBeforeTaxTargetsRangeThreeMember" unitRef="Pure" decimals="2">0.75</itrn:LevelOfIncentivePercentage>
  <itrn:ProfitBeforeTaxTargets id="Tag518" contextRef="D2015-01-01_To_2015-12-31_ProfitBeforeTaxTargetsRangeFiveMember_MinimumMember_ExecutiveOfficerMember" unitRef="USD" decimals="-3">39001000</itrn:ProfitBeforeTaxTargets>
  <itrn:RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn id="Tag519" contextRef="D2015-01-01_To_2015-12-31_ExecutiveOfficerMember" unitRef="Pure" decimals="2">0.50</itrn:RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn>
  <itrn:EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage id="Tag520" contextRef="D2015-01-01_To_2015-12-31_ExecutiveOfficerMember" unitRef="Pure" decimals="2">0.10</itrn:EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross id="Tag521" contextRef="D2015-01-01_To_2015-12-31_ExecutiveOfficerMember" unitRef="Shares" decimals="INF">0</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
  <itrn:RelatedPartyTransactionMonthlyExpense id="Tag522" contextRef="D2015-01-01_To_2015-12-31_MrAvnerKurzMember_IturanSistemasDeMonitoramentoLtdaMember" unitRef="USD" decimals="0">8000</itrn:RelatedPartyTransactionMonthlyExpense>
  <us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock id="Tag523" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70px;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-top: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right" colspan="8"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;US dollars&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70px;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-top: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;" align="right" colspan="8"&gt;&lt;strong&gt;Year ended December 31,&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; text-align: left; margin-top: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;strong&gt;2015&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center;" align="left"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; text-align: center;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center;" align="left"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;strong&gt;2014&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center;" align="left"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; text-align: center;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;strong&gt;2013&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Pretax income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;41,833&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;47,574&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;38,002&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Statutory tax rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;26.5&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;%&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;26.5&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;%&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;25&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tax computed at the ordinary tax rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;11,086&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;12,607&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;9,500&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt;Nondeductible expenses (income)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;526&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;10&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,365&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Losses in respect of which no deferred taxes were generated (including changes in valuation allowance)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;831&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;(304&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;137&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deductible financial expenses recorded to&amp;#160;other comprehensive income&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;(439&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;(&lt;font&gt;365&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;(&lt;font&gt;312&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tax adjustment in respect of different tax rates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;1,411&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,662&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,877&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Taxes in respect of withholding at the source from royalties and dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;78&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;615&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;817&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Adjustment in respect of tax rate deriving from &amp;#147;approved enterprises&amp;#148; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(405&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(&lt;font&gt;558&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(&lt;font&gt;467&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(266&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;579&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(470&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;12,822&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;14,246&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;12,447&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
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  <us-gaap:DerivativeAssets id="Tag536" contextRef="I2014-12-31_DesignatedAsHedgingInstrumentMember" unitRef="USD" decimals="-3">2564000</us-gaap:DerivativeAssets>
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  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag549" contextRef="I2012-12-31" unitRef="USD" decimals="-3">92007000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
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  <itrn:LossContingenciesAdditionalTaxAssessment id="Tag562" contextRef="D2015-07-21_To_2015-07-22_UnfavorableRegulatoryActionFUSTContributionMember" unitRef="BRL" decimals="0">2888677</itrn:LossContingenciesAdditionalTaxAssessment>
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&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer" align="left"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31, &lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Level 1&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Level 2&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Level 3&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;Trading securities&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;2,035&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 55%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 20.7pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Derivatives designated as hedging instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1,063&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 120%; margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer" align="left"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31, 2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Level 1&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Level 2&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Level 3&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;Trading securities&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;2,362&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 55%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 20.7pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Derivatives designated as hedging instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;2,564&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

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  <itrn:ReportableSegmentAssets id="Tag603" contextRef="I2013-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">66300000</itrn:ReportableSegmentAssets>
  <itrn:FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges id="Tag604" contextRef="I2015-12-31_TradeNamesMember" unitRef="USD" decimals="-3">1177000</itrn:FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges>
  <us-gaap:DebtDisclosureTextBlock id="Tag605" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;NOTE 9&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;-&lt;/strong&gt;&lt;strong&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;CREDIT FROM BANKING INSTITUTIONS&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Lines of credit&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Unutilized short-term lines of credit of the Group as of December 31, 2015, aggregated to US$ &lt;font&gt;0.5&lt;/font&gt; million.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:AccruedLiabilitiesCurrent id="Tag606" contextRef="I2014-12-31" unitRef="USD" decimals="-3">7919000</us-gaap:AccruedLiabilitiesCurrent>
  <us-gaap:ProfitLoss id="Tag607" contextRef="D2014-01-01_To_2014-12-31_CommonStockMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax id="Tag608" contextRef="D2014-01-01_To_2014-12-31_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true" />
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  <us-gaap:ConsolidationPolicyTextBlock id="Tag611" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;B.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Principles of consolidation&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The consolidated financial statements include the accounts of the Company and all of its subsidiaries.&amp;#160; In these financial statements, the term &amp;#147;subsidiary&amp;#148; refers to a company over which the Company exerts control (ownership interest of more than &lt;font&gt;50&lt;/font&gt;%), and the financial statements of which are consolidated with those of the Company.&amp;#160; Significant intercompany transactions and balances are eliminated upon consolidation; profits from intercompany sales, not yet realized outside of the Group, are also eliminated.&amp;#160; Non-controlling interests are presented in equity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Changes in the Company ownership interest in a subsidiary while the control is retained are accounted for as equity transactions and accordingly no gain or loss is recognized in consolidated net income or comprehensive income. Upon such transaction, the carrying amount of the noncontrolling interest is adjusted to reflect the change in its ownership interest in the subsidiary and any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest was adjusted is recognized in additional paid-in capital.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ConsolidationPolicyTextBlock>
  <us-gaap:CostMethodInvestmentsPolicy id="Tag612" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;I.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Investment in other company&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Non-marketable investment in other company in which the Company does not have a controlling interest nor significant influence are accounted for at cost, net of write down for any permanent decrease in value.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:CostMethodInvestmentsPolicy>
  <us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock id="Tag613" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;L.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Impairment of long-lived assets&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The Group's long-lived assets (including finite-lived intangible assets)&amp;#160;are reviewed for impairment, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.&amp;#160; Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset.&amp;#160; If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value (see also Note 1N and Note 7).&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock>
  <us-gaap:CommitmentsAndContingenciesPolicyTextBlock id="Tag614" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;O.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Contingencies&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company and its subsidiaries are involved in certain legal proceedings that arise from time to time in the ordinary course of their business and in connection with certain agreements with third parties.&amp;#160; Except for income tax contingencies, the Company records accruals for contingencies to the extent that the management concludes that the occurrence is probable and that the related liabilities are estimable. Legal expenses associated with contingencies are expensed as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:CommitmentsAndContingenciesPolicyTextBlock>
  <us-gaap:ProfitLoss id="Tag615" contextRef="D2015-01-01_To_2015-12-31_RetainedEarningsMember" unitRef="USD" decimals="-3">24971000</us-gaap:ProfitLoss>
  <us-gaap:LossContingencyDamagesSoughtValue id="Tag616" contextRef="D2015-07-12_To_2015-07-13_UnfavorableRegulatoryActionMember" unitRef="USD" decimals="-6">77000000</us-gaap:LossContingencyDamagesSoughtValue>
  <us-gaap:GoodwillImpairmentLoss id="Tag617" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">879000</us-gaap:GoodwillImpairmentLoss>
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  <itrn:FairValueAssumptionsTermUsedForProjectedNetCashFlows id="Tag619" contextRef="D2015-01-01_To_2015-12-31_CertainReportingUnitsMember">P2Y</itrn:FairValueAssumptionsTermUsedForProjectedNetCashFlows>
  <us-gaap:GoodwillImpairedAccumulatedImpairmentLoss id="Tag620" contextRef="I2014-12-31" unitRef="USD" decimals="0">6424000</us-gaap:GoodwillImpairedAccumulatedImpairmentLoss>
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  <us-gaap:DividendsCommonStockCash id="Tag622" contextRef="D2012-01-01_To_2012-12-31" unitRef="USD" decimals="-5">36100000</us-gaap:DividendsCommonStockCash>
  <us-gaap:DividendsCommonStockCash id="Tag623" contextRef="D2016-02-01_To_2016-02-29" unitRef="USD" decimals="-5">6500000</us-gaap:DividendsCommonStockCash>
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  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock id="Tag626" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;NOTE 6&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;-&lt;/strong&gt;&lt;strong&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;PROPERTY AND EQUIPMENT, NET&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;A.&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Property and equipment, net consists of the following:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="margin-left: 89pt;" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 95%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="6"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="6"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 76px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Cost:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9px;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9px;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Operating equipment (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;43,740&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;46,947&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Office furniture, equipment and computers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;24,790&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;23,858&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;1,022&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;1,022&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;1,845&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;1,855&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Vehicles &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;3,810&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;3,412&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;3,616&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;3,088&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;78,823&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;80,182&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Less &amp;#150; accumulated depreciation and amortization (**) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;(47,309&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;(48,274&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Total property and equipment, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;31,514&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;31,908&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="right"&gt;
&lt;table width="88%" cellpadding="0" border="0" cellspacing="0" style="height: 0px; margin-left: 0.1px;"&gt;

&lt;tr&gt;
&lt;td style="width: 0%; text-align: left;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;
&lt;div style="margin-left: 90pt;"&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0" style="margin-right: 0.100000001490116px;"&gt;

&lt;tr&gt;
&lt;td style="padding: 0px; text-indent: 0px; width: 2%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: TOP;"&gt;(*)&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 97%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As December 31, 2015 and 2014, an amount of US$ &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;26&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;million and US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;26&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;million is subject to operating lease transactions, respectively.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt; &lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="margin-left: 90pt;"&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.100000001490116px;"&gt;

&lt;tr&gt;
&lt;td style="padding: 0px; text-indent: 0px; width: 2%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(**)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 97%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As at December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, an amount of US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;10.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;million and US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;10.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;million is subject to operating lease transactions, respectively.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;B.&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In the years ended December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, depreciation expense was US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;10.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;million, US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;1&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;1&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;million and US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;11.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;million, respectively and additional equipment was purchased in an amount of US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;18.7&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million, US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;15&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million and US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;14.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;million, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.8pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;C.&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;After deduction of the cost and the accumulated depreciation of items fully depreciated.&lt;/font&gt;&amp;#160;&lt;/p&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths id="Tag627" contextRef="I2015-12-31" unitRef="USD" decimals="0">26000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths>
  <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment id="Tag628" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">651000</us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
  <us-gaap:CashDivestedFromDeconsolidation id="Tag629" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">266000</us-gaap:CashDivestedFromDeconsolidation>
  <us-gaap:CashDivestedFromDeconsolidation id="Tag630" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:CashDivestedFromDeconsolidation id="Tag631" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations id="Tag632" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-15466000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
  <us-gaap:ProceedsFromRepaymentsOfBankOverdrafts id="Tag633" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">160000</us-gaap:ProceedsFromRepaymentsOfBankOverdrafts>
  <us-gaap:ProceedsFromRepaymentsOfBankOverdrafts id="Tag634" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">-38000</us-gaap:ProceedsFromRepaymentsOfBankOverdrafts>
  <us-gaap:ProceedsFromRepaymentsOfBankOverdrafts id="Tag635" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-7000</us-gaap:ProceedsFromRepaymentsOfBankOverdrafts>
  <us-gaap:RepaymentsOfLongTermDebt id="Tag636" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:PaymentsToMinorityShareholders id="Tag637" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">500000</us-gaap:PaymentsToMinorityShareholders>
  <us-gaap:PaymentsOfDividendsCommonStock id="Tag638" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">17590000</us-gaap:PaymentsOfDividendsCommonStock>
  <us-gaap:PaymentsOfDividendsCommonStock id="Tag639" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">16072000</us-gaap:PaymentsOfDividendsCommonStock>
  <us-gaap:PaymentsOfDividendsMinorityInterest id="Tag640" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">1229000</us-gaap:PaymentsOfDividendsMinorityInterest>
  <us-gaap:PaymentsOfDividendsMinorityInterest id="Tag641" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">2564000</us-gaap:PaymentsOfDividendsMinorityInterest>
  <us-gaap:PaymentsOfDividendsMinorityInterest id="Tag642" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">1286000</us-gaap:PaymentsOfDividendsMinorityInterest>
  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations id="Tag643" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">-22426000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations id="Tag644" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-17547000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents id="Tag645" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-2951000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents>
  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents id="Tag646" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-1440000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents>
  <us-gaap:FairValueOfAssetsAcquired id="Tag647" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">40000</us-gaap:FairValueOfAssetsAcquired>
  <us-gaap:FairValueOfAssetsAcquired id="Tag648" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">217000</us-gaap:FairValueOfAssetsAcquired>
  <itrn:MinorityInterestAcquisitionPercentage id="Tag649" contextRef="D2013-01-01_To_2013-12-31" unitRef="Pure" decimals="3">0.005</itrn:MinorityInterestAcquisitionPercentage>
  <us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates id="Tag650" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">500000000</us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates>
  <itrn:WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet id="Tag651" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-1797000</itrn:WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet>
  <itrn:PropertyAndEquipmentNet id="Tag652" contextRef="I2015-12-31" unitRef="USD" decimals="-3">23000</itrn:PropertyAndEquipmentNet>
  <us-gaap:InterestPaidNet id="Tag653" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">397000</us-gaap:InterestPaidNet>
  <us-gaap:IncomeTaxesPaidNet id="Tag654" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">15078000</us-gaap:IncomeTaxesPaidNet>
  <us-gaap:GainLossOnSaleOfEquityInvestments id="Tag655" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:GainLossOnSaleOfEquityInvestments id="Tag656" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-166000</us-gaap:GainLossOnSaleOfEquityInvestments>
  <itrn:ExchangeDifferencesOnPrincipalOfDepositAndLoansNet id="Tag657" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" xsi:nil="true" />
  <itrn:ExchangeDifferencesOnPrincipalOfDepositAndLoansNet id="Tag658" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">23000</itrn:ExchangeDifferencesOnPrincipalOfDepositAndLoansNet>
  <us-gaap:MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments id="Tag659" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" xsi:nil="true" />
  <itrn:IncreaseDecreaseInEmployeeRightsUponRetirementLiability id="Tag660" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">717000</itrn:IncreaseDecreaseInEmployeeRightsUponRetirementLiability>
  <us-gaap:IncreaseDecreaseInDeferredIncomeTaxes id="Tag661" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">85000</us-gaap:IncreaseDecreaseInDeferredIncomeTaxes>
  <us-gaap:IncreaseDecreaseInDeferredIncomeTaxes id="Tag662" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">737000</us-gaap:IncreaseDecreaseInDeferredIncomeTaxes>
  <us-gaap:IncreaseDecreaseInDeferredIncomeTaxes id="Tag663" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">1812000</us-gaap:IncreaseDecreaseInDeferredIncomeTaxes>
  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment id="Tag664" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-19000</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
  <us-gaap:IncreaseDecreaseInAccountsReceivable id="Tag665" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">1864000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <us-gaap:IncreaseDecreaseInAccountsReceivable id="Tag666" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">609000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <us-gaap:IncreaseDecreaseInInventories id="Tag667" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-1354000</us-gaap:IncreaseDecreaseInInventories>
  <us-gaap:IncreaseDecreaseInAccountsPayable id="Tag668" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">927000</us-gaap:IncreaseDecreaseInAccountsPayable>
  <us-gaap:PrepaidExpenseCurrent id="Tag669" contextRef="I2015-12-31" unitRef="USD" decimals="-3">10960000</us-gaap:PrepaidExpenseCurrent>
  <us-gaap:PrepaidExpenseCurrent id="Tag670" contextRef="I2014-12-31" unitRef="USD" decimals="-3">9779000</us-gaap:PrepaidExpenseCurrent>
  <itrn:GovernmentInstitutionsCurrent id="Tag671" contextRef="I2015-12-31" unitRef="USD" decimals="-3">1910000</itrn:GovernmentInstitutionsCurrent>
  <itrn:GovernmentInstitutionsCurrent id="Tag672" contextRef="I2014-12-31" unitRef="USD" decimals="-3">2694000</itrn:GovernmentInstitutionsCurrent>
  <us-gaap:OtherDeferredCostsNet id="Tag673" contextRef="I2015-12-31" unitRef="USD" decimals="-3">2403000</us-gaap:OtherDeferredCostsNet>
  <us-gaap:OtherDeferredCostsNet id="Tag674" contextRef="I2014-12-31" unitRef="USD" decimals="-3">2485000</us-gaap:OtherDeferredCostsNet>
  <us-gaap:DeferredTaxAssetsNetCurrent id="Tag675" contextRef="I2014-12-31" unitRef="USD" decimals="-3">3649000</us-gaap:DeferredTaxAssetsNetCurrent>
  <itrn:AdvancesToSuppliersCurrent id="Tag676" contextRef="I2015-12-31" unitRef="USD" decimals="-3">84000</itrn:AdvancesToSuppliersCurrent>
  <itrn:AdvancesToSuppliersCurrent id="Tag677" contextRef="I2014-12-31" unitRef="USD" decimals="-3">324000</itrn:AdvancesToSuppliersCurrent>
  <us-gaap:OtherAssetsMiscellaneousCurrent id="Tag678" contextRef="I2015-12-31" unitRef="USD" decimals="-3">2876000</us-gaap:OtherAssetsMiscellaneousCurrent>
  <us-gaap:OtherAssetsMiscellaneousCurrent id="Tag679" contextRef="I2014-12-31" unitRef="USD" decimals="-3">1464000</us-gaap:OtherAssetsMiscellaneousCurrent>
  <us-gaap:PropertyPlantAndEquipmentAdditions id="Tag680" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-5">14200000</us-gaap:PropertyPlantAndEquipmentAdditions>
  <itrn:OperatingEquipmentAmountSubjectToLeaseTransactions id="Tag681" contextRef="I2014-12-31" unitRef="USD" decimals="-6">26000000</itrn:OperatingEquipmentAmountSubjectToLeaseTransactions>
  <us-gaap:Depreciation id="Tag682" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-5">11200000</us-gaap:Depreciation>
  <us-gaap:Depreciation id="Tag683" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-5">11100000</us-gaap:Depreciation>
  <us-gaap:OtherCurrentAssetsTextBlock id="Tag684" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;NOTE 2&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;-&lt;/strong&gt;&lt;strong&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;OTHER CURRENT ASSETS&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="/* margin-left: 94pt;" align="right"&gt;
&lt;table width="88%" cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0.1px;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;font-family: 'Times New Roman';text-indent: 20px;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'Times New Roman'; text-indent: 20px;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;(in &amp;#160;thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Prepaid expenses and others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;10,960&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 9,779 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Government institutions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,910&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 2,694 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Deferred installation expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2,403&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 2,485 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Deferred income taxes (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2,752&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 3,649 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Advances to suppliers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;84&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 324 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Employees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;389&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 343 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Forward Exchange Contracts&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,063&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 1,580 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2,876&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 1,464 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;22,437&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 22,318 &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="/* margin-left: 71pt;" align="right"&gt;
&lt;table width="92%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.1px;"&gt;

&lt;tr&gt;
&lt;td style="width: 5%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(*)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 95%;"&gt;
&lt;div&gt;See Note 15.&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:OtherCurrentAssetsTextBlock>
  <us-gaap:DerivativeAssetsCurrent id="Tag685" contextRef="I2014-12-31" unitRef="USD" decimals="-3">1580000</us-gaap:DerivativeAssetsCurrent>
  <us-gaap:InventoryFinishedGoods id="Tag686" contextRef="I2014-12-31" unitRef="USD" decimals="-3">8845000</us-gaap:InventoryFinishedGoods>
  <us-gaap:InventoryRawMaterials id="Tag687" contextRef="I2014-12-31" unitRef="USD" decimals="-3">3319000</us-gaap:InventoryRawMaterials>
  <us-gaap:ImpairmentOfIntangibleAssetsFinitelived id="Tag688" contextRef="D2015-01-01_To_2015-12-31_DatabasesMember" unitRef="USD" decimals="0">236000</us-gaap:ImpairmentOfIntangibleAssetsFinitelived>
  <us-gaap:ImpairmentOfIntangibleAssetsFinitelived id="Tag689" contextRef="D2015-01-01_To_2015-12-31_WirelessCommunicationsProductsMember_1" unitRef="USD" decimals="0">255000</us-gaap:ImpairmentOfIntangibleAssetsFinitelived>
  <us-gaap:MarketableSecuritiesGainLoss id="Tag690" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">666000</us-gaap:MarketableSecuritiesGainLoss>
  <us-gaap:MarketableSecuritiesGainLoss id="Tag691" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:InterestIncomeDepositsWithFinancialInstitutions id="Tag692" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">982000</us-gaap:InterestIncomeDepositsWithFinancialInstitutions>
  <itrn:FinancingIncomeExpenseExchangeRateAndOthers id="Tag693" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-186000</itrn:FinancingIncomeExpenseExchangeRateAndOthers>
  <us-gaap:EquityMethodInvestmentsDisclosureTextBlock id="Tag694" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;h4 style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;NOTE 4&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;-&lt;/strong&gt;&lt;strong&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&lt;/strong&gt;&lt;strong&gt;INVESTMENTS IN AFFILIATED AND OTHER COMPANY&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;A.&lt;/strong&gt;&lt;strong&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Investment in affiliated compan&lt;/strong&gt;&lt;strong&gt;ies&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;table cellpadding="0" cellspacing="0" width="88%" style="font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;"&gt;

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&lt;td valign="bottom" width="76%" style="padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" width="22%" style="border-bottom: black 2px solid;"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;US dollars&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" width="76%"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" width="22%"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;December 31,&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" valign="bottom" width="76%" style="border-bottom: black 2px solid;"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" width="10%" style="border-bottom: black 2px solid;"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;2015&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" width="10%" style="border-bottom: black 2px solid;"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;2014&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td align="left" valign="bottom" width="76%" style="background-color: #cceeff;"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;Investment in Bringg (see 1 below)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;3,082&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;1,016&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;IRT (see 2 below)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align: right;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;1,662&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align: right;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; background-color: #cceeff;"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;Other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;(39&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" width="76%" style="padding-bottom: 4px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom: 4px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;4,705&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom: 4px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;1,016&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -18pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;1.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;BRINGG Delivery Technologies Ltd.&lt;/strong&gt;&lt;strong&gt; &lt;/strong&gt;&lt;strong&gt;("BRINGG") Formerly &lt;/strong&gt;&lt;strong&gt;Overvyoo&lt;/strong&gt;&lt;strong&gt; Ltd&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 121pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In December 2013, &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;the Company invested&lt;/font&gt;&lt;font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt;&amp;#160;&lt;/font&gt;$&lt;font&gt;1.4&lt;/font&gt; &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt; million in Bringg delivery technologies Ltd. (formerly Overvyoo Ltd.), an Israeli start-up company developing solutions for the management of mobile/field workforce. In January and July, 2015 the Company invested additional amounts of&lt;/font&gt;&amp;#160;$&lt;font&gt;1.1&lt;/font&gt; million &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;and&lt;/font&gt;&amp;#160;US$ &lt;font&gt;2&lt;/font&gt; million,&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;respectively.&lt;/font&gt;&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;During November 2015, additional investors which are not related to Ituran, invested in Bringg, which reduced the percentage of our Bringg capital we own.&amp;#160;&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;Following such investment, the Company now holds&lt;/font&gt;&amp;#160;&lt;font&gt;41.18&lt;/font&gt;%&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;of Bringg's share capital. Management has determined that the difference between the cost of the investment and the Company's share in the net assets of the investee relates to in process R&amp;amp;D of the investee.&lt;/font&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -18pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;TURAN ROAD TRACK MONITORAMENTO De Veiculos Ltda. ("IRT")&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;B.&lt;/strong&gt;&lt;strong&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Investment in other compan&lt;/strong&gt;&lt;strong&gt;y&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160; Locationet Systems Ltd. (&amp;#147;Locationet&amp;#148;)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;The Company holds &lt;font&gt;10.64&lt;/font&gt;% of the shares of Locationet. &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; The balance of the Company's investment in Locationet as of December 31, 2015 and 2014 was US$ &lt;font&gt;78,000&lt;/font&gt; and US$&amp;#160;&lt;font&gt;79,000&lt;/font&gt; respectively.&lt;/font&gt;&lt;/p&gt;

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&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Forward Exchange Contracts&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
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&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;"&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Government institutions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt; 73 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred installation expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;488&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt; 459 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deposits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;678&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt; 575 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1,166&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt; 2,091 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock>
  <us-gaap:DerivativeAssetsNoncurrent id="Tag701" contextRef="I2014-12-31" unitRef="USD" decimals="-3">984000</us-gaap:DerivativeAssetsNoncurrent>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag702" contextRef="I2015-12-31_EquipmentMember" unitRef="USD" decimals="-3">43740000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag703" contextRef="I2015-12-31_OfficeEquipmentMember" unitRef="USD" decimals="-3">24790000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag704" contextRef="I2014-12-31_OfficeEquipmentMember" unitRef="USD" decimals="-3">23858000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag705" contextRef="I2014-12-31_LandMember" unitRef="USD" decimals="-3">1022000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag706" contextRef="I2014-12-31_BuildingMember" unitRef="USD" decimals="-3">1855000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag707" contextRef="I2015-12-31_LeaseholdImprovementsMember" unitRef="USD" decimals="-3">3616000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag708" contextRef="I2014-12-31_LeaseholdImprovementsMember" unitRef="USD" decimals="-3">3088000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment id="Tag709" contextRef="I2015-12-31" unitRef="USD" decimals="-3">47309000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
  <us-gaap:PropertyPlantAndEquipmentTextBlock id="Tag710" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="margin-left: 89pt;" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 95%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="6"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="6"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 76px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Cost:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9px;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9px;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Operating equipment (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;43,740&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;46,947&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Office furniture, equipment and computers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;24,790&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;23,858&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;1,022&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;1,022&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;1,845&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;1,855&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Vehicles &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;3,810&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;3,412&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;3,616&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;3,088&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;78,823&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;80,182&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Less &amp;#150; accumulated depreciation and amortization (**) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;(47,309&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;(48,274&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Total property and equipment, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;31,514&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;31,908&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div align="right"&gt;
&lt;table width="88%" cellpadding="0" border="0" cellspacing="0" style="height: 0px; margin-left: 0.1px;"&gt;

&lt;tr&gt;
&lt;td style="width: 0%; text-align: left;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;
&lt;div style="margin-left: 90pt;"&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0" style="margin-right: 0.100000001490116px;"&gt;

&lt;tr&gt;
&lt;td style="padding: 0px; text-indent: 0px; width: 2%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: TOP;"&gt;(*)&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 97%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As December 31, 2015 and 2014, an amount of US$ &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;26&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;million and US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;26&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;million is subject to operating lease transactions, respectively.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt; &lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="margin-left: 90pt;"&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.100000001490116px;"&gt;

&lt;tr&gt;
&lt;td style="padding: 0px; text-indent: 0px; width: 2%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(**)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 97%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As at December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, an amount of US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;10.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;million and US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;10.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;million is subject to operating lease transactions, respectively.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
  <us-gaap:FiniteLivedIntangibleAssetsNet id="Tag711" contextRef="I2014-12-31_DatabasesMember" unitRef="USD" decimals="-3">295000</us-gaap:FiniteLivedIntangibleAssetsNet>
  <us-gaap:FiniteLivedIntangibleAssetsGross id="Tag712" contextRef="I2015-12-31_TradeNamesMember" unitRef="USD" decimals="-3">1177000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <us-gaap:FiniteLivedIntangibleAssetsNet id="Tag713" contextRef="I2014-12-31_TradeNamesMember" unitRef="USD" decimals="-3">132000</us-gaap:FiniteLivedIntangibleAssetsNet>
  <us-gaap:FiniteLivedIntangibleAssetsGross id="Tag714" contextRef="I2015-12-31_OtherIntangibleAssetsMember" unitRef="USD" decimals="-3">5472000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <itrn:FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges id="Tag715" contextRef="I2015-12-31_OtherIntangibleAssetsMember" unitRef="USD" decimals="-3">5446000</itrn:FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges>
  <us-gaap:FiniteLivedIntangibleAssetsGross id="Tag716" contextRef="I2015-12-31" unitRef="USD" decimals="-3">10525000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <itrn:FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges id="Tag717" contextRef="I2015-12-31" unitRef="USD" decimals="-3">10499000</itrn:FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges>
  <us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock id="Tag718" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="margin-left: 89pt;" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 94%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="14"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-top: #000000 1pt solid !important; font-family: 'Times New Roman';" colspan="10"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt; December&amp;#160;31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;December&amp;#160;31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Original&amp;#160;&lt;/strong&gt;&lt;strong&gt;amount&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Accumulated amortization&amp;#160;&lt;/strong&gt;&lt;strong&gt;and&lt;br/&gt;impairment charges&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Unamortized balance&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Unamortized balance&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 52%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; GIS database &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3,876&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3,876&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Brand name &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,177&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,177&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5,472&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5,446&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;26&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;26&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 452 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock>
  <itrn:FiniteLivedIntangibleAssetsAmortizationExpenseAfterNextTwelveMonths id="Tag719" contextRef="I2015-12-31" unitRef="USD" decimals="0">0</itrn:FiniteLivedIntangibleAssetsAmortizationExpenseAfterNextTwelveMonths>
  <us-gaap:IntangibleAssetsDisclosureTextBlock id="Tag720" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;NOTE 7&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;-&lt;/strong&gt;&lt;strong&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;INTANGIBLE ASSETS, NET&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;A.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/strong&gt;&lt;strong&gt;Intangible assets, net, &lt;/strong&gt;&lt;strong&gt;consist&lt;/strong&gt;&lt;strong&gt; of the following:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div style="margin-left: 89pt;" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 94%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="14"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-top: #000000 1pt solid !important; font-family: 'Times New Roman';" colspan="10"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt; December&amp;#160;31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;December&amp;#160;31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Original&amp;#160;&lt;/strong&gt;&lt;strong&gt;amount&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Accumulated amortization&amp;#160;&lt;/strong&gt;&lt;strong&gt;and&lt;br/&gt;impairment charges&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Unamortized balance&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Unamortized balance&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 52%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; GIS database &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3,876&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3,876&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
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&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Brand name &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,177&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,177&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5,472&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5,446&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;26&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
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&lt;/td&gt;
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&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;26&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 452 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -0.05pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -0.05pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amortization and impairment&amp;#160;of intangible assets amounted to US$&amp;#160;&lt;font&gt;430,000&lt;/font&gt;, US$&amp;#160;&lt;font&gt;231,000&lt;/font&gt; and US$ &lt;font&gt;367,000&lt;/font&gt; for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, the estimated aggregate amortization of intangible assets for the next five years is as follows: 2016-&lt;font&gt;26,000&lt;/font&gt;&amp;#160;and thereafter &amp;#150; &lt;font&gt;0&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; text-align: justify; text-indent: -68.05pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;B.&lt;/strong&gt;&amp;#160; &amp;#160; &amp;#160;Due to the deteriorating results of a certain Israeli subsidiary and the current expectation of management for further decrease its anticipated performance, during 2015 and 2014, the Company recorded an impairment charge for its intangible assets which directly relate to the operations of the subsidiary (which represent a reporting unit).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In order to determine the fair value of such intangible assets, the Company, based on a valuation performed by the management, with the assistance of a third party appraiser, utilized the "Relief from Royalties" valuation method.&amp;#160; Accordingly, certain assumptions and judgments were made in order to determine the future income from which royalties will be derived from and in order to determine the appropriate rate of royalties and rate of discount.&lt;br/&gt;&lt;br/&gt;For further details regarding the activities of such subsidiary see note 8B regarding the goodwill impairment recognized in 2015.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As a result of the above, the Company recorded in 2015 and 2014, an impairment loss in an amount of US$&amp;#160;&lt;font&gt;236,000&lt;/font&gt;&amp;#160;and US$&amp;#160;&lt;font&gt;33,500&lt;/font&gt;, respectively,&amp;#160;with respect to the GIS database and in 2015 and 2014, an amount of US$&amp;#160;&lt;font&gt;19,000&lt;/font&gt;&amp;#160;and US$ &lt;font&gt;9,500&lt;/font&gt;, respectively, with respect to the Brand name totaling an aggregate impairment charge of US$&amp;#160;&lt;font&gt;255,000&lt;/font&gt;&amp;#160;in 2015&amp;#160;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;"&gt;and an aggregate impairment charge of US$&amp;#160;&lt;font&gt;43,000&lt;/font&gt;&amp;#160;in 2014.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 6pt 90.7pt; text-align: justify; font-family: 'times new roman'; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The impairment was included in "other expenses, net" (see Note 13).&lt;/font&gt;&lt;/p&gt;

&lt;/div&gt;</us-gaap:IntangibleAssetsDisclosureTextBlock>
  <us-gaap:ImpairmentOfIntangibleAssetsFinitelived id="Tag721" contextRef="D2014-01-01_To_2014-12-31_BrandNameMember" unitRef="USD" decimals="0">9500</us-gaap:ImpairmentOfIntangibleAssetsFinitelived>
  <us-gaap:ImpairmentOfIntangibleAssetsFinitelived id="Tag722" contextRef="D2014-01-01_To_2014-12-31_LocationBasedServicesAndWirelessCommunicationsProductsMember" unitRef="USD" decimals="0">43000</us-gaap:ImpairmentOfIntangibleAssetsFinitelived>
  <us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity id="Tag723" contextRef="I2015-12-31" unitRef="USD" decimals="-5">500000</us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity>
  <us-gaap:AccruedLiabilitiesCurrent id="Tag724" contextRef="I2015-12-31" unitRef="USD" decimals="-3">7439000</us-gaap:AccruedLiabilitiesCurrent>
  <us-gaap:EmployeeRelatedLiabilitiesCurrent id="Tag725" contextRef="I2015-12-31" unitRef="USD" decimals="-3">4255000</us-gaap:EmployeeRelatedLiabilitiesCurrent>
  <itrn:CurrentLiabilityGovernmentInstitutions id="Tag726" contextRef="I2014-12-31" unitRef="USD" decimals="-3">6009000</itrn:CurrentLiabilityGovernmentInstitutions>
  <us-gaap:DueToRelatedPartiesCurrent id="Tag727" contextRef="I2014-12-31" unitRef="USD" decimals="-3">98000</us-gaap:DueToRelatedPartiesCurrent>
  <us-gaap:DividendsPayableCurrent id="Tag728" contextRef="I2015-12-31" unitRef="USD" decimals="-3">3128000</us-gaap:DividendsPayableCurrent>
  <us-gaap:OtherSundryLiabilitiesCurrent id="Tag729" contextRef="I2014-12-31" unitRef="USD" decimals="-3">896000</us-gaap:OtherSundryLiabilitiesCurrent>
  <us-gaap:OtherLiabilitiesDisclosureTextBlock id="Tag730" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;NOTE 10&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;-&lt;/strong&gt;&lt;strong&gt;&amp;#160; &amp;#160; &amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;OTHER CURRENT LIABILITIES&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Composition:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;div class="CursorPointer"&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;div class="CursorPointer"&gt;
&lt;div style="margin-left: 67pt;" align="right"&gt;
&lt;table style="border-collapse: collapse; margin-left: 0.1px;" cellspacing="0" cellpadding="0" width="96%"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';" colspan="6"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-top: #000000 1pt solid !important; font-family: 'Times New Roman';" colspan="6"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Accrued expenses&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;7,439&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 7,919 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Accrued payroll and related taxes&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;4,255&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 5,692 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Government institutions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5,742&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 6,009 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Related party &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 98 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Accrued dividend&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3,128&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 4,639 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,184&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 896 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;21,750&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 25,253 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:OtherLiabilitiesDisclosureTextBlock>
  <us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock id="Tag731" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;div class="CursorPointer"&gt;
&lt;div style="margin-left: 67pt;" align="right"&gt;
&lt;table style="border-collapse: collapse; margin-left: 0.1px;" cellspacing="0" cellpadding="0" width="96%"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';" colspan="6"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-top: #000000 1pt solid !important; font-family: 'Times New Roman';" colspan="6"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Accrued expenses&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;7,439&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 7,919 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Accrued payroll and related taxes&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;4,255&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 5,692 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Government institutions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5,742&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 6,009 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Related party &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 98 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Accrued dividend&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3,128&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 4,639 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,184&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 896 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;21,750&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt; 25,253 &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
  <itrn:AdjustmentToPurchasePriceFromSaleOfSubsidiary id="Tag732" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">101000</itrn:AdjustmentToPurchasePriceFromSaleOfSubsidiary>
  <us-gaap:GoodwillAndIntangibleAssetImpairment id="Tag733" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">922000</us-gaap:GoodwillAndIntangibleAssetImpairment>
  <us-gaap:GoodwillAndIntangibleAssetImpairment id="Tag734" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">4620000</us-gaap:GoodwillAndIntangibleAssetImpairment>
  <us-gaap:GainLossOnSaleOfBusiness id="Tag735" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">951000</us-gaap:GainLossOnSaleOfBusiness>
  <us-gaap:GainLossOnSaleOfBusiness id="Tag736" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:GainLossOnSaleOfBusiness id="Tag737" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" xsi:nil="true" />
  <itrn:SundryIncomeExpenseNet id="Tag738" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">66000</itrn:SundryIncomeExpenseNet>
  <itrn:InterestIncomeExpenseShortTermBorrowings id="Tag739" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-1201000</itrn:InterestIncomeExpenseShortTermBorrowings>
  <us-gaap:DerivativeAssets id="Tag740" contextRef="I2015-12-31_FairValueInputsLevel1Member_DesignatedAsHedgingInstrumentMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:ScheduleOfDerivativeInstrumentsTextBlock id="Tag741" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="/* margin: 0pt 0pt 6pt 99pt; */ text-align: justify; font-family: 'times new roman'; margin-left: 90pt; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Fair values of derivative instruments:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;strong&gt;Asset derivatives&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-size: 10pt;"&gt;As of December 31, 2015&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;strong&gt;Thousands of US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Balance&amp;#160;sheet&lt;br/&gt;location&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Fair&lt;br/&gt;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;value&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Derivatives&amp;#160;designated&amp;#160;as&amp;#160;hedging&amp;#160;instruments: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign&amp;#160;exchange&amp;#160;contracts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other current Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 2%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; /* padding-right: 2.85pt; */vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important; width: 14%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1,063&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;strong&gt;Liability derivatives&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 2014&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-size: 10pt;"&gt;Thousands of US dollars&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Balance&amp;#160;sheet&lt;br/&gt;location&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Fair&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;value&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Derivatives&amp;#160;designated&amp;#160;as&amp;#160;hedging&amp;#160;instruments: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign&amp;#160;exchange&amp;#160;contracts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;"&gt;Other current Assets&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 2%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;1,580&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;"&gt;&amp;#160;Other no current Assets&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 2px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;984&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; font-family: 'Times New Roman'; width: 1px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 2px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;2,564&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; font-family: 'Times New Roman'; width: 1px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Amounts reclassified to statement of income:&lt;/font&gt;&lt;/div&gt;
&lt;div class="CursorPointer" align="left"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; /* padding-left: 2.85pt; */padding-right: 2.85pt; border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Derivatives&amp;#160;designated&lt;br/&gt;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;as&amp;#160;hedging&amp;#160;instruments&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; /* padding-left: 2.85pt; *//* padding-right: 2.85pt; */border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Location&amp;#160;of&amp;#160;loss&lt;br/&gt;recognized&amp;#160;in&amp;#160;income&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; /* padding-left: 2.85pt; *//* padding-right: 2.85pt; */border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Amount&amp;#160;of&amp;#160;gain&lt;br/&gt;recognized&amp;#160;in&amp;#160;income&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31, &lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; /* border-bottom-width: 1pt !important; */ /* border-bottom-style: solid !important; */ /* border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; *//* padding-right: 2.85pt; */vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Thousands&amp;#160;of&amp;#160;US&amp;#160;dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &amp;#160; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* border-top-color: #000000; */ /* border-top-style: solid; */ /* border-top-width: 1pt; */ padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &amp;#160; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &amp;#160; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 72%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign&amp;#160;exchange&amp;#160;contracts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost of revenues &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 12%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1,616&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer" align="left"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Derivatives designated&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;as hedging instruments&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Location&amp;#160;of&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;loss&lt;br/&gt;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;recognized&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;in&amp;#160;income &lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" colspan="4" align="center"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Amount&amp;#160;of gain&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&lt;br/&gt;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;recognized&amp;#160;in&amp;#160;income&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year&amp;#160;ended&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31, &lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; /* border-bottom-width: 1pt !important; */ /* border-bottom-style: solid !important; */ /* border-bottom-color: #000000 !important;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="4" align="center"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Thousands&amp;#160;of&amp;#160;US&amp;#160;dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; /* border-top: #000000 1pt solid !important; */ padding: 0px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" colspan="4" align="center"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 72%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign&amp;#160;exchange&amp;#160;contracts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Cost of revenues &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;" align="right" colspan="4"&gt;&lt;font&gt;39&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 2.85pt; vertical-align: middle; text-align: center; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
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&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; text-indent: -68.05pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;NOTE &lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;11&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;-&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;CONTINGENT LIABILITIES&lt;br/&gt;&lt;br/&gt;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;A.&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Claims&lt;br/&gt;&lt;br/&gt;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 6pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;1.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On July 13, 2010 the State Revenue Services of S&amp;#227;o Paulo issued a tax deficiency notice against our&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;subsidiary in Brazil, Ituran Sistemas de Monitoramento Ltda., claiming that the vehicle tracking and monitoring services provided by our&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;subsidiary should be classified as telecommunication services and therefore subject to the imposition of State Value Added Tax &amp;#150; ICMS, resulting in an imposition of &lt;font&gt;25&lt;/font&gt;% state value added tax on all revenues of our&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;subsidiary during the period between August 2005 and December 2007. At the time of serving the notice upon us, the tax deficiency notice was in the amount of R$&lt;font&gt;36,499,984&lt;/font&gt; (approximately US$&lt;font&gt;22.1&lt;/font&gt; million at the time) plus interest in the amount of R$&lt;font&gt;30,282,420&lt;/font&gt; (approximately US$&lt;font&gt;18.2&lt;/font&gt; million at the time) and penalties in the amount of R$&lt;font&gt;66,143,446&lt;/font&gt; (approximately US$&lt;font&gt;40.0&lt;/font&gt; million at the time). As of December 31, 2014, the aggregate sum claimed pursuant to the tax deficiency notice (principal amount, interest and penalties) was estimated on December 2014, at R$&lt;font&gt;220,000,000&lt;/font&gt;&amp;#160;(approximately US$&lt;font&gt;82.7&lt;/font&gt;&amp;#160;million). The decision of the administration first level was unfavorable to us and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;we have&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;filed an appeal to the Administrative Court of Appeals in S&amp;#227;o Paulo. On March 2, 2012 the Administrative Court of the State of S&amp;#227;o Paulo dismissed the State Revenue Services of S&amp;#227;o Paulo's claims and resolved in our&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;favor. The State of S&amp;#227;o Paulo filed an administrative appeal to a full bench session at the Administrative Court which has been dismissed on December 20, 2014 and such a decision is non-appealable. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 6pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Furthermore, it is noted that the effect of aforesaid decision is limited to the period of August 2005 up to December 2007. It is possible that the State of S&amp;#227;o Paulo may issue us additional tax deficiency notices regarding the past 5 year period. However, we&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;maintain our&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;position, based among other things on the results of the aforesaid legal proceedings, that if such tax deficiency notices are issued in future, our&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;chances of success in defending its position are overwhelmingly favorable.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 6pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On June 24, 2010 the Brazilian Internal Revenue Service issued a tax assessment that claimed the payment, at the time of filing the tax assessment, of R$&lt;font&gt;5,567,032&lt;/font&gt;&amp;#160;(approximately US$&amp;#160;&lt;font&gt;3,120,000&lt;/font&gt;&amp;#160;at the time) including interest and penalties, following the offsetting on October 1, 2005 of an amount of approximately US$ &lt;font&gt;2.1&lt;/font&gt; million of a receivable held by Ituran Beheer BV, a Dutch legal entity held by us, against accumulated losses of our subsidiary Ituran Sistemas de Monitamento Ltda, which originated from a technology transfer agreement executed by and between Ituran Brazil and OGM Investments B.V. (also a Dutch company held by us). The decision of the administrative court of the first level was unfavourable to us and therefore we&amp;#160;have filed an appeal to the Administrative Court of Appeals in S&amp;#227;o Paulo.&lt;br/&gt;&lt;br/&gt;In October 2013, we&amp;#160;were notified that the Administrative Court of Appeal has partially accepted our administrative defense in order to reduce the percentage of penalty imposed on us. Subsequently, Ituran Brazil filed a Special Appeal to the Superior Court of Tax Appeals, an administrative venue. The Special Appeal lodged by Ituran Brazil was not accepted by the Superior Court of Tax Appeals. Ituran Brazil will have&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;to challenge the tax assessment before a Federal Court of Law&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&amp;#160;Based on the legal opinion of the subsidiary's Brazilian legal counsel, the company believes that such claim is without merit and the company will continue to vigorously defend ourselves in the appeal proceedings and accordingly no provision has been made. As of December 31, 2015, the aggregate sum claimed pursuant to the tax assessment (principal amount, interest and penalties) is estimated at&amp;#160;R$&lt;font&gt;11.3&lt;/font&gt; million (approximately $&lt;font&gt;2.89&lt;/font&gt; million which amount is considered as the reasonable possible loss).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 6pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;3.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On July 22, 2015, Brazilian Federal Communication Agency &amp;#150; Anatel issued an additional tax assessment for FUST contribution (contribution on telecommunication services) levied on the monitoring services rendered by us&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;regarding the year of 2011 and January 2012 in amount of R$ &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2,888,677&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;(approximately US$ &lt;font&gt;760,000&lt;/font&gt;) including interest and penalties. This amount added up to the previous FUST&amp;#160;tax assessments for the years 2007 and 2008 which was issued on October 20, 2011, and including interest and penalties, on December 31, 2015 amounts to R$ &lt;font&gt;3,936,339&lt;/font&gt; (approximately US$ &lt;font&gt;1&lt;/font&gt; million) and to FUST tax assessment for the year 2010 which including interest and penalties, on December 31, 2015&amp;#160;amounts to R$ &lt;font&gt;2,950,417&lt;/font&gt;&amp;#160;(approximately US$ &lt;font&gt;700,000&lt;/font&gt;). Due to the such last tax assessment, on December 31, 2015, the aggregate amount claimed by Anatel increased to approximately R$ &lt;font&gt;9.8&lt;/font&gt;&amp;#160;million (approximately US$ &lt;font&gt;2.6&lt;/font&gt;&amp;#160;million). The reason Anatel demand the payment of FUST from us&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;is the fact that in order to provide monitoring services we&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;need&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;to operate telecommunication equipment in a given radio frequency. We&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;hold a telecommunication license from Anatel&amp;#160;(for information on our licenses see item 4B. "Information on the company" &amp;#150; "Business overview" under the caption "Regulatory Environment"). The authorities have construed that&amp;#160;we&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;render telecommunication services and FUST should be levied in relation to Net Revenues. Based on the legal opinion of the subsidiary's Brazilian legal counsel we&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;believe&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;that such claim is without merit, the interpretation of the legislation is mistaken, given that we&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;do&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;'t render telecommunication services, but rather services of monitoring goods and persons for security purposes&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;, accordingly no provision has been made.&lt;/font&gt;&amp;#160;We have&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;filed our&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;defense for the years 2007 and 2008 on December 2011.&amp;#160;Our Defense for the year 2010 was filed on November 2014 and our defense for the year 2011 (and January 2012) was filed on February 2016. We are currently awaiting the Lower Court decision on all the aforementioned FUST claims.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;4. &amp;#160; &amp;#160;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: HE; mso-bidi-language: HE;"&gt;On October 10, 2015, Brazilian Federal Communication Agency - Anatel &amp;#150; issued an additional tax assessment for FUNTELL contribution (contribution to Fund for the Technological Development of Telecommunication) levied on the monitoring services rendered by us regarding the year of 2011 which on December 31, 2015 amounts to R$ &lt;font&gt;1,007,453&lt;/font&gt; (approximately US$ &lt;font&gt;253,000&lt;/font&gt;) including interest and penalties. This amount added up to the previous FUNTELL tax assessments for the year 2007, which was issued on July 13, 2011, and including interest and penalties, on December 31, 2015 amounts to R$ &lt;font&gt;778,598&lt;/font&gt; (approximately US$ &lt;font&gt;195,000&lt;/font&gt;), to FUNTELL tax assessment for the year 2008 which including interest and penalties, on December 31, 2015 amounts to R$ &lt;font&gt;770,580&lt;/font&gt; (approximately US$ &lt;font&gt;193,000&lt;/font&gt;) and to FUNTELL tax assessment for the year 2010 which including interest and penalties, on December 31, 2015 amounts to R$ &lt;font&gt;1,033,363&lt;/font&gt; (approximately US$ &lt;font&gt;260,000&lt;/font&gt;). Due to the such last tax assessment, on December 31, 2015, the aggregate amount claimed by Anatel increased to approximately R$ &lt;font&gt;3.6&lt;/font&gt; million (approximately US$ &lt;font&gt;0.92&lt;/font&gt; million). The reason Anatel demand the payment of FUNTELL from us is the fact that in order to provide monitoring services we need to operate telecommunication equipment in a given radio frequency. We hold a telecommunication license from Anatel (for information on our licenses see item 4B. "Information on the company" &amp;#150; "Business overview" under the caption "Regulatory Environment"). The authorities have construed that we render telecommunication services and FUNTEL should be levied in relation to Net Revenues. Based on the legal opinion of the subsidiary's Brazilian legal counsel we believe that such claim is without merit, the interpretation of the legislation is mistaken, given that we don't render telecommunication services, but rather services of monitoring goods and persons for security purposes, accordingly no provision has been made. We have filed our defenses as follows: for the year 2007 on July 2011, for the year 2008 on June 2011, for the year 2010 on December 2014 and for the year 2011 on October 2015. We are currently awaiting the Lower Court decision on all the aforementioned FUNTELL claims.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;5.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On July 13, 2015 we received a purported class action lawsuit which was filed against the Company in the District Court of Central Region in Tel-Aviv, by &lt;font&gt;one&lt;/font&gt; plaintiff who is a subscriber of the Company, alleging that the Company, which was declared a monopoly under the Israeli Restrictive Trade Practices Law, 1988, unlawfully abused its power as a monopoly and discriminated between its customers. The plaintiff claims that the alleged discrimination resulted from the Company charging higher monthly subscription fees from customers who are obliged by insurance company requirements to install location and recovery systems in their vehicles than the monthly subscription fees that are charged from customers who are not required by insurance companies to install location and recovery systems in their vehicles. In addition the plaintiff claims that the Company offers to customers who are not required by insurance companies to install location and recovery systems in their vehicles, a discounted warrantee service to their location and recovery systems. The plaintiff claims in addition to the above, that such actions raise additional claims against the Company such as negotiations without good faith, executing contract without good faith, breach of contract, unjust enrichment, breach of consumer protection laws, tort laws, and breach of statutory duty. The lawsuit is yet to be approved as a class action. The total amount claimed if the lawsuit is approved as a class action was estimated by the plaintiff to be approximately NIS &lt;font&gt;300&lt;/font&gt; million (approximately USD &lt;font&gt;77&lt;/font&gt; million). Our defense against the approval of the class action lawsuit was file on January 3rd, 2016. The plaintiff has responded to the company's&amp;#160;defense on&amp;#160;February 29, 2016.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160;Based on an opinion of its legal counsels, at this preliminary stage, the Company is unable to assess the lawsuit's chances of success and / or and reasonably possible range of loss, if any. However, according to the legal counsel opinion, based on the documents of the claim, the Company has good defense arguments in respect of claims made by the plaintiff and the chances that the suit will not be approved as a class action suit are higher than it will be approved. Therefore, the Company has not made any provision in its consolidated financial statements in respect to this claim. A class action lawsuit based on similar claims, against the Company, which was filed on form 6-K on March 22, 2011, was dismissed by the court on the request of both parties, on March 5, 2012 for a small compensation to the plaintiff and his attorneys, in a total amount of NIS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;30,000&lt;/font&gt; (approximately USD &lt;font&gt;7,900&lt;/font&gt;).&amp;#160;Such dismissal of a similar class action lawsuit may have a positive effect on the Company ability in its defense against the current lawsuit. That being said, if the Company's efforts are unsuccessful this could result in a very significant costs to the Company and could adversely affect its financial position and the results of its operations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;6. &amp;#160; &amp;#160;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: HE; mso-bidi-language: HE;"&gt;Claims are filed against the Company and its subsidiaries from time to time during the ordinary course of business, usually with respect to civil, labor and commercial matters.&lt;font style="mso-spacerun: yes;"&gt;&amp;#160; &lt;/font&gt;The Company's management believes, based on its legal counsels' assessment, that the provision for contingencies recognized in the balance sheet is sufficient and that currently there are no claims (other than those described in this Note above) that are material, individually or in the aggregate, to the consolidated financial statements as a whole.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;B.&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company was declared a monopoly under the Israeli Restrictive Trade Practices Law, 1988, in the market for the provision of systems for the location of vehicles in Israel.&amp;#160; Under Israeli law, a monopoly is prohibited from taking certain actions, such as predatory pricing and the provision of loyalty discounts, which prohibitions do not apply to other companies.&amp;#160; The Israeli Antitrust Authority may further declare that the Company has abused its position in the market.&amp;#160; Any such declaration in any suit in which it is claimed that the Company engages in anticompetitive conduct may serve as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;prima facie&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; evidence that the Company is either a monopoly or that it has engaged in anticompetitive behavior.&amp;#160; Furthermore, it may be ordered to take or refrain from taking certain actions, such as setting maximum prices, in order to protect against unfair competition.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;C&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;.&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Commitments&lt;br/&gt;&lt;br/&gt;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 6pt 113.45pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;1.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, minimum future rentals under operating leases of buildings and base station sites for periods in excess of one year were as follows:&amp;#160; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2016&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#150; US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million,&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2017&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#150; US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million,&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2018&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#150; US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million,&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2019&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#150; US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;0.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;million and 2020 &amp;#150; US$ &lt;font&gt;0.4&lt;/font&gt; million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 6pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The leasing fees expensed in each of the years ended December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2.5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 6pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;January 2008&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the Company entered into a &lt;font&gt;10&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;year Frame Product and Service Purchase Agreement with Telematics, pursuant to which (after the completion of the sale of Telematics&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;), the Company and Telematics shall purchase from each other certain products and services as detailed in the agreement for a price and subject to other conditions as detailed in the agreement.&amp;#160; In addition, each of the Company and Telematics undertook toward one another not to compete in each other's exclusive markets in the area of RF vehicle location and tracking RF technology or similar RF terrestrial location systems and technology.&amp;#160; The agreement was for a term of 10&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;years, following which it shall be renewed automatically for additional consecutive &lt;font&gt;12&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;month periods, unless nonrenewal notice is sent by one of the parties to the other.&amp;#160; Pursuant to the agreement, each of Telematics and Ituran granted the other party a license to use certain technology in connection with the products and services purchased from each other, which license survives the termination or expiration of the agreement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company is obliged to purchase from Telematics products in an aggregate amount of approximately US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;19.5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million&amp;#160;(2016 &amp;#150; US$ &lt;font&gt;7&lt;/font&gt; million, 2017 &amp;#150; US$ &lt;font&gt;6.5&lt;/font&gt; million and 2018 &amp;#150; US$ &lt;font&gt;6&lt;/font&gt; million).&lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
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&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-size: 10pt;"&gt;US dollars&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
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&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(in thousands)&lt;/font&gt;&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Location&amp;#160;based&lt;br/&gt;services&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Wireless&lt;br/&gt;communications&lt;br/&gt;products&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Total&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"&gt;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"&gt;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"&gt;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"&gt;&lt;/td&gt;
&lt;td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;h1 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31, 2015&lt;/strong&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Revenues &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"&gt;&lt;font&gt;127,683&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 2%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"&gt;&lt;font&gt;47,945&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 2%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"&gt;&lt;font&gt;175,628&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Operating income&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;38,328&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;2,316&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;40,644&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;62,236&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;10,463&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;72,699&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;1,539&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;1,817&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;3,356&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Expenditures for assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;14,478&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;393&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;14,871&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;8,636&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;152&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;8,788&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Impairment of goodwill and intangible assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;929&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;929&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;h1 style="font-size: 10pt; margin: 0pt 2.55pt 0pt 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31, 2014&lt;/strong&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Revenues &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;133,692&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;48,435&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;182,127&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Operating income (loss)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;42,603&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;3,267&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; /* padding: 0px 5px; */ text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;45,870&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;63,795&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;11,094&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;74,889&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;1,544&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;2,497&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;4,041&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Expenditures for assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;12,574&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;598&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;13,172&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;8,920&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;148&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;9,068&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Impairment of goodwill and intangible assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;34&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;888&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;922&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;h1 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31, 2013&lt;/strong&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Revenues &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;126,951&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;43,216&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;170,167&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -17.8px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #cceeff;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;38,470&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;(540&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px 0px 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;37,930&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;66,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;10,564&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;76,864&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,730&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;3,703&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;5,433&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Expenditures for assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;12,312&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;264&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;12,576&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;9,360&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;358&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;9,718&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -17.8px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;"&gt;Impairment of goodwill and intangible assets&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;2,816&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;1,804&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;4,620&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
  <us-gaap:GoodwillAndIntangibleAssetImpairment id="Tag761" contextRef="D2015-01-01_To_2015-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">929000</us-gaap:GoodwillAndIntangibleAssetImpairment>
  <us-gaap:OperatingIncomeLoss id="Tag762" contextRef="D2014-01-01_To_2014-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">42603000</us-gaap:OperatingIncomeLoss>
  <us-gaap:OperatingIncomeLoss id="Tag763" contextRef="D2014-01-01_To_2014-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">3267000</us-gaap:OperatingIncomeLoss>
  <itrn:ReportableSegmentAssets id="Tag764" contextRef="I2014-12-31" unitRef="USD" decimals="-3">74889000</itrn:ReportableSegmentAssets>
  <itrn:AssetExpenditures id="Tag765" contextRef="D2014-01-01_To_2014-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">598000</itrn:AssetExpenditures>
  <itrn:AssetExpenditures id="Tag766" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">13172000</itrn:AssetExpenditures>
  <itrn:ReconciliationFromSegmentsToConsolidatedTableTextBlock id="Tag767" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;div&gt;
&lt;table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-size: 10pt;"&gt;US dollars&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-size: 10pt;"&gt;Year ended December 31,&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Total revenues of reportable segment and consolidated revenues&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;" align="right"&gt;&lt;font&gt;175,628&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 2%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;182,127&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;170,167&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Operating income&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Total operating income for reportable segments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;40,644&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;45,870&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;37,930&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Unallocated amounts: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other income (expenses) income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="/* padding: 0px; */ font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;(166&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: left;" align="right"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing income, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;1,189&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,704&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;238&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated income before taxes on income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;41,833&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;47,574&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;38,002&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;h4 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Assets&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total assets for reportable segments (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;76,055&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;78,930&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;82,297&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other unallocated amounts: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;46,119&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;57,159&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;61,530&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Investments in affiliated and other companies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;4,783&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,095&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,511&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Property and equipment, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;8,730&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;7,786&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;8,644&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other unallocated amounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;" align="right"&gt;&lt;font&gt;6,316&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;7,367&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;6,560&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated total assets (at year end) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;" align="right"&gt;&lt;font&gt;142,003&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;152,337&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;160,542&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;h4 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Other significant items&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total expenditures for assets of reportable segments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;14,871&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;13,172&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;12,576&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Unallocated amounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;3,676&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;2,021&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,387&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated total expenditures for assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;18,547&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;15,193&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;13,963&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total depreciation, amortization and impairment for reportable segments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;9,717&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;9,990&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;14,338&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Unallocated amounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;2,245&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;2,229&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,858&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated total depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;11,962&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;12,219&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;16,196&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;/div&gt;
&lt;div align="right"&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 90pt;"&gt;

&lt;tr&gt;
&lt;td style="width: 5%; vertical-align: top;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(*)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 94%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Including&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;goodwill&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;br/&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</itrn:ReconciliationFromSegmentsToConsolidatedTableTextBlock>
  <us-gaap:Revenues id="Tag768" contextRef="D2015-01-01_To_2015-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">127683000</us-gaap:Revenues>
  <us-gaap:Revenues id="Tag769" contextRef="D2015-01-01_To_2015-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">47945000</us-gaap:Revenues>
  <us-gaap:OperatingIncomeLoss id="Tag770" contextRef="D2015-01-01_To_2015-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">2316000</us-gaap:OperatingIncomeLoss>
  <itrn:ReportableSegmentAssets id="Tag771" contextRef="I2015-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">62236000</itrn:ReportableSegmentAssets>
  <itrn:ReportableSegmentAssets id="Tag772" contextRef="I2015-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">10463000</itrn:ReportableSegmentAssets>
  <itrn:AssetExpenditures id="Tag773" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">14871000</itrn:AssetExpenditures>
  <us-gaap:DepreciationDepletionAndAmortization id="Tag774" contextRef="D2014-01-01_To_2014-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">8920000</us-gaap:DepreciationDepletionAndAmortization>
  <us-gaap:DepreciationDepletionAndAmortization id="Tag775" contextRef="D2014-01-01_To_2014-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">148000</us-gaap:DepreciationDepletionAndAmortization>
  <us-gaap:GoodwillAndIntangibleAssetImpairment id="Tag776" contextRef="D2014-01-01_To_2014-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">34000</us-gaap:GoodwillAndIntangibleAssetImpairment>
  <us-gaap:GoodwillAndIntangibleAssetImpairment id="Tag777" contextRef="D2014-01-01_To_2014-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">888000</us-gaap:GoodwillAndIntangibleAssetImpairment>
  <us-gaap:OperatingIncomeLoss id="Tag778" contextRef="D2013-01-01_To_2013-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">38470000</us-gaap:OperatingIncomeLoss>
  <itrn:AssetExpenditures id="Tag779" contextRef="D2013-01-01_To_2013-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">12312000</itrn:AssetExpenditures>
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  <itrn:AssetExpenditures id="Tag790" contextRef="D2013-01-01_To_2013-12-31_ReportableSegmentMember" unitRef="USD" decimals="-3">12576000</itrn:AssetExpenditures>
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  <itrn:ExpendituresForAssetsUnallocatedAmounts id="Tag792" contextRef="D2013-01-01_To_2013-12-31_MaterialReconcilingItemsMember" unitRef="USD" decimals="-3">1387000</itrn:ExpendituresForAssetsUnallocatedAmounts>
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  <us-gaap:DepreciationDepletionAndAmortization id="Tag797" contextRef="D2013-01-01_To_2013-12-31_ReportableSegmentMember" unitRef="USD" decimals="-3">14338000</us-gaap:DepreciationDepletionAndAmortization>
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  <itrn:DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts id="Tag800" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">12219000</itrn:DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts>
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  <us-gaap:Revenues id="Tag803" contextRef="D2013-01-01_To_2013-12-31_US" unitRef="USD" decimals="-3">4876000</us-gaap:Revenues>
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  <us-gaap:Revenues id="Tag805" contextRef="D2013-01-01_To_2013-12-31_BR_1" unitRef="USD" decimals="-3">63454000</us-gaap:Revenues>
  <us-gaap:Revenues id="Tag806" contextRef="D2014-01-01_To_2014-12-31_AR" unitRef="USD" decimals="-3">13792000</us-gaap:Revenues>
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  <us-gaap:Revenues id="Tag808" contextRef="D2013-01-01_To_2013-12-31_OtherForeignCountriesMember" unitRef="USD" decimals="-3">3316000</us-gaap:Revenues>
  <us-gaap:PropertyPlantAndEquipmentNet id="Tag809" contextRef="I2014-12-31_IL_1" unitRef="USD" decimals="-3">8563000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentNet id="Tag810" contextRef="I2014-12-31_US" unitRef="USD" decimals="-3">120000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentNet id="Tag811" contextRef="I2013-12-31_US" unitRef="USD" decimals="-3">155000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentNet id="Tag812" contextRef="I2015-12-31_AR" unitRef="USD" decimals="-3">4279000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentNet id="Tag813" contextRef="I2014-12-31_AR" unitRef="USD" decimals="-3">5424000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentNet id="Tag814" contextRef="I2013-12-31" unitRef="USD" decimals="-3">32546000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:GeneralInsuranceExpense id="Tag815" contextRef="D2014-01-01_To_2014-12-31_TzivtitInsuranceMember_DirectorsAndOfficersLiabilityInsuranceMember" unitRef="USD" decimals="-3">189000</us-gaap:GeneralInsuranceExpense>
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  <itrn:RelatedPartyTransactionTermOfVacationAndSickDays id="Tag817" contextRef="D2015-01-01_To_2015-12-31_IzzySheratzkyMember_SheratzkyHoldingsMember_PresidentAndDirectorMember">P25D</itrn:RelatedPartyTransactionTermOfVacationAndSickDays>
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  <itrn:RelatedPartyTransactionTermOfVacationAndSickDays id="Tag821" contextRef="D2015-01-01_To_2015-12-31_EyalSheratzkyMember_ORASCapitalLtdMember">P25D</itrn:RelatedPartyTransactionTermOfVacationAndSickDays>
  <itrn:RelatedPartyTransactionTermOfAgreement id="Tag822" contextRef="D2015-01-01_To_2015-12-31_EyalSheratzkyMember_ORASCapitalLtdMember">P3Y</itrn:RelatedPartyTransactionTermOfAgreement>
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  <itrn:RelatedPartyExpensesFromThirdParty id="Tag825" contextRef="D2015-01-01_To_2015-12-31_TzivtitInsuranceMember" unitRef="USD" decimals="-3">79000</itrn:RelatedPartyExpensesFromThirdParty>
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  <itrn:RelatedPartyExpensesFromThirdParty id="Tag828" contextRef="D2013-01-01_To_2013-12-31_TzivtitInsuranceMember" unitRef="USD" decimals="-3">80000</itrn:RelatedPartyExpensesFromThirdParty>
  <itrn:RelatedPartyTransactionPaymentToRelatedParty id="Tag829" contextRef="D2015-01-01_To_2015-12-31_GilSheratzkyMember_ZeroToOneSBLInvestmentsLtdMember" unitRef="USD" decimals="0">1175000</itrn:RelatedPartyTransactionPaymentToRelatedParty>
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  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock id="Tag831" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td align="right" style="width: 63pt;"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;NOTE 17 - &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;RELATED PARTIES&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 8%;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 4%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;A.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 88%;"&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: normal;"&gt;The Tzivtit Insurance Ltd. (&amp;#147;Tzivtit Insurance&amp;#148;), owned by a director of the Company, serves as the Company's insurance agent and provides the Company with elementary insurance and managers insurance.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="text-align: justify; text-indent: 0px; font-family: 'times new roman'; margin-top: 0px; margin-bottom: 0px; margin-left: 76pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 88%;"&gt;
&lt;p style="text-align: justify; text-indent: 0px; font-family: 'times new roman'; margin-top: 0px; margin-bottom: 0px; /* margin-left: 76pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n respect of these insurance services, Tzivtit Insurance is entitled to receive commissions at various rates, paid by the insurance company (which is not considered a related party).&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="text-align: justify; text-indent: 0px; font-family: 'times new roman'; margin-top: 0px; margin-bottom: 0px; margin-left: 76pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 88%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;With respect to basic insurance policies, and directors and offices insurance policies, the Company paid to the insurance company in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;304&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;thousand and US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;168&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;thousand&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, respectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (In&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;24&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; thousand and US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;1&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;89&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; thousand&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, respectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="/* margin: 0px 0px 0px 101.300003051758px; */ text-align: justify; text-indent: 0px; font-family: 'times new roman'; margin-top: 0px; margin-bottom: 0px; margin-left: 76pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 88%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tzivtit Insurance is entitled to commissions in an aggregate amount of NIS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;309&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;thousand (US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;79&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;thousand) to be paid to Tzivtit Insurance by the insurance company on account of these policies.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;52&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; thousand and US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;80&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; thousand in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, respectively.)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0px 0px 0px 101.300003051758px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;B.&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 88%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In February 2003, an agreement was signed between the Company and A. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Sheratzky&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Holdings Ltd., a wholly-owned and controlled company belonging to Mr.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Izzy &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Sheratzky, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;President&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and Director&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&amp;#160; The agreement includes, among other things, the cost of Mr.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Izzy Sheratzky's monthly employment in an amount of NIS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;98&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;25,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;), entertainment expenses, car maintenance expenses, cellular phone, and entitlement to participate in the profits of the Company in an amount equal to &lt;font&gt;5&lt;/font&gt;% of the pretax income of the Company, plus the share of the Company in the income or losses of affiliated companies, on the basis of the audited consolidated financial statements.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0px 0px 0px 101.300003051758px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0" style="margin-top: 0px; margin-bottom: 0px;"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 88%;"&gt;
&lt;p style="text-align: justify; font-family: 'times new roman'; margin: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The agreement is for a &lt;font&gt;two&lt;/font&gt;-year period, with automatic &lt;font&gt;two&lt;/font&gt;-year extensions, unless either of the parties gives &lt;font&gt;180&lt;/font&gt; day advance notice of its intention to terminate the agreement.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 88%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Whereas the term of the agreement exceeded&amp;#160;&lt;font&gt;three&lt;/font&gt; years, under recent amendments to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Israeli Companies Law&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the Company's audit committee, board of directors and shareholders have ratified and approved&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the agreement with A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Sheratzky, which according to current Israeli law remained in force and effect until May 11, 2014.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 88%;"&gt;
&lt;p style="/* margin: 0pt 0pt 0pt 90.75pt; */ text-align: justify; /* text-indent: -22.7pt; */ font-family: 'times new roman'; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;See &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;section F below&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; with respect to the approval of a new service agreement with A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Sheratzky Holdings during February 2014.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;C.&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 88%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On September&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;5, 2002, the Company entered into independent contractor agreements with A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Sheratzky Holdings Ltd. and each of Eyal Sheratzky and Nir Sheratzky (the Co-CEO's of the Company), pursuance to which A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Sheratzky Holdings will provide management services to the Company through Eyal Sheratzky and Nir Sheratzky in consideration of monthly payments in the amount of NIS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;48,892&lt;/font&gt; and NIS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;49,307&lt;/font&gt; (US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;12,500&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;12,600&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;), respectively, in addition to providing each of them a company car and reimbursement of certain business expenses.&amp;#160; In January 2004, changes in the employment terms of the two Co-CEOs of the Company were approved, whereby in addition to the agreement detailed above, each would be entitled to an annual bonus equal to &lt;font&gt;1&lt;/font&gt;% of the pretax income of the Company, plus the share of the Company in the income or losses of affiliated companies, on the basis of the audited consolidated financial statements.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Whereas the term of the agreement exceeded&amp;#160;&lt;font&gt;three&lt;/font&gt; years, under recent amendments to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Israeli Companies Law&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the Company's audit committee, board of directors and shareholders have ratified and approved the agreement with A. Sheratzky (including third addendum thereto that clarifies the nature of its role and services), which according to current Israeli law remained in force and effect until May 11, 2014.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;See &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;section F below &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;with respect to the approval of a new service agreement with A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Sheratzky Holdings during February 2014.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The aggregate amounts paid&amp;#160;to A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Sheratzky Holdings in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(including with respect to B. above but excluding amounts paid to A. Sheratzky Holdings under the new service agreement, described in F. below), were approximately &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;793&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;3,470&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, respectively (all numbers include value added tax).&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&amp;#160;&lt;br/&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;D.&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In accordance with an agreement with a related party (as amended), Prof. Yehuda Kahane, for financial consulting, the Company is required to pay the consultant monthly consulting fees of NIS &lt;font&gt;15,000&lt;/font&gt; (US$ &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;3,900&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) a month, linked to the Israeli Consumer Price Index.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; The aggregate amount paid to Professor Kahane in each of the years 2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, 2014&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;and 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;13&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;was approximately &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;US$ &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;57,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;US$ &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;62&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;US$ &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;59&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, respectively.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;E.&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On January&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;23, 2007, the Company's subsidiary, E-Com Global Electronic Commerce Ltd.&amp;#160; ("E-Com "), signed an agreement with Gil Sheratzky for the employment of Mr. Gil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Sheratzky as CEO of that company, in consideration of monthly payments in the amount of NIS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;25,000&lt;/font&gt; (US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;6,400&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;), in addition to providing him a company car, managers insurance and education fund contribution (as customary in Israel) and reimbursement of certain business expenses.&amp;#160; In his position, Mr. Gil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Sheratzky will report to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Co-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;CEO&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&amp;#160; The compensation paid to Gil Sheratzky includes a bonus in an amount equal to &lt;font&gt;2&lt;/font&gt;% of the annual increase in E-COM profits before tax (up to a maximum amount of &lt;font&gt;1&lt;/font&gt;% of that company's profits before tax), based on its audited consolidated financial statements for the relevant year, beginning January&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;1, 2007.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The aggregate amount paid to Mr.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Gil Sheratzky in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;was approximately &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;29,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;145&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Whereas the term of the agreement exceeded&amp;#160;&lt;font&gt;three&lt;/font&gt; years, under recent amendments to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Israeli Companies Law&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the Company's audit committee, board of directors and shareholders have ratified and approved the agreement with Gil Sheratzky, which according to current Israeli law remained in force and effect until May 11, 2014.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;See &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;section F below &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;with respect to the approval of a new service agreement with A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Sheratzky Holdings during February 2014.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;

&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;F.&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In February 2014, following the approval of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany's general meeting of shareholders on January 28, 2014, the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany entered into new service agreements, setting forth the terms of service of its President and Co-Chief Executive Officers in compliance with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company's&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; compensation policy for office holders; and E-Com entered into a service agreement setting forth the terms of service of its Chief Executive Officer in compliance with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company's&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; compensation policy for officer holders. The principal terms of these agreements are as follows:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Mr. Izzy Sheratzky shall provide his services as an independent contractor through A. Sheratzky Holdings Ltd., which shall be entitled to a monthly payment of NIS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;225,000&lt;/font&gt; (or $&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;57,700&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr. Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; The fixed monthly pay shall also include Mr. Sheratzky's entitlement for a &lt;font&gt;25&lt;/font&gt; days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses, subsistence allowance abroad and participation in work-related home telephone expenses. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of &lt;font&gt;3&lt;/font&gt; years and may be terminated upon &lt;font&gt;180&lt;/font&gt; days' advance notice of termination; however, the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr. Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has breached his fiduciary duty towards the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany; (c) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has materially breached the agreement through the unauthorized disclosure of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany's secrets or competition with the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The aggregate amounts paid to A. Sheratzky according this new service agreement in 2015 and 2014 were approximately US&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2,249,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;and US$&lt;font&gt;2,387,000&lt;/font&gt;, respectively&amp;#160;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;(includes value added tax).&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Mr. Eyal Sheratzky shall provide his services as an independent contractor through ORAS Capital Ltd. which shall be entitled to a monthly payment of NIS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;175,000&lt;/font&gt; (or $&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;45,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr.Eyal Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom.&amp;#160; The fixed monthly pay shall also include Mr. Eyal Sheratzky's entitlement for a &lt;font&gt;25&lt;/font&gt; days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses and subsistence allowance abroad. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of &lt;font&gt;3&lt;/font&gt; years and may be terminated upon &lt;font&gt;180&lt;/font&gt; days' advance notice of termination; however, the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr.Eyal Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr.Eyal&amp;#160;Sheratzky has breached his fiduciary duty towards the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany; (c) a final court ruling (without the possibility of appeal) determines that Mr. Eyal Sheratzky has materially breached the agreement through the unauthorized disclosure of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany's secrets or competition with the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;The aggregate amounts paid to ORAS Capital Ltd in 2015 and 2014 were approximately&lt;/font&gt; US&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1,565,000&lt;/font&gt;&amp;#160;and&amp;#160;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt;US$&lt;font&gt;1,552,000&lt;/font&gt;,&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;respectively (include value added tax).&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Mr. Nir Sheratzky shall provide his services as an independent contractor through Galnir Management and Investments Ltd., which shall be entitled to a monthly payment of NIS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;175,000&lt;/font&gt; (or $&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;45,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;)&amp;#160; plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr. Nir Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom.&amp;#160; The fixed monthly pay shall also include Mr. Sheratzky's entitlement for a &lt;font&gt;25&lt;/font&gt; days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses and subsistence allowance abroad. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of &lt;font&gt;3&lt;/font&gt; years and may be terminated upon &lt;font&gt;180&lt;/font&gt; days' advance notice of termination; however, the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr. Nir&amp;#160;Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr. Nir&amp;#160;Sheratzky has breached his fiduciary duty towards the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany; (c) a final court ruling (without the possibility of appeal) determines that Mr. Nir&amp;#160;Sheratzky has materially breached the agreement through the unauthorized disclosure of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany's secrets or competition with the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany.&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The aggregate amounts paid to Galnir Management and Investments Ltd in 2015 and 2014 were approximately US$&lt;font&gt;1,802,000&lt;/font&gt;&amp;#160;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt;and US$&lt;font&gt;1,418,000&lt;/font&gt;, respectively (includes value added tax).&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Mr. Gil Sheratzky shall provide his services as an independent contractor through ZERO-TO-ONE S.B.L. INVESTMENTS LTD., which shall be entitled to a monthly payment of NIS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;125,000&lt;/font&gt; (or $&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;32,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr. Gil Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom.&amp;#160; The fixed monthly pay shall also include Mr. Gil&amp;#160;Sheratzky's entitlement for a &lt;font&gt;25&lt;/font&gt; days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses and subsistence allowance abroad. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of &lt;font&gt;3&lt;/font&gt; years and may be terminated upon &lt;font&gt;two&lt;/font&gt; months' advance notice of termination; however, E-Com may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr. Gil&amp;#160;Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr. Gil&amp;#160;Sheratzky has breached his fiduciary duty towards E-Com; (c) a final court ruling (without the possibility of appeal) determines that Mr. Gil&amp;#160;Sheratzky has materially breached the agreement through the unauthorized disclosure of E-Com' and/or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany's secrets or competition with E-Com and/or the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The aggregate amounts paid to ZERO-TO-ONE S.B.L. INVESTMENTS LTD,&amp;#160; in 2015 and 2014 were approximately US&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1,175,000&lt;/font&gt;&amp;#160;&amp;#160;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt;and US$ &lt;font&gt;948,000&lt;/font&gt;, respectively (includes value added tax). &lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Each of the above agreements also provides that the executives may request to provide their services to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany as an employee, and not through a service provider, and in such event, the they shall execute an employment agreement with the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany, in lieu of the above service agreements, which shall also set forth the provisions of social security and other benefits that the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany usually grants its senior executive officers (which may not deviate from the provisions of the Compensation Policy in this respect). In any event, it was agreed that the nature of the agreement pursuant to which the services are provided shall not affect the cost to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of the provision of the services as set forth in the service agreements.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%; vertical-align: middle;" valign="middle"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The terms of the Cash Incentives applicable to each of Messrs. Izzy Sheratzky, Eyal Sheratzky, Nir Sheratzky and Gil Sheratzky (the "Executive Offices Holders"), as set forth in their agreements referred to above (the "Agreements"), are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 8%; vertical-align: top; text-align: center;" valign="top"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 84%;"&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;"Target-based Cash Incentives" means a cash incentive awarded to the Executive Office Holders for the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany's achievement of the following Profit-Before-Tax targets in each calendar year following the effective date of the above agreements, in which the Minimum Threshold (as defined below) has been achieved:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Company's Profit-Before-Tax Targets&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 84%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(in USD thousands)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Level of Incentive - As a Percentage of the Executive Office Holder's Annual Cost of Pay&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;
&lt;div style="margin-left: 130pt;"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; 24,001&lt;/font&gt; - &lt;font&gt;27,500&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;%&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; 27,501&lt;/font&gt;-&lt;font&gt;31,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;45&lt;/font&gt;%&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; 31,001&lt;/font&gt;-&lt;font&gt;35,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;75&lt;/font&gt;%&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; 35,001&lt;/font&gt;-&lt;font&gt;39,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;110&lt;/font&gt;%&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; Above &lt;font&gt;39,001&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;150&lt;/font&gt;%&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 84%;"&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;"Minimum Threshold" means, with respect to a particular calendar year, a minimum Company's Return on Equity of&lt;/font&gt;&amp;#160;&lt;font&gt;15&lt;/font&gt;%, &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;and a minimum company's Profit Before Tax of USD&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;24&lt;/font&gt; million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;"Excess Return Cash Incentives" means that at the end of each calendar year, the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany shall examine the Company's Stock Yield since January 1 of such year or, with respect to the first year of such grant &amp;#150; &lt;font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;since the date of its approval (an "Examined Period"), as compared to the TA 100 Index's Yield over such Examined Period; and to the extent that the Company's Stock Yield exceeds the TA 100 Index's Yield for such period, each of the Executive Office Holders shall receive an amount equal to &lt;/font&gt;50&lt;font style="font-size: 10pt;"&gt;% of his monthly Cost of Pay for each &lt;/font&gt;1&lt;font style="font-size: 10pt;"&gt;% of excess return (in percentage points' terms), or a relative amount in the event of a partial excess return.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; For the avoidance of doubt, in the event that the Company's Stock Yield during such period is negative, no grant shall be awarded.&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Excess Return Cash Incentive for each year shall not exceed an amount equal to the Executive Officer Holder's annual Cost of Pay.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 8%; vertical-align: top; text-align: center;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #fffff0;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 84%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In the event that an Agreement is terminated during a calendar year, the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany's compensation committee and board of directors shall determine the relative amounts out of the Target-based Cash Incentives and/or Excess Return Cash Incentives to which the relevant Executive Office Holder is entitled for the portion of the year during which the Agreement was in force; and these amounts shall be paid within &lt;font&gt;30&lt;/font&gt; days after the termination of service/employment, as the case may be.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 8%; vertical-align: top; text-align: center;" valign="top"&gt;&amp;#149;&lt;/td&gt;
&lt;td style="width: 84%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On the date of determination of each Executive Office Holder's entitlement for a Target-based Cash Incentive for a particular year, the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany's compensation committee shall examine whether the total amount of grants to which Executive Officers are entitled with respect to such calendar year and which constitute variable components of their terms of services (the "Total Amount of Grants to Executive Officers"), exceed an amount equal to &lt;font&gt;10&lt;/font&gt;% of the Company's EBITDA for such year (the "EBITDA's Threshold"), as calculated in accordance with data extracted from the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany's audited consolidated annual financial statements, after taking into account the Executive Officers' fixed compensation but excluding their variable compensation. In such event, the amount by which the Total Amount of Grants to Executive Officers exceeds the EBITDA's Threshold shall be referred to as the "Excess Amount".&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;

&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: center; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #fffff0;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 84%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In the event that the Total Amount of Grants to Executive Officers exceeds the EBITDA's Threshold, then the Target-based Cash Incentive and the Excess Return Cash Incentive to which an Executive Office Holder is entitled (together, the "Grants") shall be reduced by an amount equal to the Executive Office Holder's Rate of Grants (as defined below) out of the Excess Amount. The term "Executive Office Holder's Rate of Grants" means, with respect to a particular Executive Office Holder, the percentage which such Executive Office Holder's Grants constitute out of the Total Amount of Grants to Executive Officers.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: center; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #fffff0;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 84%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany's board of directors shall have the right, under special circumstances at its discretion, to reduce the amount of Grants to which the Executive Office Holders are entitled, upon a &lt;font&gt;60&lt;/font&gt; days prior notice.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 8%; vertical-align: top; text-align: center;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #fffff0;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 84%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Executive Office Holder shall be required to return any compensation paid to them on the basis of results included in financial statements that turned out to be erroneous and were subsequently restated in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany's financial statements published during the three year period following publication of the erroneous financial statements; to the extent they would not have been entitled to the compensation actually received had it been determined based on the restated financial statements. In such case, compensation amounts will be returned within &lt;font&gt;60&lt;/font&gt; days from the date of publication of the restated financial statements, net of taxes that were withheld thereon. If the Executive Office Holder has a right to reclaim such tax payments with respect to Grants which were paid in excess, from the relevant tax authorities, then the Executive Office Holder shall reasonably act to reclaim such amounts from the tax authorities and upon their receipt, shall remit them to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In 2014 and 2015&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Executive Offices Holders &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;were entitle to Target based cash incentives at the maximum rate of (150%)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 63.8pt; text-align: justify; text-indent: -63.8pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 4%; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;G.&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 90%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;"&gt;On January 28, 2014, the Company's general meeting of the of shareholders re-approved the terms of engagement of Mr. Avner Kurz as a consultant to Ituran Sistemas de Monitoramento Ltda, a Brazilian subsidiary of the Company, in accordance with an agreement dated February 23, 2012. Pursuant to the terms of this agreement, Mr. Kurz provided consultation services to the Brazilian subsidiary as an independent contractor, including services concerning: general strategy of the subsidiary, developing connections with the private market, infrastructure development and in any other area as is required from time to time. In addition, he was in direct contact with the chief executive officer of the subsidiary and its office holders, he was directly reporting to the Company's president and advised him regarding the aforementioned; Mr. Kurz undertook to stay at least eight times per year in Brazil at the subsidiary's offices and to invest no less than twenty monthly hours in providing the services; the term of the agreement automatically renews every &lt;font&gt;two&lt;/font&gt; years, although each party may terminate it with a &lt;font&gt;180&lt;/font&gt; days prior notice; and in consideration for the services described above, the Brazilian subsidiary paid Mr. Kurz a monthly amount of $&lt;font&gt;8,000&lt;/font&gt;, against the receipt of a tax invoice; and Mr. Kurz was entitled to receive a cellular phone and reimbursement of related expenses from the Company, payable against receipts &amp;#160;The aggregate amounts paid to Mr Kurz by virtue of this agreement for each of the years 2014 and 2013 were approximately&amp;#160;&lt;/font&gt;&lt;font style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;"&gt;$&lt;font&gt;&lt;font&gt;80,000&lt;/font&gt;&lt;/font&gt; and $&lt;font&gt;&lt;font&gt;81,105&lt;/font&gt;&lt;/font&gt;, respectively. The agreement with Mr. Kurz was terminated on September 15, 2014 as the date of his resignation from the board.&lt;/font&gt;&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <itrn:ProfitBeforeTaxTargets id="Tag832" contextRef="D2015-01-01_To_2015-12-31_ProfitBeforeTaxTargetsRangeOneMember_MaximumMember_ExecutiveOfficerMember" unitRef="USD" decimals="-3">27500000</itrn:ProfitBeforeTaxTargets>
  <itrn:LevelOfIncentivePercentage id="Tag833" contextRef="D2015-01-01_To_2015-12-31_ExecutiveOfficerMember_ProfitBeforeTaxTargetsRangeOneMember" unitRef="Pure" decimals="2">0.20</itrn:LevelOfIncentivePercentage>
  <itrn:ProfitBeforeTaxTargets id="Tag834" contextRef="D2015-01-01_To_2015-12-31_ProfitBeforeTaxTargetsRangeTwoMember_MinimumMember_ExecutiveOfficerMember" unitRef="USD" decimals="-3">27501000</itrn:ProfitBeforeTaxTargets>
  <itrn:ProfitBeforeTaxTargets id="Tag835" contextRef="D2015-01-01_To_2015-12-31_ProfitBeforeTaxTargetsRangeTwoMember_MaximumMember_ExecutiveOfficerMember" unitRef="USD" decimals="-3">31000000</itrn:ProfitBeforeTaxTargets>
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&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 6%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;NOTE 15&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; width: 2%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; text-align: center;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;-&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 92%;"&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;INCOME TAX&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellpadding="0" cellspacing="0" width="93%" style="font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 8%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; text-align: left;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 5px; width: 4%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; text-align: left;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;A.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 88%;"&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Taxes on income included in the statements of income:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160; &amp;#160; US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt; Year ended December 31,&lt;/strong&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left; border-bottom: black 2px solid;"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(in thousands)&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2015&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: center;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2014&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: center;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2013 &amp;#160;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Income taxes (tax benefit):&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current taxes: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In Israel &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;6,279&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;7,564&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;6,060&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Outside Israel &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;6,089&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;7,630&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;8,194&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;12,368&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;15,194&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;14,254&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 10px;"&gt;
&lt;p style="font-family: 'times new roman'; margin: 0pt 0pt 0pt 3pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred taxes:&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In Israel &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(121&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(471&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(&lt;font&gt;503&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Outside Israel &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;206&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;(&lt;font&gt;432&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;(1,309&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;85&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;(&lt;font&gt;903&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;(1,812&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;Taxes in respect of prior years:&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In Israel &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;369&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Outside Israel &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;(45&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;369&lt;/font&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;(45&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;12,822&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;14,246&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 8%;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 3%;"&gt;
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&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Measurement of results for tax purposes under the Income Tax (Inflationary Adjustments) Law, 1985 (the &amp;#147;Inflationary Adjustment Law&amp;#148;)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 3%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 89%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Until December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;31, 2007, the Company and its Israeli subsidiaries reported income for tax purposes in accordance with the provisions of the Inflationary Adjustments Law, whereby taxable income was measured in NIS, adjusted for changes in the Israeli Consumer Price Index where results of operations for tax purposes were measured in terms of earnings in NIS after adjustments for changes in the Israeli Consumer Price Index ("CPI").&amp;#160; Commencing January&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;1, 2008, this law became void and in its place there are transition provisions, whereby the results of operations for tax purposes are measured on a nominal basis.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&amp;#160;&lt;br/&gt;&lt;/p&gt;

&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 8%;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 3%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;C.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;The Law for the Encouragement of Capital Investments, 1959 (the "Investment Law") &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 10%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; width: 5%;" valign="top"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;1&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;.&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 85%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;On December, 2010, the Israeli parliament approved an amendment to the Investments Law, effective as of January 1, 2011, which introduces a new status of "Preferred Company" and "Preferred Enterprise". The amendment allows enterprises meeting certain required criteria to enjoy grants as well as tax benefits. The amendment also introduces certain changes to the map of geographic development areas for purposes of the Investments Law, which will take effect in future years. The amendment generally abolishes the previous tax benefit routes that were afforded under the Investment Law, specifically the tax-exemption periods previously allowed, and introduces new tax benefits for industrial enterprises meeting the criteria of the law, which include among others the following:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 10%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 85%;"&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;A reduced corporate tax rate for industrial enterprises, provided that more than &lt;font&gt;25&lt;/font&gt;% of their annual income is derived from export, which will apply to the enterprise's entire preferred income so that in the tax years 2011-2012 the reduced tax rate will be &lt;font&gt;15&lt;/font&gt;% for preferred income derived from industrial facilities located in located in areas which are not classifies as area A. In the tax years 2013&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;the reduced tax rate was &lt;font&gt;12.5&lt;/font&gt;%.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;On August 5, 2013 the Israeli Parliament amended the Investments Law, by which, inter alia, it canceled the scheduled progressive reduction in the corporate tax rate for Preferred Enterprises and set it at &lt;font&gt;9&lt;/font&gt;% for enterprises located in zone A and&amp;#160;&lt;font&gt;16&lt;/font&gt;%&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;for enterprises located elsewhere, as of January 1, 2014.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;The reduced tax rates will no longer be contingent upon making a minimum qualifying investment in productive assets.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 10%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 5%;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;2&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;.&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 85%;"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;As of December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;2015&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;, only one Israeli subsidiary is entitled to a "Preferred Company" status pursuant to the investment law.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 8%;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 3%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;D.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Israeli corporate tax rates&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 3%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On December 6, 2011, the Law for the Change in the Tax Burden (Legislative Amendments) &amp;#150; 2011 was publi&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;sh&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed.&amp;#160; As part of this law, among other things, commencing from 2012 the Israeli corporate income tax rate was increased to &lt;font&gt;25&lt;/font&gt;%.&amp;#160; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n addition, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ommencing in 2012, the tax rate on capital gains in real terms and the tax rate applicable to betterment in real terms were increased to &lt;font&gt;25&lt;/font&gt;%.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On July 30, 2013, the Israeli parliament approved the Law for the Change in National Priorities (Legislative Amendments to Achieve Budgetary Goals for 2013 and 2014) &amp;#150; 2013 (hereinafter &amp;#150; the &amp;#147;Law for the Change in National Priorities&amp;#148;), which, among other&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; things increased&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the standard corporate income tax rate from &lt;font&gt;25&lt;/font&gt;% to &lt;font&gt;26.5&lt;/font&gt;% effective as of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;January&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;1,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;2014. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; On January 4, 2016, the plenary Knesset passed the Law for Amendment of the Income Tax Ordinance No. 216 which provides, inter alia, for a reduction of the corporate tax rate commencing from 2016 and thereafter by the rate of &lt;font&gt;1.5&lt;/font&gt;% such that the rate will be &lt;font&gt;25&lt;/font&gt;%.&lt;br/&gt;&lt;br/&gt;This change of tax rate did not have material effect on the deferred tax assets of the Company and its Israeli subsidiaries.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 8%;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 3%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;E.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Non-Israeli subsidiaries&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.8pt; orphans: 0; text-align: justify; text-indent: -22.75pt; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 3%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;Non-Israeli subsidiaries are taxed according to the tax laws and rates in their country of residence.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td valign="top" style="vertical-align: top;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #fffff0;"&gt;F.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;"&gt;Use of assumptions and &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;judgments&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and can be ambiguous; the Company is, therefore, obliged to make many subjective assumptions and judgments regarding the application of such laws and regulations to its facts and circumstances. In addition, interpretations of and guidance surrounding income tax laws and regulations are subject to changes over time. Any changes in the Company's subjective assumptions and judgments could materially affect amounts recognized in its consolidated balance sheets and statements of income.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.8pt; orphans: 0; text-align: justify; text-indent: -22.75pt; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&lt;/font&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 8%;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 3%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;G.&lt;/strong&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Tax assessments&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 3%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;"&gt;The Company has received final tax assessments through the 2009 tax year. &lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;"&gt;On August 4, 2014, the Company announced that it received from the Israeli tax authority ("ITA") tax assessments for the years 2010-2012 amounting to NIS &lt;font&gt;36&lt;/font&gt; million (approximately US$ &lt;font&gt;10.5&lt;/font&gt; million). Approximately &lt;font&gt;50&lt;/font&gt;% is due to disallowance of various deductions and the remaining balance is due to timing differences of the deduction of certain expenses, which will be deducted in the coming years.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;"&gt;The Company filed an objection with the ITA for the above tax assessments. In July 2015, the Company reached an agreement with the ITA in respect of the above tax assessment according to which there was no significant impact on the Company's provision with respect to prior years.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;"&gt;The Company and a certain Israeli subsidiary have received final tax assessments through the 2012 tax year. One of the subsidiaries in Brazil has received final tax assessments through the 2010 tax year. The other subsidiaries have not yet been assessed since incorporation.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 8%;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 3%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;H.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt; Carry forward foreign tax credits and tax losses&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 3%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;As of December 31, 2015, the Company's non-Israeli subsidiary in the United States has available carry forward foreign tax credits in an amount of approximately US$ &lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3.9&lt;/font&gt;&lt;/font&gt;&amp;#160;million. Most of such carry forward tax credits may be utilized until 2022. In addition the subsidiary has carry forward tax losses of approximately US$ &lt;font&gt;1.2&lt;/font&gt; million.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 8%;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 3%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;I.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: normal;"&gt;The following is a reconciliation between the theoretical tax on pretax income, at the applicable Israeli tax rate, and the tax expense reported in the financial statements:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70px;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-top: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right" colspan="8"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;US dollars&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70px;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-top: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;" align="right" colspan="8"&gt;&lt;strong&gt;Year ended December 31,&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; text-align: left; margin-top: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;strong&gt;2015&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center;" align="left"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; text-align: center;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center;" align="left"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;strong&gt;2014&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center;" align="left"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; text-align: center;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;strong&gt;2013&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Pretax income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;41,833&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;47,574&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;38,002&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Statutory tax rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;26.5&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;%&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;26.5&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;%&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;25&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tax computed at the ordinary tax rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;11,086&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;12,607&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;9,500&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt;Nondeductible expenses (income)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;526&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;10&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,365&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Losses in respect of which no deferred taxes were generated (including changes in valuation allowance)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;831&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;(304&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;137&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deductible financial expenses recorded to&amp;#160;other comprehensive income&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;(439&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;(&lt;font&gt;365&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;(&lt;font&gt;312&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tax adjustment in respect of different tax rates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;1,411&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,662&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,877&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Taxes in respect of withholding at the source from royalties and dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;78&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;615&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;817&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Adjustment in respect of tax rate deriving from &amp;#147;approved enterprises&amp;#148; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(405&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(&lt;font&gt;558&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(&lt;font&gt;467&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(266&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;579&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(470&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;12,822&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;14,246&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;12,447&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 8%;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 3%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;J.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Summary of deferred taxes&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 3%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 89%;"&gt;&lt;strong style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; /* background-color: #fffff0;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;"&gt;Composition:&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-bottom: 0pt; margin-top: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3"&gt;
&lt;p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US dollars&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;" colspan="3"&gt;
&lt;p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Year ended&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-bottom: 0pt; margin-top: 0pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2014&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Deferred taxes included in other current assets:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 3pt 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 3pt 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 3pt 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 3pt 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 77%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for employee related obligations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 10%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;145&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 10%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;130&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for legal obligation and other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;2,607&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;3,519&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;2,752&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;3,649&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;

&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 3%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 89%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Composition:&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right" colspan="3"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;" align="right" colspan="3"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Year ended&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;strong&gt;2015&amp;#160;&lt;/strong&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; text-align: center;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;strong&gt;2014 &amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Long-term deferred income taxes:&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for employee related obligations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"&gt;&lt;font&gt;718&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"&gt;&lt;font&gt;&lt;font&gt;678&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Carry forward tax losses and foreign tax credit&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;4,321&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;4,321&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Temporary differences, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;1,237&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,010&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;6,276&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;6,009&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Valuation allowance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(3,997&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;)&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(&lt;font&gt;3,273&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;2,279&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;2,736&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred income taxes included in long-term investments and other assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;2,279&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;2,886&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred income taxes included in long-term liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(&lt;font&gt;150&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;2,279&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;2,736&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 68.05pt; text-indent: -68.05pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 8%;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 3%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;K.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Income before income taxes is composed as follows:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 68%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; The Company and its Israeli subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68px; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;23,987&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;26,021&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;17,296&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-Israeli subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;17,846&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;21,553&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;20,706&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;41,833&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;47,574&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;38,002&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"&gt;

&lt;tr valign="top"&gt;
&lt;td style="width: 8%;"&gt;
&lt;div&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 3%;"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;L.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 89%;"&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;Uncertain tax positions&lt;/font&gt;&lt;/div&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div align="justify"&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: normal;"&gt;The Company and its subsidiaries files income tax returns in Israel, US, Argentina and Brazil.&lt;/font&gt;&lt;/div&gt;
&lt;div align="justify"&gt;&lt;strong&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"&gt;&lt;/font&gt;&lt;/strong&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div align="justify"&gt;&lt;strong&gt;&lt;font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: normal;"&gt;Reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:&lt;/font&gt;&lt;/strong&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 88%;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 12px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 88px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(in thousands)&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 88%;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance at January 1, 2014&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 12%;" align="right"&gt;&lt;font&gt;&lt;font&gt;472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Translations differences related to the current year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;(51&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance at December 31, 2014&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font&gt;421&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt;Decrease related tax positions of prior years&lt;/font&gt; &lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;(419&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Translations differences related to the current year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;(2&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance at December 31, 2015 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&amp;#160;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear id="Tag909" contextRef="D2014-01-01_To_2014-12-31_IL" unitRef="Pure" decimals="4">0.1204</itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear>
  <itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear id="Tag910" contextRef="D2014-01-01_To_2014-12-31_BR" unitRef="Pure" decimals="4">0.1339</itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear>
  <itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear id="Tag911" contextRef="D2013-01-01_To_2013-12-31_BR" unitRef="Pure" decimals="4">-0.1463</itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear>
  <itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear id="Tag912" contextRef="D2013-01-01_To_2013-12-31_IsraeliConsumerPriceIndexMember" unitRef="Pure" decimals="3">0.018</itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear>
  <us-gaap:EquityMethodInvestmentOwnershipPercentage id="Tag913" contextRef="I2015-12-31_MaximumMember" unitRef="Pure" decimals="2">0.50</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock id="Tag914" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 3%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 89%;"&gt;&lt;strong style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; /* background-color: #fffff0;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;"&gt;Composition:&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-bottom: 0pt; margin-top: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3"&gt;
&lt;p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US dollars&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;" colspan="3"&gt;
&lt;p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Year ended&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 0pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-bottom: 0pt; margin-top: 0pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2014&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;"&gt;
&lt;p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Deferred taxes included in other current assets:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 3pt 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 3pt 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 3pt 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 3pt 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 77%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for employee related obligations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 10%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;145&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 10%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;130&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for legal obligation and other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;2,607&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff; border-bottom: black 2px solid;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;3,519&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;2,752&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;3,649&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;

&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 8%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 3%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 89%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Composition:&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right" colspan="3"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;" align="right" colspan="3"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Year ended&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman'; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;strong&gt;2015&amp;#160;&lt;/strong&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; text-align: center;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"&gt;&lt;strong&gt;2014 &amp;#160;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Long-term deferred income taxes:&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80%;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for employee related obligations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"&gt;&lt;font&gt;718&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"&gt;&lt;font&gt;&lt;font&gt;678&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Carry forward tax losses and foreign tax credit&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;4,321&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;4,321&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Temporary differences, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;1,237&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font&gt;1,010&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;6,276&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;6,009&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Valuation allowance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(3,997&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;)&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(&lt;font&gt;3,273&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;2,279&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;2,736&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred income taxes included in long-term investments and other assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;2,279&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;2,886&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred income taxes included in long-term liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;(&lt;font&gt;150&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;2,279&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font&gt;2,736&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
  <itrn:TaxRateOnCapitalGains id="Tag915" contextRef="D2015-01-01_To_2015-12-31_CorporateTaxRateYearTwentyTwelveMember_ScenarioActualMember" unitRef="Pure" decimals="2">0.25</itrn:TaxRateOnCapitalGains>
  <us-gaap:ForeignCurrencyExchangeRateTranslation1 id="Tag916" contextRef="I2015-12-31_IL" unitRef="Pure" decimals="3">3.902</us-gaap:ForeignCurrencyExchangeRateTranslation1>
  <us-gaap:ForeignCurrencyExchangeRateTranslation1 id="Tag917" contextRef="I2015-12-31_BR" unitRef="Pure" decimals="4">3.9048</us-gaap:ForeignCurrencyExchangeRateTranslation1>
  <us-gaap:ForeignCurrencyExchangeRateTranslation1 id="Tag918" contextRef="I2015-12-31_IsraeliConsumerPriceIndexMember" unitRef="Pure" decimals="2">112.82</us-gaap:ForeignCurrencyExchangeRateTranslation1>
  <us-gaap:ForeignCurrencyExchangeRateTranslation1 id="Tag919" contextRef="I2014-12-31_IL" unitRef="Pure" decimals="3">3.889</us-gaap:ForeignCurrencyExchangeRateTranslation1>
  <us-gaap:ForeignCurrencyExchangeRateTranslation1 id="Tag920" contextRef="I2014-12-31_BR" unitRef="Pure" decimals="4">2.6562</us-gaap:ForeignCurrencyExchangeRateTranslation1>
  <us-gaap:ForeignCurrencyExchangeRateTranslation1 id="Tag921" contextRef="I2014-12-31_IsraeliConsumerPriceIndexMember" unitRef="Pure" decimals="2">113.96</us-gaap:ForeignCurrencyExchangeRateTranslation1>
  <us-gaap:ForeignCurrencyExchangeRateTranslation1 id="Tag922" contextRef="I2013-12-31_IsraeliConsumerPriceIndexMember" unitRef="Pure" decimals="2">114.18</us-gaap:ForeignCurrencyExchangeRateTranslation1>
  <itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear id="Tag923" contextRef="D2015-01-01_To_2015-12-31_IL" unitRef="Pure" decimals="4">0.0033</itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear>
  <itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear id="Tag924" contextRef="D2015-01-01_To_2015-12-31_IsraeliConsumerPriceIndexMember" unitRef="Pure" decimals="3">-0.010</itrn:PercentageIncreaseDecreaseInExchangeRateDuringYear>
  <itrn:RateOfDepreciation id="Tag925" contextRef="D2015-01-01_To_2015-12-31_MajorityMember_EquipmentMember_MinimumMember" unitRef="Pure" decimals="2">0.20</itrn:RateOfDepreciation>
  <itrn:RateOfDepreciation id="Tag926" contextRef="D2015-01-01_To_2015-12-31_OfficeEquipmentMember_MinimumMember" unitRef="Pure" decimals="2">0.07</itrn:RateOfDepreciation>
  <itrn:RateOfDepreciation id="Tag927" contextRef="D2015-01-01_To_2015-12-31_BuildingMember" unitRef="Pure" decimals="3">0.025</itrn:RateOfDepreciation>
  <itrn:RateOfDepreciation id="Tag928" contextRef="D2015-01-01_To_2015-12-31_VehiclesMember" unitRef="Pure" decimals="2">0.15</itrn:RateOfDepreciation>
  <us-gaap:FiniteLivedIntangibleAssetUsefulLife id="Tag929" contextRef="D2015-01-01_To_2015-12-31_DatabasesMember">P10Y</us-gaap:FiniteLivedIntangibleAssetUsefulLife>
  <us-gaap:ImpairmentOfIntangibleAssetsFinitelived id="Tag930" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="0">255000</us-gaap:ImpairmentOfIntangibleAssetsFinitelived>
  <us-gaap:SeveranceCosts1 id="Tag931" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="0">1386000</us-gaap:SeveranceCosts1>
  <us-gaap:GoodwillFairValueDisclosure id="Tag932" contextRef="I2015-12-31_CertainReportingUnitsMember" unitRef="USD" decimals="-6">0</us-gaap:GoodwillFairValueDisclosure>
  <itrn:PropertyPlantAndEquipmentDepreciationRatesTableTextBlock id="Tag933" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="/* margin-left: 110pt;" align="center"&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table style="border-collapse: collapse; margin-left: 0.1px;" cellspacing="0" cellpadding="0" width="83%"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;%&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 34%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Operating equipment (mainly &lt;font&gt;20&lt;/font&gt;%-&lt;font&gt;33&lt;/font&gt;%) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 28%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;6.5&lt;/font&gt;-&lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Office&amp;#160;furniture,&amp;#160;equipment&amp;#160;and&amp;#160;computers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;7&lt;/font&gt;-&lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;2.5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Vehicles &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; ;font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 3px 0px 0px; vertical-align: top; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;Duration&amp;#160;of&amp;#160;the&amp;#160;lease&amp;#160;which&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;is&amp;#160;less&amp;#160;or&amp;#160;equal&amp;#160;to&amp;#160;useful&amp;#160;life.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</itrn:PropertyPlantAndEquipmentDepreciationRatesTableTextBlock>
  <us-gaap:SeveranceCosts1 id="Tag934" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="0">1460000</us-gaap:SeveranceCosts1>
  <us-gaap:SeveranceCosts1 id="Tag935" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="0">882000</us-gaap:SeveranceCosts1>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag936" contextRef="I2015-12-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">71550000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:DividendsCommonStockCash id="Tag937" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">13171000</us-gaap:DividendsCommonStockCash>
  <us-gaap:DividendsCommonStockCash id="Tag938" contextRef="D2015-01-01_To_2015-12-31_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:UseOfEstimates id="Tag939" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.4pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;4.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Use of estimates in the preparation of financial statements&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods.&amp;#160; Actual results could differ from the estimates.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As applicable to these consolidated financial statements, the most significant estimates and assumptions relate to legal contingencies, revenue recognition and related deferred expenses, goodwill impairment assessment, deferred taxes and tax liabilities and uncertainties.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:UseOfEstimates>
  <us-gaap:MarketableSecuritiesPolicy id="Tag940" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;D.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Marketable securities&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company accounts for investments in marketable securities in accordance with ASC Topic 320-10, &lt;font style="font-style: italic;"&gt;"Investments - Debt and Equity Securities"&lt;/font&gt; (&amp;#147;ASC Topic 320-10&amp;#148;). Management determines the appropriate classification of its investments in marketable securities at the time of purchase and reassesses such determination at each balance sheet date. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The investments in marketable securities covered by ASC Topic 320-10 that were held by the Company during the reported periods were designated by management as trading securities. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Trading securities are stated at market value. The changes in market value are charged to financing income or expenses.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Trading gains for the years 2015 and 2014 amounted to approximately US$ &lt;font&gt;666,000&lt;/font&gt; and US$ &lt;font&gt;133,000&lt;/font&gt;&amp;#160;respectively. Trading gains for the&amp;#160;year 2013 were&amp;#160;insignificant.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:MarketableSecuritiesPolicy>
  <us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy id="Tag941" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;F.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Allowance for doubtful accounts&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The allowance for doubtful accounts is determined with respect to amounts the Group has determined to be doubtful of collection. In determining the allowance for doubtful accounts, the Company considers, among other things, its past experience with customers, the length of time that the balance is post due, the customer's current ability to pay and available information about the credit risk on such customers.&amp;#160; See also Note&amp;#160;19A.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The allowance in respect of accounts receivable at December 31, 2015 and 2014 was US$ &lt;font&gt;2,063,000&lt;/font&gt; and US$&amp;#160;&lt;font&gt;2,391,000&lt;/font&gt;, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy>
  <us-gaap:DividendsCommonStockStock id="Tag942" contextRef="D2015-01-01_To_2015-12-31_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:ProfitLoss id="Tag943" contextRef="D2015-01-01_To_2015-12-31_NoncontrollingInterestMember" unitRef="USD" decimals="-3">1601000</us-gaap:ProfitLoss>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag944" contextRef="I2015-12-31_NoncontrollingInterestMember" unitRef="USD" decimals="-3">4123000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:EquityMethodInvestmentsPolicy id="Tag945" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;H.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Investment in affiliated companies&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Investments in companies in which the Group has significant influence (ownership interest of between &lt;font&gt;20&lt;/font&gt;% and &lt;font&gt;50&lt;/font&gt;%) but less than controlling interests, are accounted for by the equity method.&amp;#160; Income on intercompany sales, not yet realized outside of the Group, was eliminated.&amp;#160; The Company also reviews these investments for impairment whenever events indicate the carrying amount may not be recoverable.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;In accordance with ASC Topic 323-10-40-1, a change in the Company's proportionate share of an investee's equity, resulting from issuance of shares by the investee to third parties, is accounted for as if the Company had sold a proportionate share of its investment. Any gain or loss resulting from an investee's share issuance is recognized in earnings.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;Management evaluates investments in affiliated companies, for evidence of other-than-temporary declines in value. Such evaluation is dependent on the specific facts and circumstances and includes analysis of relevant financial information (e.g. budgets, business plans, financial statements, etc.). During&amp;#160;2015&amp;#160;and&amp;#160;2014,&amp;#160;no&amp;#160;impairment was identified.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Investments in companies in which the company no longer has significant influence, are classified as "investments in other companies".&amp;#160; See I. below.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:EquityMethodInvestmentsPolicy>
  <us-gaap:IncomeTaxPolicyTextBlock id="Tag946" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;M.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Income taxes&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group accounts for income taxes in accordance with ASC Topic 740-10,&lt;font style="font-style: italic;"&gt; "Income Taxes"&lt;/font&gt;. According to this guidance, deferred income taxes are determined utilizing the asset and liability method based on the estimated future tax effects of differences between the financial accounting and the tax bases of assets and liabilities under the applicable tax law.&amp;#160; Deferred tax balances are computed using the tax rates expected to be in effect at the time when these differences reverse. Valuation allowances in respect of the deferred tax assets are provided for if, based upon the weight of available evidence, it is more likely than not that all or a portion of the deferred income tax assets will not be realized.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is "more-likely-than-not" to be sustained were to be challenged by a taxing authority.&amp;#160; The assessment of a tax position is based solely on the technical merits of the position, without regard the likelihood that the tax position may be challenged.&amp;#160; If an uncertain tax position meets the "more-likely-than-not" threshold, the largest amount of tax benefit that is greater than 50% likely to be recognized upon ultimate settlement with the taxing authority is recorded.&amp;#160; See also Note&amp;#160;15L.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company recognizes interest as interest expenses (among financing expenses) and penalties, if any, related to unrecognized tax benefits in its provision for income tax.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:IncomeTaxPolicyTextBlock>
  <us-gaap:GoodwillTranslationAdjustments id="Tag947" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">-513000</us-gaap:GoodwillTranslationAdjustments>
  <us-gaap:RevenueRecognitionPolicyTextBlock id="Tag948" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Q.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Revenue recognition&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Revenues are recognized when delivery has occurred and, where applicable, after installation has been completed, there is persuasive evidence of an arrangement, the fee is fixed or determinable and collection of the related receivable is reasonably assured and no further obligations exist. In cases where delivery has occurred but the required installation has not been performed, the company does not recognize the revenues until the installation is completed.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company's revenues are recognized as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Revenues from sales are recognized when title and risk of loss of the product pass to the customer (usually upon delivery).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The Company applies the provisions of ASC Topic 605-25, "Revenue Recognition - Multiple-Element Arrangements", as amended. ASC Topic 605-25 provides guidance on how to account for arrangements that involve the delivery or performance of multiple products, services and/or rights to use assets. For such arrangements, each element of the contract is accounted for as a separate unit when it provides the customer value on a stand-alone basis and if an arrangement includes a right of return relative to a delivered item, delivery or performance of the undelivered item or items is considered probable and substantially in the control of the Company. According to ASC 605-25, as amended, when neither "vendor specific objective evidence" of selling price, nor third party price exists, the Company is required to develop a best estimate of the selling price of the deliverables and the entire arrangement consideration is allocated to the deliverables based on the relative selling prices.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Revenues from SVR services subscription fees and from installation services, sold to customers within a single contractually binding arrangement were accounted for revenue recognition purposes as a single unit of accounting in accordance with ASC Topic 605-25, since the installation services element was determined not to have a value on a stand-alone basis to the customer. Accordingly, the entire contract fee for the two deliverables&amp;#160;is recognized ratably on a straight-line basis over the subscription period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3. &amp;#160; &amp;#160;&amp;#160;Amounts earned by the Brazilian subsidiary for arranging a bundle transaction of SVR services subscription and installation services together with insurance services to be supplied by a third party insurance company, are recognized ratably on a straight-line basis over the subscription period, since the amount allocated to the company, is contingent upon the delivery of the SVR services. As the insurance company is the primary obligor of the insurance component, the company recognizes only the net amounts as revenues, after deduction of amounts related to the insurance component.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4. &amp;#160; &amp;#160; Deferred revenues include unearned amounts received from customers (mostly for the provision of installation and subscription services) but not yet recognized as revenues.&amp;#160; Such deferred revenues are recognized as described in paragraph 2, above.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5. &amp;#160; &amp;#160; &amp;#160;Extended warranty&lt;br/&gt;&lt;br/&gt;Revenues from extended warranty which are provided for a monthly fee and are sold separately are recognized over the duration of the warranty periods.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
  <us-gaap:StandardProductWarrantyPolicy id="Tag949" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;R.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Warranty costs&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company provides a standard warranty for its products to end-users at no extra charge. The Company estimates the costs that may be incurred under its warranty obligation and records a liability at the time the related revenues are recognized.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Among the factors affecting the warranty liability are the number of installed units and historical percentages of warranty claims. The Company periodically assesses the adequacy of the recorded warranty liability and adjusts the amount to the extent necessary. To date, warranty costs and the related liabilities have not been material.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:StandardProductWarrantyPolicy>
  <us-gaap:DividendsCommonStockCash id="Tag950" contextRef="D2015-01-01_To_2015-12-31_RetainedEarningsMember" unitRef="USD" decimals="-3">13171000</us-gaap:DividendsCommonStockCash>
  <us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders id="Tag951" contextRef="D2015-01-01_To_2015-12-31_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag952" contextRef="I2015-12-31_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" decimals="-3">-17520000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:ProfitLoss id="Tag953" contextRef="D2015-01-01_To_2015-12-31_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:ResearchAndDevelopmentExpensePolicy id="Tag954" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;S.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Research and development costs&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Research and development costs (other than computer software related expenses) are expensed as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Software Development Costs&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 113.45pt; text-align: justify; text-indent: -1.1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;ASC Topic 985-20, &lt;font style="font-style: italic;"&gt;"Costs of Software to Be Sold, Leased, or Marketed"&lt;/font&gt; requires capitalization of certain software development costs subsequent to the establishment of technological feasibility.&amp;#160; Research and development costs incurred in the process of developing product improvements or new products, are generally expensed as incurred, net of grants received from the Government of Israel for development of approved projects. Costs incurred by the Company between the establishment of technological feasibility and the point at which the product is ready for general release are usually insignificant.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ResearchAndDevelopmentExpensePolicy>
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&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;T.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Advertising costs&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Advertising costs are expensed as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Advertising expenses for the years ended December 31, 2015, 2014 and 2013 amounted to US$ &lt;font&gt;6.8&lt;/font&gt; million, US$&amp;#160;&lt;font&gt;6.7&lt;/font&gt; million and US$&amp;#160;&lt;font&gt;7.6&lt;/font&gt; million, respectively.&amp;#160; Advertising expenses are presented among "selling and marketing expenses".&lt;/font&gt;&lt;/p&gt;
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  <us-gaap:EarningsPerSharePolicyTextBlock id="Tag956" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;U.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Earnings per share&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;Basic earnings per share are computed by dividing net income attributable to the common shares, by the weighted average number of shares outstanding during the year, net of the weighted average number of treasury stock.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;In computing diluted earnings per share, basic earnings per share are adjusted to reflect the effect of any potential dilutive ordinary shares. During the reporting periods there were no such potential shares.&lt;/font&gt;&lt;/p&gt;
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  <us-gaap:PriorPeriodReclassificationAdjustmentDescription id="Tag957" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Y.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Reclassification&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Certain comparative figures have been reclassified to conform to the current year presentation.&amp;#160; Such reclassifications did not have any significant impact on the Company's equity, net income or cash flows.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:PriorPeriodReclassificationAdjustmentDescription>
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  <us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders id="Tag960" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">1229000</us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders>
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  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock id="Tag963" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Z.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Recently issued accounting pronouncements&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;1.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Accounting &lt;/strong&gt;&lt;strong&gt;pronouncements&lt;/strong&gt;&lt;strong&gt; not yet effective&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 6pt 135.1pt; text-align: justify; text-indent: -22.55pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; A&lt;b&gt;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;"&gt;ccounting Standard Update 2014-09, "Revenue from Contracts with Customers"&lt;/font&gt;&lt;/b&gt; &lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In May 2014, the FASB issued Accounting Standard Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09").&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;ASU 2014-09 outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 also requires entities to disclose sufficient information, both quantitative and qualitative, to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;An entity should apply the amendments in this ASU using one of the following two methods: 1. Retrospectively to each prior reporting period presented with a possibility to elect certain practical expedients, or, 2. Retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. If an entity elects the latter transition method, it also should provide certain additional disclosures.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;An entity should apply the amendments in this ASU using one of the following two methods: 1. Retrospectively to each prior reporting period presented with a possibility to elect certain practical expedients, or, 2. Retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. If an entity elects the latter transition method, it also should provide certain additional disclosures.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In accordance with a recent amendment to ASU 2014-09, introduced by Accounting Standards Update 2015-11, "Revenue from Contracts with Customers - Deferral of the Effective Date", for a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period (the first quarter of fiscal year 2018 for the Company). Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company is in the process of assessing the impact, if any, of ASU 2014-09 on its consolidated financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounting Standard Update 2015-11, "Simplifying the Measurement of Inventory"&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In July, 2015, The FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330) ("ASU 2015-11").&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;ASU 2015-11 outlines that inventory within the scope of its guidance be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and the retail inventory method (RIM) are not impacted by the new guidance. Prior to the issuance of ASU 2015-11, inventory was measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For a public entity, the amendments in ASU 2015-11 are effective, in a prospective manner, for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period (the first quarter of fiscal year 2017 for the Company). Early adoption is permitted as of the beginning of an interim or annual reporting period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company is in the process of assessing the impact, if any, of ASU 2015-11 on its consolidated financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounting Standards Update 2015-17, "Income Taxes: Balance Sheet Classification of Deferred Taxes"&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In November 2015, the FASB has issued Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which changes how deferred taxes are classified on organizations' balance sheet.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The ASU eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, all deferred tax assets and liabilities will be required to be classified as noncurrent.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The amendments apply to all organizations that present a classified balance sheet. For public companies, the amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods (i.e., in the first quarter of 2017 for calendar year-end companies).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;"&gt;Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheet). If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company does not believe this ASU will have a significant impact on its consolidated financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounting Standards Update 2016-02, "Leases"&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In February, 2016, the FASB issued its new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1. A lease liability, which is a lessee&amp;#145;s obligation to make lease payments arising from a lease, measured on a discounted basis; and, 2. A right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e., January 1, 2019, for a calendar year Company). Early application is permitted for all public business entities upon issuance.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;"&gt;Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;"&gt;The Company is in the process of assessing the impact, if any, of ASU 2016-02 on its consolidated financial statements.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
  <itrn:ContractualLifeOfDeferredExpenses id="Tag964" contextRef="D2015-01-01_To_2015-12-31">P20M</itrn:ContractualLifeOfDeferredExpenses>
  <us-gaap:GoodwillAndIntangibleAssetImpairment id="Tag965" contextRef="D2013-01-01_To_2013-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">1804000</us-gaap:GoodwillAndIntangibleAssetImpairment>
  <us-gaap:TreasuryStockShares id="Tag966" contextRef="I2014-12-31" unitRef="Shares" decimals="INF">2507314</us-gaap:TreasuryStockShares>
  <us-gaap:CommonStockSharesIssued id="Tag967" contextRef="I2014-12-31" unitRef="Shares" decimals="INF">23475431</us-gaap:CommonStockSharesIssued>
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  <us-gaap:OtherComprehensiveIncomeLossNetOfTax id="Tag971" contextRef="D2015-01-01_To_2015-12-31_RetainedEarningsMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:GoodwillFairValueDisclosure id="Tag972" contextRef="I2014-12-31_CertainReportingUnitMember" unitRef="USD" decimals="-5">700000</us-gaap:GoodwillFairValueDisclosure>
  <us-gaap:Goodwill id="Tag973" contextRef="I2014-12-31_CertainReportingUnitMember" unitRef="USD" decimals="-5">1500000</us-gaap:Goodwill>
  <us-gaap:PaymentsForProceedsFromBusinessesAndInterestInAffiliates id="Tag974" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">5966000</us-gaap:PaymentsForProceedsFromBusinessesAndInterestInAffiliates>
  <us-gaap:PaymentsToAcquireEquityMethodInvestments id="Tag975" contextRef="D2015-01-01_To_2015-01-31_BRINGGDeliveryTechnologiesLtdMember" unitRef="USD" decimals="-5">1100000</us-gaap:PaymentsToAcquireEquityMethodInvestments>
  <us-gaap:EquityMethodInvestmentOwnershipPercentage id="Tag976" contextRef="I2015-12-31_BRINGGDeliveryTechnologiesLtdMember" unitRef="Pure" decimals="4">0.4118</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <us-gaap:GainOrLossOnSaleOfStockInSubsidiary id="Tag977" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">951000</us-gaap:GainOrLossOnSaleOfStockInSubsidiary>
  <us-gaap:GainOrLossOnSaleOfStockInSubsidiary id="Tag978" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" xsi:nil="true" />
  <itrn:FundsInRespectOfEmployeeRightsUponRetirement id="Tag979" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">250000</itrn:FundsInRespectOfEmployeeRightsUponRetirement>
  <itrn:LiabilityForEmployeeRightsUponRetirement id="Tag980" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-275000</itrn:LiabilityForEmployeeRightsUponRetirement>
  <us-gaap:ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates id="Tag981" contextRef="D2015-01-01_To_2015-12-31" unitRef="ILS" decimals="-5">2300000</us-gaap:ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates>
  <us-gaap:LossContingencyDamagesSoughtValue id="Tag982" contextRef="D2015-07-12_To_2015-07-13_UnfavorableRegulatoryActionMember" unitRef="ILS" decimals="-6">300000000</us-gaap:LossContingencyDamagesSoughtValue>
  <us-gaap:LossContingencyDamagesPaidValue id="Tag983" contextRef="D2012-03-04_To_2012-03-05" unitRef="ILS" decimals="0">30000</us-gaap:LossContingencyDamagesPaidValue>
  <us-gaap:LossContingencyDamagesPaidValue id="Tag984" contextRef="D2012-03-04_To_2012-03-05" unitRef="USD" decimals="0">7900</us-gaap:LossContingencyDamagesPaidValue>
  <us-gaap:Goodwill id="Tag985" contextRef="I2013-12-31_LocationBasedServicesMember" unitRef="USD" decimals="-3">1730000</us-gaap:Goodwill>
  <us-gaap:Goodwill id="Tag986" contextRef="I2013-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">3703000</us-gaap:Goodwill>
  <us-gaap:Goodwill id="Tag987" contextRef="I2013-12-31" unitRef="USD" decimals="-3">5433000</us-gaap:Goodwill>
  <us-gaap:GoodwillImpairmentLoss id="Tag988" contextRef="D2014-01-01_To_2014-12-31_LocationBasedServicesMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:FairValueInputsLongTermRevenueGrowthRate id="Tag989" contextRef="D2015-01-01_To_2015-12-31_CertainReportingUnitsMember" unitRef="Pure" decimals="2">0.00</us-gaap:FairValueInputsLongTermRevenueGrowthRate>
  <us-gaap:GoodwillImpairedAccumulatedImpairmentLoss id="Tag990" contextRef="I2015-12-31" unitRef="USD" decimals="0">7098000</us-gaap:GoodwillImpairedAccumulatedImpairmentLoss>
  <us-gaap:GoodwillDisclosureTextBlock id="Tag991" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;NOTE 8&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;-&lt;/strong&gt;&lt;strong&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;GOODWILL&lt;/strong&gt;&lt;/font&gt;&lt;/h4&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.8pt; orphans: 0; text-align: justify; text-indent: -25pt; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;A.&lt;/strong&gt;&lt;font style="font-weight: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-weight: normal;"&gt;The changes in the carrying amount of goodwill for the years ended December&lt;/font&gt;&lt;font style="font-weight: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-weight: normal;"&gt;31, 201&lt;/font&gt;&lt;font style="font-weight: normal;"&gt;5&lt;/font&gt;&lt;font style="font-weight: normal;"&gt; and 201&lt;/font&gt;&lt;font style="font-weight: normal;"&gt;4&lt;/font&gt;&lt;font style="font-weight: normal;"&gt; are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;" align="right"&gt;
&lt;div style="margin-left: 89pt;"&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 96%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="10"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom;font-family: 'times new roman';padding: 0px;BORDER-BOTTOM: black 2px solid;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Location&amp;#160;&lt;/strong&gt;&lt;strong&gt;b&lt;/strong&gt;&lt;strong&gt;ased &lt;/strong&gt;&lt;strong&gt;s&lt;/strong&gt;&lt;strong&gt;ervices&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Wireless&lt;br/&gt;&lt;/strong&gt;&lt;strong&gt;c&lt;/strong&gt;&lt;strong&gt;ommunications&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;p&lt;/strong&gt;&lt;strong&gt;roducts&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Total&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Balance as of January 1, 2014 (*)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,730&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,703&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,433&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Changes during 2014:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Impairment (see B. below) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(879&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(879&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(186&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(327&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(513&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Balance as of December 31, 2014&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,544&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,497&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,041&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Changes during 2015:&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Impairment (See B. below)&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(674&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;)&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(674&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;)&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Translation differences&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(5&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(6&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(11&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Balance as of December 31, 2015&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,539&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,817&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3,356&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 90.75pt;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27pt; vertical-align: top;"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: -30.2667px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;(*)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;The accumulated amount of impairment loss as of &lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt;December 31, 2013, December 31, 2014 and December 31, 2015&amp;#160;&lt;/font&gt;was US$ &lt;font&gt;5,545,000&lt;/font&gt;, US$&amp;#160;&lt;font&gt;6,424,000&lt;/font&gt; and US$&amp;#160;&lt;font&gt;7,098,000&lt;/font&gt;, respectively.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;B. &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt;During&amp;#160;2015,&amp;#160;2014&amp;#160;and&amp;#160;2013,&amp;#160;the&amp;#160;Company recorded&amp;#160;an&amp;#160;amount&amp;#160;of US$&amp;#160;&lt;font&gt;674,000&lt;/font&gt;&amp;#160;US$&amp;#160;&lt;font&gt;879,000&lt;/font&gt;&amp;#160;and&amp;#160;US$&amp;#160;&lt;font&gt;3,093,000&lt;/font&gt;,&amp;#160;respectively,&amp;#160;as&amp;#160;impairment&amp;#160;with&amp;#160;respect&amp;#160;to&amp;#160;goodwill.&lt;/font&gt;&lt;/font&gt;&lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div style="margin-left: 68pt;"&gt;
&lt;div class="CursorPointer"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The impairment amount was included in "other expenses, net".&amp;#160; See Note 13.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company performed its annual impairment test as of December 31, 2015 and recorded goodwill impairment in the total amount of US$ &lt;font&gt;0.7&lt;/font&gt; million in connection with certain reporting unit which is a part of&amp;#160;the Wireless communications products segment and operates in the internet portal in the field of local travel and recreation. The impairment was recorded primarily due to a significant decline in current and future forecasted revenues and profitability margins of the GIS services offered by an Israeli subsidiary resulting from the continued weakness in the cellular industry in Israel that has suffered from recent regulatory changes and also the continuing popularity of navigation applications and tools developed by competitors which are offered for no charge. The impairment was based on valuation performed by the management using the assistance of a third party appraiser in accordance with the income approach.&amp;#160; The significant&amp;#160;assumptions used for the assessment were &lt;font&gt;2&lt;/font&gt; years of projected net cash flows, a discount rate of &lt;font&gt;20&lt;/font&gt;% and a long-term growth rate of &lt;font&gt;0&lt;/font&gt;% (See Note&amp;#160;1V regarding fair value measurements).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;The Company performed its annual impairment test as of December&amp;#160;31, 2014 and recorded goodwill impairment in the total amount of US$&lt;/font&gt;&amp;#160;&lt;font&gt;0.9&lt;/font&gt; &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;million in connection with two reporting units within the Location based services segment operating in the internet portal in the field of local travel and recreation. The impairment was based on valuation performed by the management using the assistance of a third party appraiser in accordance with the income approach.&amp;#160;&amp;#160;The significant assumptions used for the assessment were&lt;/font&gt;&amp;#160;&lt;font&gt;3&lt;/font&gt;&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;years of projected net cash flows, a discount rate of&amp;#160;&lt;/font&gt;&lt;font&gt;16.9&lt;/font&gt;% &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;and a long-term growth rate of&lt;/font&gt;&amp;#160;&lt;font&gt;0&lt;/font&gt;% (See &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;Note&amp;#160;1V regarding fair value measurements).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 6pt 90.7pt; text-align: justify; font-family: 'times new roman'; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;See also Note 1O.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:GoodwillDisclosureTextBlock>
  <us-gaap:GoodwillImpairmentLoss id="Tag992" contextRef="D2015-01-01_To_2015-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">674000</us-gaap:GoodwillImpairmentLoss>
  <us-gaap:GoodwillTranslationAdjustments id="Tag993" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-11000</us-gaap:GoodwillTranslationAdjustments>
  <itrn:FairValueAssumptionsTermUsedForProjectedNetCashFlows id="Tag994" contextRef="D2014-01-01_To_2014-12-31_CertainReportingUnitMember">P3Y</itrn:FairValueAssumptionsTermUsedForProjectedNetCashFlows>
  <us-gaap:PaymentsToAcquireEquityMethodInvestments id="Tag995" contextRef="D2015-01-01_To_2015-12-31_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" unitRef="USD" decimals="-5">2300000</us-gaap:PaymentsToAcquireEquityMethodInvestments>
  <itrn:LossContingenciesAdditionalTaxAssessment id="Tag996" contextRef="D2015-10-09_To_2015-10-10_UnfavorableRegulatoryActionFUNTELLContributionMember" unitRef="BRL" decimals="0">1007453</itrn:LossContingenciesAdditionalTaxAssessment>
  <itrn:LossContingenciesAdditionalTaxAssessment id="Tag997" contextRef="D2015-10-09_To_2015-10-10_UnfavorableRegulatoryActionFUNTELLContributionMember" unitRef="USD" decimals="0">253000</itrn:LossContingenciesAdditionalTaxAssessment>
  <us-gaap:ScheduleOfGoodwillTextBlock id="Tag998" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;" align="right"&gt;
&lt;div style="margin-left: 89pt;"&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 96%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="10"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom;font-family: 'times new roman';padding: 0px;BORDER-BOTTOM: black 2px solid;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Location&amp;#160;&lt;/strong&gt;&lt;strong&gt;b&lt;/strong&gt;&lt;strong&gt;ased &lt;/strong&gt;&lt;strong&gt;s&lt;/strong&gt;&lt;strong&gt;ervices&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Wireless&lt;br/&gt;&lt;/strong&gt;&lt;strong&gt;c&lt;/strong&gt;&lt;strong&gt;ommunications&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;p&lt;/strong&gt;&lt;strong&gt;roducts&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Total&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Balance as of January 1, 2014 (*)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,730&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,703&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,433&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Changes during 2014:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Impairment (see B. below) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(879&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(879&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(186&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(327&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(513&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Balance as of December 31, 2014&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,544&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,497&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,041&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;strong&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Changes during 2015:&lt;/font&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Impairment (See B. below)&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(674&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;)&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(674&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;)&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Translation differences&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(5&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(6&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(11&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;)&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Balance as of December 31, 2015&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,539&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1,817&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3,356&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 90.75pt;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27pt; vertical-align: top;"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: -30.2667px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;(*)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;The accumulated amount of impairment loss as of &lt;font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"&gt;December 31, 2013, December 31, 2014 and December 31, 2015&amp;#160;&lt;/font&gt;was US$ &lt;font&gt;5,545,000&lt;/font&gt;, US$&amp;#160;&lt;font&gt;6,424,000&lt;/font&gt; and US$&amp;#160;&lt;font&gt;7,098,000&lt;/font&gt;, respectively.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfGoodwillTextBlock>
  <itrn:RelatedPartyTransactionPaymentToRelatedParty id="Tag999" contextRef="D2014-01-01_To_2014-12-31_EyalSheratzkyMember_ORASCapitalLtdMember" unitRef="USD" decimals="0">1552000</itrn:RelatedPartyTransactionPaymentToRelatedParty>
  <itrn:RelatedPartyTransactionPaymentToRelatedParty id="Tag1000" contextRef="D2014-01-01_To_2014-12-31_NirSheratzkyMember_GalnirManagementAndInvestmentsLtdMember" unitRef="USD" decimals="0">1418000</itrn:RelatedPartyTransactionPaymentToRelatedParty>
  <itrn:RelatedPartyTransactionPaymentToRelatedParty id="Tag1001" contextRef="D2014-01-01_To_2014-12-31_GilSheratzkyMember_ZeroToOneSBLInvestmentsLtdMember" unitRef="USD" decimals="0">948000</itrn:RelatedPartyTransactionPaymentToRelatedParty>
  <us-gaap:TradingSecurities id="Tag1002" contextRef="I2015-12-31_FairValueInputsLevel1Member" unitRef="USD" decimals="-3">2035000</us-gaap:TradingSecurities>
  <us-gaap:TradingSecurities id="Tag1003" contextRef="I2015-12-31_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true" />
  <us-gaap:TradingSecurities id="Tag1004" contextRef="I2014-12-31_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true" />
  <us-gaap:TradingSecurities id="Tag1005" contextRef="I2014-12-31_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true" />
  <us-gaap:OtherLiabilitiesNoncurrent id="Tag1006" contextRef="I2015-12-31" unitRef="USD" decimals="-3">369000</us-gaap:OtherLiabilitiesNoncurrent>
  <itrn:ReceivablesFromSaleOfSubsidiary id="Tag1007" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">582000</itrn:ReceivablesFromSaleOfSubsidiary>
  <us-gaap:EquityMethodInvestmentOwnershipPercentage id="Tag1008" contextRef="I2015-02-28_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" unitRef="Pure" decimals="INF">0.5</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <itrn:LossContingenciesPreviousTaxAssessment id="Tag1009" contextRef="D2015-01-01_To_2015-12-31_UnfavorableRegulatoryActionFUNTELLContributionMember_TaxYear2007Member" unitRef="BRL" decimals="0">778598</itrn:LossContingenciesPreviousTaxAssessment>
  <itrn:LossContingenciesPreviousTaxAssessment id="Tag1010" contextRef="D2015-01-01_To_2015-12-31_UnfavorableRegulatoryActionFUNTELLContributionMember_TaxYear2007Member" unitRef="USD" decimals="0">195000</itrn:LossContingenciesPreviousTaxAssessment>
  <itrn:LossContingenciesPreviousTaxAssessment id="Tag1011" contextRef="D2015-01-01_To_2015-12-31_UnfavorableRegulatoryActionFUNTELLContributionMember_TaxYear2008Member" unitRef="BRL" decimals="0">770580</itrn:LossContingenciesPreviousTaxAssessment>
  <itrn:LossContingenciesAggregateTaxAssessment id="Tag1012" contextRef="D2015-01-01_To_2015-12-31_UnfavorableRegulatoryActionFUNTELLContributionMember" unitRef="BRL" decimals="-5">3600000</itrn:LossContingenciesAggregateTaxAssessment>
  <itrn:LossContingenciesAggregateTaxAssessment id="Tag1013" contextRef="D2015-01-01_To_2015-12-31_UnfavorableRegulatoryActionFUNTELLContributionMember" unitRef="USD" decimals="-4">920000</itrn:LossContingenciesAggregateTaxAssessment>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary id="Tag1014" contextRef="I2015-12-31" unitRef="USD" decimals="-5">6500000</us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary>
  <us-gaap:LossContingencyDamagesSoughtValue id="Tag1015" contextRef="D2015-01-01_To_2015-12-31_TaxAssessmentMember_BrazilianInternalRevenueServiceMember" unitRef="USD" decimals="-4">2890000</us-gaap:LossContingencyDamagesSoughtValue>
  <itrn:LossContingenciesPreviousTaxAssessment id="Tag1016" contextRef="D2015-01-01_To_2015-12-31_UnfavorableRegulatoryActionFUSTContributionMember_TaxYear2007And2008Member" unitRef="BRL" decimals="0">3936339</itrn:LossContingenciesPreviousTaxAssessment>
  <itrn:LossContingenciesPreviousTaxAssessment id="Tag1017" contextRef="D2015-01-01_To_2015-12-31_UnfavorableRegulatoryActionFUSTContributionMember_TaxYear2007And2008Member" unitRef="USD" decimals="-6">1000000</itrn:LossContingenciesPreviousTaxAssessment>
  <itrn:EffectiveIncomeTaxRateFederalStatutoryIncomeTaxRateForNextFiscalYear id="Tag1018" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="2">0.25</itrn:EffectiveIncomeTaxRateFederalStatutoryIncomeTaxRateForNextFiscalYear>
  <us-gaap:OperatingLossCarryforwards id="Tag1019" contextRef="I2015-12-31_IL_1" unitRef="USD" decimals="-5">1200000</us-gaap:OperatingLossCarryforwards>
  <itrn:InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure id="Tag1020" contextRef="I2015-12-31_BRINGGDeliveryTechnologiesLtdMember" unitRef="USD" decimals="-3">3082000</itrn:InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure>
  <itrn:InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure id="Tag1021" contextRef="I2014-12-31_BRINGGDeliveryTechnologiesLtdMember" unitRef="USD" decimals="-3">1016000</itrn:InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure>
  <itrn:InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure id="Tag1022" contextRef="I2015-12-31_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" unitRef="USD" decimals="-3">1662000</itrn:InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure>
  <itrn:InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure id="Tag1023" contextRef="I2014-12-31_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" unitRef="USD" xsi:nil="true" />
  <itrn:InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure id="Tag1024" contextRef="I2014-12-31_OtherInvesteeMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:DividendsCommonStockCash id="Tag1025" contextRef="D2014-01-01_To_2015-01-31" unitRef="ILS" decimals="-5">72400000</us-gaap:DividendsCommonStockCash>
  <us-gaap:EquityMethodInvestmentsTextBlock id="Tag1026" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div align="right"&gt;
&lt;table cellpadding="0" cellspacing="0" width="88%" style="font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;"&gt;

&lt;tr&gt;
&lt;td valign="bottom" width="76%" style="padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" width="22%" style="border-bottom: black 2px solid;"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;US dollars&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" width="76%"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" width="22%"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;December 31,&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" valign="bottom" width="76%" style="border-bottom: black 2px solid;"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" width="10%" style="border-bottom: black 2px solid;"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;2015&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" width="10%" style="border-bottom: black 2px solid;"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;2014&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td align="left" valign="bottom" width="76%" style="background-color: #cceeff;"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;Investment in Bringg (see 1 below)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;3,082&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;1,016&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" valign="bottom" width="76%"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;IRT (see 2 below)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align: right;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;1,662&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="text-align: right;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; background-color: #cceeff;"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;Other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;(39&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" width="76%" style="padding-bottom: 4px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom: 4px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;4,705&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" width="1%" style="padding-bottom: 4px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="1%" style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" width="9%" style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&lt;font&gt;1,016&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"&gt;&lt;font style="display: inline; font-family: times new roman; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:EquityMethodInvestmentsTextBlock>
  <us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 id="Tag1027" contextRef="D2015-01-01_To_2015-12-31_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember_LondonInterbankOfferedRateLIBORMember" unitRef="Pure" decimals="3">0.035</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>
  <us-gaap:IncomeTaxExaminationIncreaseDecreaseInLiabilityFromPriorYear id="Tag1028" contextRef="I2014-08-04_IL" unitRef="USD" decimals="-5">10500000</us-gaap:IncomeTaxExaminationIncreaseDecreaseInLiabilityFromPriorYear>
  <us-gaap:ImpairmentOfInvestments id="Tag1029" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="0">0</us-gaap:ImpairmentOfInvestments>
  <us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount id="Tag1030" contextRef="D2015-01-01_To_2015-12-31" unitRef="Shares" decimals="0">0</us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
  <us-gaap:DebtInstrumentDescriptionOfVariableRateBasis id="Tag1031" contextRef="D2015-01-01_To_2015-12-31_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember_LondonInterbankOfferedRateLIBORMember">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;Libor&lt;/div&gt;</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
  <itrn:ScheduleOfExchangeRatesTableTextBlock id="Tag1032" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table style="border-collapse: collapse; width: 85%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="7" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Exchange rate&lt;/strong&gt;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;of one US dollar&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; /* border-top-width: 1pt !important; *//* border-top-style: solid !important; *//* border-top-color: #000000 !important; */border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center" colspan="2"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Israeli CPI&lt;/strong&gt;&lt;font style="vertical-align: middle;"&gt;&lt;strong&gt;(*)&lt;/strong&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3" align="center"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;NIS&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3" align="center"&gt;
&lt;p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Real&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;At December 31&lt;/strong&gt;,&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" colspan="3" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" colspan="3" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2015 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3.902&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3.9048&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;112.82&amp;#160;&lt;/font&gt;points&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2014 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3.889&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2.6562&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;113.96&amp;#160;&lt;/font&gt;&lt;/font&gt;points&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px; background-color: #cceeff;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2013 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; text-align: center; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3.471&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2.3426&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;114.18&amp;#160;&lt;/font&gt;&lt;/font&gt;points&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;" align="right"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Increase (decrease) during the year:&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 63%;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2015 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.33&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;47.01&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1.0)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2014 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;12.04&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;13.39&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(0.2)&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2013 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(&lt;font&gt;7.02&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(&lt;font&gt;14.63&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1.8&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer" align="right"&gt;
&lt;table width="86%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.1px;"&gt;

&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: -30.2666664123535px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;(*) &amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Based on the Index for the month ending on each balance sheet date, on the basis of 2008 average 100.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</itrn:ScheduleOfExchangeRatesTableTextBlock>
  <itrn:DividendRateAsPercentageOfNetProfits id="Tag1033" contextRef="D2012-02-20_To_2012-02-21" unitRef="Pure" decimals="2">0.50</itrn:DividendRateAsPercentageOfNetProfits>
  <us-gaap:DividendsCommonStockCash id="Tag1034" contextRef="D2012-01-01_To_2012-12-31" unitRef="ILS" decimals="-5">135400000</us-gaap:DividendsCommonStockCash>
  <us-gaap:DividendsCommonStockCash id="Tag1035" contextRef="D2013-01-01_To_2014-01-31" unitRef="USD" decimals="-5">17200000</us-gaap:DividendsCommonStockCash>
  <us-gaap:DividendsCommonStockCash id="Tag1036" contextRef="D2014-01-01_To_2015-01-31" unitRef="USD" decimals="-5">20500000</us-gaap:DividendsCommonStockCash>
  <us-gaap:DividendsCommonStockCash id="Tag1037" contextRef="D2016-02-01_To_2016-02-29" unitRef="ILS" decimals="-5">25400000</us-gaap:DividendsCommonStockCash>
  <itrn:TreasuryStockAsPercentageOfOutstandingStock id="Tag1038" contextRef="D2014-01-01_To_2014-12-31" unitRef="Pure" decimals="3">0.107</itrn:TreasuryStockAsPercentageOfOutstandingStock>
  <itrn:TreasuryStockAsPercentageOfOutstandingStock id="Tag1039" contextRef="D2013-01-01_To_2013-12-31" unitRef="Pure" decimals="3">0.107</itrn:TreasuryStockAsPercentageOfOutstandingStock>
  <us-gaap:TreasuryStockShares id="Tag1040" contextRef="I2013-12-31" unitRef="Shares" decimals="INF">2507314</us-gaap:TreasuryStockShares>
  <us-gaap:DividendsPayableDateToBePaidMonthAndYear id="Tag1041" contextRef="I2015-02-28">2016-04</us-gaap:DividendsPayableDateToBePaidMonthAndYear>
  <us-gaap:DividendsCommonStockCash id="Tag1042" contextRef="D2015-01-01_To_2016-01-31" unitRef="ILS" decimals="-5">63400000</us-gaap:DividendsCommonStockCash>
  <us-gaap:FairValueOfAssetsAcquired id="Tag1043" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">104000</us-gaap:FairValueOfAssetsAcquired>
  <us-gaap:GoodwillImpairmentLoss id="Tag1044" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">674000</us-gaap:GoodwillImpairmentLoss>
  <us-gaap:FairValueInputsDiscountRate id="Tag1045" contextRef="D2014-01-01_To_2014-12-31_CertainReportingUnitMember" unitRef="Pure" decimals="3">0.169</us-gaap:FairValueInputsDiscountRate>
  <us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions id="Tag1046" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">419000</us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions>
  <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy id="Tag1047" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;X.&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;Stock-based compensation&lt;/strong&gt;&lt;/font&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;br/&gt;The Company measures and recognizes compensation expense for cash bonuses to senior employees, which are based, or partly based, on the price of the Company's shares in accordance with ASC 718 -30, "Compensation-Stock Compensation - Awards Classified as Liabilities" (See Note 17 F regarding "Excess Return Cash Incentives").&lt;br/&gt;&lt;br/&gt;The awards are measured at the grant date at their fair value and remeasured at the end of each reporting period through settlement, with changes in the fair value recognized as compensation cost over the requisite service period. Compensation cost for awards that are subject to market conditions are be attributed separately for each vesting tranche of the award (generally calendar year).&lt;br/&gt;&lt;br/&gt;The fair value of the award is estimated using the Monte-Carlo-pricing model. The effect of market conditions is reflected in the fair value measurements.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
  <us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders id="Tag1048" contextRef="D2014-01-01_To_2014-12-31_CommonStockMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:DividendsCommonStockStock id="Tag1049" contextRef="D2014-01-01_To_2014-12-31_CommonStockMember" unitRef="USD" xsi:nil="true" />
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="Tag1050" contextRef="I2014-12-31_CommonStockMember" unitRef="USD" decimals="-3">1983000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:RepaymentsOfLongTermDebt id="Tag1051" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">182000</us-gaap:RepaymentsOfLongTermDebt>
  <us-gaap:PaymentsToMinorityShareholders id="Tag1052" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:IncomeTaxesPaidNet id="Tag1053" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">10181000</us-gaap:IncomeTaxesPaidNet>
  <us-gaap:AdditionalPaidInCapitalCommonStock id="Tag1054" contextRef="I2014-12-31" unitRef="USD" decimals="-3">71550000</us-gaap:AdditionalPaidInCapitalCommonStock>
  <us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax id="Tag1055" contextRef="I2014-12-31" unitRef="USD" decimals="-3">-1850000</us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
  <us-gaap:RetainedEarningsAccumulatedDeficit id="Tag1056" contextRef="I2014-12-31" unitRef="USD" decimals="-3">49067000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <itrn:WirelessCommunicationsProductsCosts id="Tag1057" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">38142000</itrn:WirelessCommunicationsProductsCosts>
  <us-gaap:SellingAndMarketingExpense id="Tag1058" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">9264000</us-gaap:SellingAndMarketingExpense>
  <itrn:TreasuryStockAsPercentageOfOutstandingStock id="Tag1059" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="3">0.107</itrn:TreasuryStockAsPercentageOfOutstandingStock>
  <us-gaap:DividendsCommonStockCash id="Tag1060" contextRef="D2013-01-01_To_2014-01-31" unitRef="ILS" decimals="-5">61100000</us-gaap:DividendsCommonStockCash>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax id="Tag1061" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-635000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax id="Tag1062" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-217000</us-gaap:ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax>
  <us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest id="Tag1063" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">1884000</us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest>
  <us-gaap:ComprehensiveIncomeNetOfTax id="Tag1064" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">19971000</us-gaap:ComprehensiveIncomeNetOfTax>
  <us-gaap:ProfitLoss id="Tag1065" contextRef="D2013-01-01_To_2013-12-31_CommonStockMember" unitRef="USD" xsi:nil="true" />
  <itrn:LocationBasedServicesRevenue id="Tag1066" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">127683000</itrn:LocationBasedServicesRevenue>
  <us-gaap:GrossProfit id="Tag1067" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">89881000</us-gaap:GrossProfit>
  <us-gaap:DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent id="Tag1068" contextRef="I2015-12-31" unitRef="USD" decimals="-3">7174000</us-gaap:DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent>
  <us-gaap:AssetsNoncurrent id="Tag1069" contextRef="I2015-12-31" unitRef="USD" decimals="-3">15402000</us-gaap:AssetsNoncurrent>
  <us-gaap:LiabilitiesNoncurrent id="Tag1070" contextRef="I2015-12-31" unitRef="USD" decimals="-3">12601000</us-gaap:LiabilitiesNoncurrent>
  <us-gaap:CommonStockValue id="Tag1071" contextRef="I2015-12-31" unitRef="USD" decimals="-3">1983000</us-gaap:CommonStockValue>
  <itrn:LossContingenciesPreviousTaxAssessment id="Tag1072" contextRef="D2015-01-01_To_2015-12-31_UnfavorableRegulatoryActionFUNTELLContributionMember_TaxYear2010Member" unitRef="BRL" decimals="0">1033363</itrn:LossContingenciesPreviousTaxAssessment>
  <itrn:LossContingenciesPreviousTaxAssessment id="Tag1073" contextRef="D2015-01-01_To_2015-12-31_UnfavorableRegulatoryActionFUNTELLContributionMember_TaxYear2010Member" unitRef="USD" decimals="0">260000</itrn:LossContingenciesPreviousTaxAssessment>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears id="Tag1074" contextRef="I2015-12-31" unitRef="USD" decimals="-5">400000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary id="Tag1075" contextRef="I2015-12-31" unitRef="USD" decimals="-6">7000000</us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary>
  <us-gaap:DerivativeNumberOfInstrumentsHeld id="Tag1076" contextRef="I2015-12-31" unitRef="Item" decimals="INF">7</us-gaap:DerivativeNumberOfInstrumentsHeld>
  <itrn:InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure id="Tag1077" contextRef="I2015-12-31_OtherInvesteeMember" unitRef="USD" decimals="-3">-39000</itrn:InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure>
  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate id="Tag1078" contextRef="D2015-01-01_To_2015-12-31_CorporateTaxRateYearTwentyTwelveMember_PreferredCompanyMember_ScenarioOneMember" unitRef="Pure" decimals="INF">0.15</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
  <itrn:IncomeTaxReconciliationWithholdingsAtSource id="Tag1079" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">615000</itrn:IncomeTaxReconciliationWithholdingsAtSource>
  <us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate id="Tag1080" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">-467000</us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate>
  <us-gaap:CurrentIncomeTaxExpenseBenefit id="Tag1081" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">15194000</us-gaap:CurrentIncomeTaxExpenseBenefit>
  <itrn:DepreciationAmortizationAndImpairmentOfGoodwill id="Tag1082" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">16196000</itrn:DepreciationAmortizationAndImpairmentOfGoodwill>
  <us-gaap:PaymentsToMinorityShareholders id="Tag1083" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock id="Tag1084" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; text-align: justify; text-indent: -68.05pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;NOTE &lt;/strong&gt;&lt;strong&gt;13&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;-&lt;/strong&gt;&lt;strong&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/strong&gt;&lt;strong&gt;OTHER (INCOME) EXPENSES, NET&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div align="center"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; width: 88%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="7"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="7"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;strong&gt;Year ended December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70%; background-color: #cceeff;"&gt;
&lt;p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Adjustment of purchase price of subsidiary sold&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(101)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;200&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Impairment of goodwill and intangible assets (2) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;929&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;922&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,620&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font lang="EN-US" style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Gain on sale of subsidiary (1)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(951)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(145&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px 0px 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(66&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px 0px 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(60&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(268)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;856&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,760&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="right"&gt;
&lt;table width="92%" cellpadding="0" border="0" cellspacing="0" style="margin-right: 0px;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: top; width: 4%;"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; orphans: auto; text-align: justify; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;(1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; width: 96%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;On December 31, 2015, the Company sold its entire holding in the subsidiary Mapa Internet Ltd. for a total consideration of NIS&amp;#160;&lt;font&gt;2.3&lt;/font&gt; million (approximately US$&amp;#160;&lt;font&gt;600,000&lt;/font&gt;).&lt;br/&gt;Management does not believe that the sale of Mapa internet Ltd represents a strategic shift for the company. As a result, the above transaction has not been reflected in the accompanying consolidated financial statements as discontinued operations&lt;br/&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="right"&gt;
&lt;table width="92%" cellpadding="0" border="0" cellspacing="0" style="margin-right: 0px;"&gt;

&lt;tr&gt;
&lt;td style="width: 4%; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;See Notes 7, 8 and 1N.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-indent: -22.7pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="right"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/div&gt;</us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock>
  <us-gaap:MarketableSecuritiesGainLoss id="Tag1085" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">133000</us-gaap:MarketableSecuritiesGainLoss>
  <itrn:FinancingIncomeExpenseExchangeRateAndOthers id="Tag1086" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">280000</itrn:FinancingIncomeExpenseExchangeRateAndOthers>
  <us-gaap:IncomeLossIncludingPortionAttributableToNoncontrollingInterest id="Tag1087" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">24971000</us-gaap:IncomeLossIncludingPortionAttributableToNoncontrollingInterest>
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  <itrn:RelatedPartyTransactionMonthlyExpense id="Tag1096" contextRef="D2015-01-01_To_2015-12-31_GilSheratzkyMember_EComGlobalElectronicCommerceLtMember" unitRef="ILS" decimals="0">25000</itrn:RelatedPartyTransactionMonthlyExpense>
  <itrn:RelatedPartyTransactionPaymentToRelatedParty id="Tag1097" contextRef="D2015-01-01_To_2015-12-31_NirSheratzkyMember_GalnirManagementAndInvestmentsLtdMember" unitRef="USD" decimals="0">1802000</itrn:RelatedPartyTransactionPaymentToRelatedParty>
  <itrn:ReportableSegmentAssets id="Tag1098" contextRef="I2013-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">10564000</itrn:ReportableSegmentAssets>
  <itrn:AssetExpenditures id="Tag1099" contextRef="D2013-01-01_To_2013-12-31_WirelessCommunicationsProductsMember" unitRef="USD" decimals="-3">264000</itrn:AssetExpenditures>
  <us-gaap:DepreciationDepletionAndAmortization id="Tag1100" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">9718000</us-gaap:DepreciationDepletionAndAmortization>
  <us-gaap:OperatingIncomeLoss id="Tag1101" contextRef="D2014-01-01_To_2014-12-31_ReportableSegmentMember" unitRef="USD" decimals="-3">45870000</us-gaap:OperatingIncomeLoss>
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  <us-gaap:OtherNonoperatingIncomeExpense id="Tag1103" contextRef="D2013-01-01_To_2013-12-31_MaterialReconcilingItemsMember" unitRef="USD" decimals="-3">238000</us-gaap:OtherNonoperatingIncomeExpense>
  <us-gaap:InventoryRawMaterials id="Tag1104" contextRef="I2015-12-31" unitRef="USD" decimals="-3">3948000</us-gaap:InventoryRawMaterials>
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  <us-gaap:FiniteLivedIntangibleAssetsNet id="Tag1107" contextRef="I2014-12-31" unitRef="USD" decimals="-3">452000</us-gaap:FiniteLivedIntangibleAssetsNet>
  <itrn:CurrentLiabilityGovernmentInstitutions id="Tag1108" contextRef="I2015-12-31" unitRef="USD" decimals="-3">5742000</itrn:CurrentLiabilityGovernmentInstitutions>
  <us-gaap:DueToRelatedPartiesCurrent id="Tag1109" contextRef="I2015-12-31" unitRef="USD" decimals="-3">2000</us-gaap:DueToRelatedPartiesCurrent>
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  <itrn:IncomeTaxReconciliationPriorYearForeignIncomeTaxes id="Tag1112" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">-45000</itrn:IncomeTaxReconciliationPriorYearForeignIncomeTaxes>
  <us-gaap:IncomeTaxReconciliationPriorYearIncomeTaxes id="Tag1113" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">5000</us-gaap:IncomeTaxReconciliationPriorYearIncomeTaxes>
  <us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate id="Tag1114" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3">12607000</us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate>
  <us-gaap:IncomeTaxReconciliationNondeductibleExpense id="Tag1115" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">526000</us-gaap:IncomeTaxReconciliationNondeductibleExpense>
  <itrn:IncomeTaxReconciliationNondeductibleExpenseLossesThatDidNotGenerateDeferredTaxes id="Tag1116" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3">137000</itrn:IncomeTaxReconciliationNondeductibleExpenseLossesThatDidNotGenerateDeferredTaxes>
  <itrn:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLegalSettlementsCurrent id="Tag1117" contextRef="I2015-12-31" unitRef="USD" decimals="-3">2607000</itrn:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLegalSettlementsCurrent>
  <itrn:ScheduleOfCalculationOfNumeratorInEarningsPerShareTableTextBlock id="Tag1118" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; margin-left: 0.1px;" cellspacing="0" cellpadding="0" width="92%"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;US dollars&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; /* text-indent: -11.35pt; */ font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income attributable to stockholder's used for the computation of basic and diluted earnings per share &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;24,971&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;30,429&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font&gt;23,762&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</itrn:ScheduleOfCalculationOfNumeratorInEarningsPerShareTableTextBlock>
  <us-gaap:ScheduleOfWeightedAverageNumberOfSharesTableTextBlock id="Tag1119" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div align="right"&gt;
&lt;table style="border-collapse: collapse; margin-left: 0.1px;" cellspacing="0" cellpadding="0" width="92%"&gt;

&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Number of shares&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;Year ended December 31,&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;(in thousands)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2015&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2014&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;2013&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0pt; text-align: center; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; /* text-indent: -11.35pt; */ font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Weighted average number of shares used in the computation of basic and diluted earnings per share &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;20,968&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; /* padding-right: 2.85pt; */ vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfWeightedAverageNumberOfSharesTableTextBlock>
  <us-gaap:DerivativeTermOfContract id="Tag1120" contextRef="D2015-01-01_To_2015-12-31_ForeignExchangeContractMember">P7M</us-gaap:DerivativeTermOfContract>
  <us-gaap:DerivativeAssets id="Tag1121" contextRef="I2015-12-31_FairValueInputsLevel2Member_DesignatedAsHedgingInstrumentMember" unitRef="USD" decimals="-3">1063000</us-gaap:DerivativeAssets>
  <us-gaap:DerivativeAssets id="Tag1122" contextRef="I2014-12-31_FairValueInputsLevel2Member_DesignatedAsHedgingInstrumentMember" unitRef="USD" decimals="-3">2564000</us-gaap:DerivativeAssets>
  <us-gaap:DerivativeAssets id="Tag1123" contextRef="I2014-12-31_FairValueInputsLevel3Member_DesignatedAsHedgingInstrumentMember" unitRef="USD" xsi:nil="true" />
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote1" xlink:role="http://www.xbrl.org/2003/role/footnote"> Based on the Index for the month ending on each balance sheet date, on the basis of 2008 average 100.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote2434" xlink:role="http://www.xbrl.org/2003/role/footnote">The accumulated amount of impairment loss as of December 31, 2013, December 31, 2014 and December 31, 2015 was US$ 5,545,000, US$ 6,424,000 and US$ 7,098,000, respectively.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote2426" xlink:role="http://www.xbrl.org/2003/role/footnote">See Notes 7, 8 and 1N.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote2425" xlink:role="http://www.xbrl.org/2003/role/footnote">On December 31, 2015, the Company sold its entire holding in the subsidiary Mapa Internet Ltd. for a total consideration of NIS 2.3 million (approximately US$ 600,000).Management does not believe that the sale of Mapa internet Ltd represents a strategic shift for the company. As a result, the above transaction has not been reflected in the accompanying consolidated financial statements as discontinued operations</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote45" xlink:role="http://www.xbrl.org/2003/role/footnote">Including goodwill.</link:footnote>
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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>14
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<DESCRIPTION>TAXONOMY EXTENSION SCHEMA
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        <link:definition>102 - Disclosure - OTHER CURRENT ASSETS</link:definition>
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        <link:definition>106 - Disclosure - PROPERTY AND EQUIPMENT, NET</link:definition>
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  <xsd:import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
  <xsd:import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/XLink" schemaLocation="http://www.xbrl.org/2003/xl-2003-12-31.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/invest/2013-01-31" schemaLocation="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/country/2013-01-31" schemaLocation="http://xbrl.sec.gov/country/2013/country-2013-01-31.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/dei/2014-01-31" schemaLocation="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd" />
  <xsd:import namespace="http://fasb.org/us-gaap/2015-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd" />
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  <xsd:element name="AccumulatedDepreciationAndAmortizationSubjectToLeaseTransactions" id="itrn_AccumulatedDepreciationAndAmortizationSubjectToLeaseTransactions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdditionalRangeDescriptionAxis" id="itrn_AdditionalRangeDescriptionAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
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  <xsd:element name="AdjustmentToPurchasePriceFromSaleOfSubsidiary" id="itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdvancesToSuppliersCurrent" id="itrn_AdvancesToSuppliersCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="AggregateSumClaimedPursuantToTaxDeficiency" id="itrn_AggregateSumClaimedPursuantToTaxDeficiency" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed" id="itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AssetExpenditures" id="itrn_AssetExpenditures" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
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  <xsd:element name="BasicInsurancePoliciesMember" id="itrn_BasicInsurancePoliciesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BeneficiaryEnterpriseMember" id="itrn_BeneficiaryEnterpriseMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BeneficiaryEnterpriseStatusCommencementDate" id="itrn_BeneficiaryEnterpriseStatusCommencementDate" type="xbrli:dateItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BrandNameMember" id="itrn_BrandNameMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BrazilianInternalRevenueServiceMember" id="itrn_BrazilianInternalRevenueServiceMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CashIncentiveAwardTerms" id="itrn_CashIncentiveAwardTerms" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CertainReportingUnitMember" id="itrn_CertainReportingUnitMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CertainReportingUnitsMember" id="itrn_CertainReportingUnitsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CertainReportingUnitThreeMember" id="itrn_CertainReportingUnitThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CertainReportingUnitTwoMember" id="itrn_CertainReportingUnitTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ConsumerPriceIndexInflationaryPoints" id="itrn_ConsumerPriceIndexInflationaryPoints" type="xbrli:pureItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ContractualLifeOfDeferredExpenses" id="itrn_ContractualLifeOfDeferredExpenses" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CorporateTaxRateYearTwentyElevenMember" id="itrn_CorporateTaxRateYearTwentyElevenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CorporateTaxRateYearTwentyFifteenAndThereafterMember" id="itrn_CorporateTaxRateYearTwentyFifteenAndThereafterMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CorporateTaxRateYearTwentyFifteenMember" id="itrn_CorporateTaxRateYearTwentyFifteenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CorporateTaxRateYearTwentyFourteenMember" id="itrn_CorporateTaxRateYearTwentyFourteenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CorporateTaxRateYearTwentySixteenAndThereafterMember" id="itrn_CorporateTaxRateYearTwentySixteenAndThereafterMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CorporateTaxRateYearTwentyThirteenMember" id="itrn_CorporateTaxRateYearTwentyThirteenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CorporateTaxRateYearTwentyTwelveMember" id="itrn_CorporateTaxRateYearTwentyTwelveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CostMethodInvestmentOwnershipPercentage" id="itrn_CostMethodInvestmentOwnershipPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="CurrentLiabilityGovernmentInstitutions" id="itrn_CurrentLiabilityGovernmentInstitutions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DamagesAwardedLessInterestLegalFeesAndLinkageDifferencesMember" id="itrn_DamagesAwardedLessInterestLegalFeesAndLinkageDifferencesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DeferredInstallationExpensesNoncurrent" id="itrn_DeferredInstallationExpensesNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredTaxAssetsGrossAndDeferredTaxLiabilitiesNoncurrent" id="itrn_DeferredTaxAssetsGrossAndDeferredTaxLiabilitiesNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredTaxAssetsOperatingLossCarryforwardsNoncurrent" id="itrn_DeferredTaxAssetsOperatingLossCarryforwardsNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCurrent" id="itrn_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsNoncurrent" id="itrn_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLegalSettlementsCurrent" id="itrn_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLegalSettlementsCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredTaxAssetsTemporaryDifferencesNetNoncurrent" id="itrn_DeferredTaxAssetsTemporaryDifferencesNetNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DepositInEscrowCurrent" id="itrn_DepositInEscrowCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DepositsInEscrowPolicyTextBlock" id="itrn_DepositsInEscrowPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DepreciationAmortizationAndImpairmentOfGoodwill" id="itrn_DepreciationAmortizationAndImpairmentOfGoodwill" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts" id="itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts" id="itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DerivativeMonthlyNotionalAmount" id="itrn_DerivativeMonthlyNotionalAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DisposalGroupAdditionalInformationAxis" id="itrn_DisposalGroupAdditionalInformationAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DividendRateAsPercentageOfNetIncome" id="itrn_DividendRateAsPercentageOfNetIncome" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DividendRateAsPercentageOfNetProfits" id="itrn_DividendRateAsPercentageOfNetProfits" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DocumentAndEntityInformationAbstract" id="itrn_DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DollarExchangeRateOfRelevantCurrenciesAxis" id="itrn_DollarExchangeRateOfRelevantCurrenciesAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DollarExchangeRateOfRelevantCurrenciesDomain" id="itrn_DollarExchangeRateOfRelevantCurrenciesDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DollarExchangeRateOfRelevantCurrenciesLineItems" id="itrn_DollarExchangeRateOfRelevantCurrenciesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DollarExchangeRateOfRelevantCurrenciesTable" id="itrn_DollarExchangeRateOfRelevantCurrenciesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EComGlobalElectronicCommerceLtMember" id="itrn_EComGlobalElectronicCommerceLtMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EcomtradeMember" id="itrn_EcomtradeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EscrowAmountMember" id="itrn_EscrowAmountMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EscrowDepositNonCurrent" id="itrn_EscrowDepositNonCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ExchangeDifferencesOnPrincipalOfDepositAndLoansNet" id="itrn_ExchangeDifferencesOnPrincipalOfDepositAndLoansNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ExpendituresForAssetsUnallocatedAmounts" id="itrn_ExpendituresForAssetsUnallocatedAmounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EyalSheratzkyAndNirSheratzkyMember" id="itrn_EyalSheratzkyAndNirSheratzkyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EyalSheratzkyMember" id="itrn_EyalSheratzkyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FairValueAssumptionsTermUsedForProjectedNetCashFlows" id="itrn_FairValueAssumptionsTermUsedForProjectedNetCashFlows" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FinancingIncomeExpenseExchangeRateAndOthers" id="itrn_FinancingIncomeExpenseExchangeRateAndOthers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges" id="itrn_FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FormerSubsidiaryMember" id="itrn_FormerSubsidiaryMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FutureCorporateTaxRateAxis" id="itrn_FutureCorporateTaxRateAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FutureCorporateTaxRateDomain" id="itrn_FutureCorporateTaxRateDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="GilSheratzkyMember" id="itrn_GilSheratzkyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="GovernmentInstitutionsCurrent" id="itrn_GovernmentInstitutionsCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="GovernmentInstitutionsNoncurrent" id="itrn_GovernmentInstitutionsNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IncomeTaxesAdditionalInformationAxis" id="itrn_IncomeTaxesAdditionalInformationAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxesAdditionalInformationDomain" id="itrn_IncomeTaxesAdditionalInformationDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxesLineItems" id="itrn_IncomeTaxesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxesTable" id="itrn_IncomeTaxesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxExaminationInteresTaxDeficiencyAmount" id="itrn_IncomeTaxExaminationInteresTaxDeficiencyAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxExaminationPossibleStateValueAddedTaxRate" id="itrn_IncomeTaxExaminationPossibleStateValueAddedTaxRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxReconciliationDeductionsFinancialExpenses" id="itrn_IncomeTaxReconciliationDeductionsFinancialExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxReconciliationNondeductibleExpenseLossesThatDidNotGenerateDeferredTaxes" id="itrn_IncomeTaxReconciliationNondeductibleExpenseLossesThatDidNotGenerateDeferredTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxReconciliationPriorYearDomesticIncomeTaxes" id="itrn_IncomeTaxReconciliationPriorYearDomesticIncomeTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxReconciliationPriorYearForeignIncomeTaxes" id="itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxReconciliationUtilizationOfPriorYearLosses" id="itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxReconciliationWithholdingsAtSource" id="itrn_IncomeTaxReconciliationWithholdingsAtSource" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInEmployeeRightsUponRetirementLiability" id="itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals" id="itrn_IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InvestmentInAffiliatedAndOtherCompanies" id="itrn_InvestmentInAffiliatedAndOtherCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IsraeliConsumerPriceIndexMember" id="itrn_IsraeliConsumerPriceIndexMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IturanLocationAndControlMember" id="itrn_IturanLocationAndControlMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IzzySheratzkyMember" id="itrn_IzzySheratzkyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LegalFeesMember" id="itrn_LegalFeesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LevelOfIncentivePercentage" id="itrn_LevelOfIncentivePercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LitigationObligation" id="itrn_LitigationObligation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LoanToFormerEmployeeCurrent" id="itrn_LoanToFormerEmployeeCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="LocationBasedServicesCosts" id="itrn_LocationBasedServicesCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LocationBasedServicesMember" id="itrn_LocationBasedServicesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LocationBasedServicesRevenue" id="itrn_LocationBasedServicesRevenue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LocationetMember" id="itrn_LocationetMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LongTermPurchaseCommitmentTermOfAgreement" id="itrn_LongTermPurchaseCommitmentTermOfAgreement" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LongTermPurchaseCommitmentTermOfAnyRenewalPeriod" id="itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MajorityMember" id="itrn_MajorityMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NirSheratzkyMember" id="itrn_NirSheratzkyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="OperatingEquipmentAmountSubjectToLeaseTransactions" id="itrn_OperatingEquipmentAmountSubjectToLeaseTransactions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherExpenseDebtWriteOff" id="itrn_OtherExpenseDebtWriteOff" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherForeignCountriesMember" id="itrn_OtherForeignCountriesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="OtherNonCurrentAssetsDisclosureTextBlock" id="itrn_OtherNonCurrentAssetsDisclosureTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="OtherSignificantItemsAbstract" id="itrn_OtherSignificantItemsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BRINGGDeliveryTechnologiesLtdMember" id="itrn_BRINGGDeliveryTechnologiesLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear" id="itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageIncreaseDecreaseInExchangeRateDuringYear" id="itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfIncreaseInProfitsAvaliableInAgreement" id="itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfPretaxIncomeAvaliableInEmploymentAgreement" id="itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PreferredCompanyMember" id="itrn_PreferredCompanyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ProfitBeforeTaxTargets" id="itrn_ProfitBeforeTaxTargets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ProfitBeforeTaxTargetsAxis" id="itrn_ProfitBeforeTaxTargetsAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProfitBeforeTaxTargetsDomain" id="itrn_ProfitBeforeTaxTargetsDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProfitBeforeTaxTargetsRangeFiveMember" id="itrn_ProfitBeforeTaxTargetsRangeFiveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProfitBeforeTaxTargetsRangeFourMember" id="itrn_ProfitBeforeTaxTargetsRangeFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProfitBeforeTaxTargetsRangeOneMember" id="itrn_ProfitBeforeTaxTargetsRangeOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProfitBeforeTaxTargetsRangeThreeMember" id="itrn_ProfitBeforeTaxTargetsRangeThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProfitBeforeTaxTargetsRangeTwoMember" id="itrn_ProfitBeforeTaxTargetsRangeTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PropertyAndEquipmentNet" id="itrn_PropertyAndEquipmentNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PropertyPlantAndEquipmentDepreciationRatesTableTextBlock" id="itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RateOfDepreciation" id="itrn_RateOfDepreciation" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationFromSegmentsToConsolidatedTableTextBlock" id="itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyByIndividualAxis" id="itrn_RelatedPartyByIndividualAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyByIndividualDomain" id="itrn_RelatedPartyByIndividualDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyExpensesFromThirdParty" id="itrn_RelatedPartyExpensesFromThirdParty" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionMonthlyExpense" id="itrn_RelatedPartyTransactionMonthlyExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionNoticeRequiredToTerminateAgreement" id="itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionTermOfAgreement" id="itrn_RelatedPartyTransactionTermOfAgreement" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionTermOfAutomaticExtension" id="itrn_RelatedPartyTransactionTermOfAutomaticExtension" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RepaymentOfLoanToFormerEmployee" id="itrn_RepaymentOfLoanToFormerEmployee" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ReportableSegmentAssets" id="itrn_ReportableSegmentAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ReportableSegmentMember" id="itrn_ReportableSegmentMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RevenueRecognitionPeriodRentalsOfLeasedEquipment" id="itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RevenueSharingAgreementTermOfAgreement" id="itrn_RevenueSharingAgreementTermOfAgreement" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SaoPauloStateRevenueServicesMember" id="itrn_SaoPauloStateRevenueServicesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScenarioOneMember" id="itrn_ScenarioOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ScenarioTwoMember" id="itrn_ScenarioTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfCalculationOfNumeratorInEarningsPerShareTableTextBlock" id="itrn_ScheduleOfCalculationOfNumeratorInEarningsPerShareTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfExchangeRatesTableTextBlock" id="itrn_ScheduleOfExchangeRatesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfFiniteLivedIntangibleAssetsUsefulLifeTableTextBlock" id="itrn_ScheduleOfFiniteLivedIntangibleAssetsUsefulLifeTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfOtherIncomeExpenseNetTableTextBlock" id="itrn_ScheduleOfOtherIncomeExpenseNetTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SegmentsTotalMember" id="itrn_SegmentsTotalMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SettlementsOfLitigationObligationInConnectionWithFinancialTransaction" id="itrn_SettlementsOfLitigationObligationInConnectionWithFinancialTransaction" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="SheratzkyHoldingsMember" id="itrn_SheratzkyHoldingsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossiblePotentialUnrecognizedTaxBenefitsNewBalance" id="itrn_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossiblePotentialUnrecognizedTaxBenefitsNewBalance" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="StLtdMember" id="itrn_StLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="StockholdersEquityTreasuryStockPolicyTextBlock" id="itrn_StockholdersEquityTreasuryStockPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="StockRepurchaseProgramAdditionalAuthorizedAmount" id="itrn_StockRepurchaseProgramAdditionalAuthorizedAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfSignificantAccountingPoliciesLineItems" id="itrn_SummaryOfSignificantAccountingPoliciesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfSignificantAccountingPoliciesTable" id="itrn_SummaryOfSignificantAccountingPoliciesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SundryIncomeExpenseNet" id="itrn_SundryIncomeExpenseNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="TaxAssessmentMember" id="itrn_TaxAssessmentMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TelematicsWirelessLtdMember" id="itrn_TelematicsWirelessLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TermCompanyIsEntitledToTaxBenefits" id="itrn_TermCompanyIsEntitledToTaxBenefits" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TheresholdTermAgreementForDomesticLaw" id="itrn_TheresholdTermAgreementForDomesticLaw" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TreasuryStockAsPercentageOfOutstandingStock" id="itrn_TreasuryStockAsPercentageOfOutstandingStock" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TzivtitInsuranceMember" id="itrn_TzivtitInsuranceMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="UnsettledMember" id="itrn_UnsettledMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="WirelessCommunicationsProductsCosts" id="itrn_WirelessCommunicationsProductsCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="WirelessCommunicationsProductsMember" id="itrn_WirelessCommunicationsProductsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="WirelessCommunicationsProductsRevenue" id="itrn_WirelessCommunicationsProductsRevenue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet" id="itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary" id="itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest" id="itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="YehudaKahaneMember" id="itrn_YehudaKahaneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfTargetBasedCashIncentivesTableTextBlock" id="itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn" id="itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionSpecificExcessReturnPercentageCriteria" id="itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment" id="itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage" id="itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants" id="itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts" id="itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ORASCapitalLtdMember" id="itrn_ORASCapitalLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GalnirManagementAndInvestmentsLtdMember" id="itrn_GalnirManagementAndInvestmentsLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ZeroToOneSBLInvestmentsLtdMember" id="itrn_ZeroToOneSBLInvestmentsLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionTermOfVacationAndSickDays" id="itrn_RelatedPartyTransactionTermOfVacationAndSickDays" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionPaymentToRelatedParty" id="itrn_RelatedPartyTransactionPaymentToRelatedParty" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LossContingenciesAdditionalTaxAssessment" id="itrn_LossContingenciesAdditionalTaxAssessment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LossContingenciesPreviousTaxAssessment" id="itrn_LossContingenciesPreviousTaxAssessment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LossContingenciesAggregateTaxAssessment" id="itrn_LossContingenciesAggregateTaxAssessment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxExaminationOffsettingAmount" id="itrn_IncomeTaxExaminationOffsettingAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="EquityMethodInvestmentOwnershipPercentageAcquired" id="itrn_EquityMethodInvestmentOwnershipPercentageAcquired" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EquityMethodInvestmentOptionToIncreaseOwnershipPercentage" id="itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate" id="itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TaxRateApplicableToBetterment" id="itrn_TaxRateApplicableToBetterment" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TaxRateOnCapitalGains" id="itrn_TaxRateOnCapitalGains" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PresidentAndDirectorMember" id="itrn_PresidentAndDirectorMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PaymentsForProceedsFromInvestmentsInShortTermDeposit" id="itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="CorporateTaxRateYearTwentyTenMember" id="itrn_CorporateTaxRateYearTwentyTenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LocationBasedServicesAndWirelessCommunicationsProductsMember" id="itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MrAvnerKurzMember" id="itrn_MrAvnerKurzMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IturanSistemasDeMonitoramentoLtdaMember" id="itrn_IturanSistemasDeMonitoramentoLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestIncomeExpenseShortTermBorrowings" id="itrn_InterestIncomeExpenseShortTermBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="MinorityInterestAcquisitionPercentage" id="itrn_MinorityInterestAcquisitionPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FundsInRespectOfEmployeeRightsUponRetirement" id="itrn_FundsInRespectOfEmployeeRightsUponRetirement" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LiabilityForEmployeeRightsUponRetirement" id="itrn_LiabilityForEmployeeRightsUponRetirement" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="PaymentsForProceedsFromInvestmentsInLongTermDeposit" id="itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReceivablesFromSaleOfSubsidiary" id="itrn_ReceivablesFromSaleOfSubsidiary" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DeferredChargesAndPrepaidExpensesPolicyTextBlock" id="itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" id="itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AgreementTerm" id="itrn_AgreementTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RTIUruguaiSAMember" id="itrn_RTIUruguaiSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AmortizationAndImpairmentOfIntangibleAssets" id="itrn_AmortizationAndImpairmentOfIntangibleAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="FiniteLivedIntangibleAssetsAmortizationExpenseAfterNextTwelveMonths" id="itrn_FiniteLivedIntangibleAssetsAmortizationExpenseAfterNextTwelveMonths" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="UnfavorableRegulatoryActionFUSTContributionMember" id="itrn_UnfavorableRegulatoryActionFUSTContributionMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnfavorableRegulatoryActionFUNTELLContributionMember" id="itrn_UnfavorableRegulatoryActionFUNTELLContributionMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxYear2007And2008Member" id="itrn_TaxYear2007And2008Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ScenarioThreeMember" id="itrn_ScenarioThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EffectiveIncomeTaxRateFederalStatutoryIncomeTaxRateReductionForNextFiscalYear" id="itrn_EffectiveIncomeTaxRateFederalStatutoryIncomeTaxRateReductionForNextFiscalYear" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EffectiveIncomeTaxRateFederalStatutoryIncomeTaxRateForNextFiscalYear" id="itrn_EffectiveIncomeTaxRateFederalStatutoryIncomeTaxRateForNextFiscalYear" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CashFlowAppendixCashDivestedFromDeconsolidationAbstract" id="itrn_CashFlowAppendixCashDivestedFromDeconsolidationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="OtherInvesteeMember" id="itrn_OtherInvesteeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure" id="itrn_InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>15
<FILENAME>itrn-20151231_cal.xml
<DESCRIPTION>TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by Z-K Global, Powered by IRIS Carbon-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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  <link:roleRef roleURI="http://www.ituran.com/role/itrn-csoi" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-csoi" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-csoci" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-csoci" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-csocf" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-csocf" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-ocad" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-ocad" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-id" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-id" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-onad" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-onad" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-paensopaend" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-paensopaend" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-iansoiand" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-iansoiand" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-cfbisolocfacpoldd" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-cfbisolocfacpoldd" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-ocld" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-ocld" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-oiend" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-oiend" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-find" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-find" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-itsocoitd" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-itsocoitd" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-itsoitrd" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-itsoitrd" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-itsodtd" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-itsodtd" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-itsodtbsld" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-itsodtbsld" />
  <link:roleRef roleURI="http://www.ituran.com/role/itrn-itsoibitd" xlink:type="simple" xlink:href="itrn-20151231.xsd#itrn-itsoibitd" />
  <link:calculationLink xlink:type="extended" xlink:role="http://www.ituran.com/role/itrn-cbs">
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" xlink:title="us-gaap_AssetsCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_AssetsCurrent" xlink:title="Calculation : us-gaap_Assets to us-gaap_AssetsCurrent" order="1" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:title="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:title="Calculation : us-gaap_AssetsCurrent to us-gaap_CashAndCashEquivalentsAtCarryingValue" order="1" weight="1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_DepositInEscrowCurrent" xlink:label="itrn_DepositInEscrowCurrent" xlink:title="itrn_DepositInEscrowCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="itrn_DepositInEscrowCurrent" xlink:title="Calculation : us-gaap_AssetsCurrent to itrn_DepositInEscrowCurrent" order="2" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MarketableSecuritiesCurrent" xlink:label="us-gaap_MarketableSecuritiesCurrent" xlink:title="us-gaap_MarketableSecuritiesCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_MarketableSecuritiesCurrent" xlink:title="Calculation : us-gaap_AssetsCurrent to us-gaap_MarketableSecuritiesCurrent" order="3" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" xlink:title="us-gaap_AccountsReceivableNetCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent" xlink:title="Calculation : us-gaap_AssetsCurrent to us-gaap_AccountsReceivableNetCurrent" order="4" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="us-gaap_OtherAssetsCurrent" xlink:title="us-gaap_OtherAssetsCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent" xlink:title="Calculation : us-gaap_AssetsCurrent to us-gaap_OtherAssetsCurrent" order="5" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InventoryNet" xlink:label="us-gaap_InventoryNet" xlink:title="us-gaap_InventoryNet" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_InventoryNet" xlink:title="Calculation : us-gaap_AssetsCurrent to us-gaap_InventoryNet" order="15" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsNoncurrent" xlink:label="us-gaap_AssetsNoncurrent" xlink:title="us-gaap_AssetsNoncurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_AssetsNoncurrent" xlink:title="Calculation : us-gaap_Assets to us-gaap_AssetsNoncurrent" order="2" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:title="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsNoncurrent" xlink:to="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:title="Calculation : us-gaap_AssetsNoncurrent to us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" order="1" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="us-gaap_EquityMethodInvestments" xlink:title="us-gaap_EquityMethodInvestments" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsNoncurrent" xlink:to="us-gaap_EquityMethodInvestments" xlink:title="Calculation : us-gaap_AssetsNoncurrent to us-gaap_EquityMethodInvestments" order="2" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" xlink:title="us-gaap_OtherAssetsNoncurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent" xlink:title="Calculation : us-gaap_AssetsNoncurrent to us-gaap_OtherAssetsNoncurrent" order="4" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:label="us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:title="us-gaap_DeferredTaxAssetsNetNoncurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsNoncurrent" xlink:to="us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:title="Calculation : us-gaap_AssetsNoncurrent to us-gaap_DeferredTaxAssetsNetNoncurrent" order="5" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:label="us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:title="us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsNoncurrent" xlink:to="us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:title="Calculation : us-gaap_AssetsNoncurrent to us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" order="6" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" xlink:title="us-gaap_PropertyPlantAndEquipmentNet" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_PropertyPlantAndEquipmentNet" xlink:title="Calculation : us-gaap_Assets to us-gaap_PropertyPlantAndEquipmentNet" order="3" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:title="us-gaap_IntangibleAssetsNetExcludingGoodwill" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:title="Calculation : us-gaap_Assets to us-gaap_IntangibleAssetsNetExcludingGoodwill" order="4" weight="1" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Goodwill" xlink:title="Calculation : us-gaap_Assets to us-gaap_Goodwill" order="5" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:title="us-gaap_LiabilitiesAndStockholdersEquity" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LoansPayableToBank" xlink:title="Calculation : us-gaap_LiabilitiesCurrent to us-gaap_LoansPayableToBank" order="1" weight="1" />
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<SEQUENCE>17
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<DESCRIPTION>TAXONOMY EXTENSION LABEL LINKBASE
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<!--Created by Z-K Global, Powered by IRIS Carbon-->
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    <link:label xlink:type="resource" xlink:label="label_itrn_AdditionalRangeDescriptionDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_AdditionalRangeDescriptionDomain" xml:lang="en-US" id="label_itrn_AdditionalRangeDescriptionDomain">Additional Range Description [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AdditionalRangeDescriptionDomain" xlink:to="label_itrn_AdditionalRangeDescriptionDomain" xlink:title="Label : itrn_AdditionalRangeDescriptionDomain to label_itrn_AdditionalRangeDescriptionDomain" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AdditionalRangeDescriptionDomain_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_AdditionalRangeDescriptionDomain_1" xml:lang="en-US" id="label_itrn_AdditionalRangeDescriptionDomain_1">Additional Range Description [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AdditionalRangeDescriptionDomain" xlink:to="label_itrn_AdditionalRangeDescriptionDomain_1" xlink:title="Label : itrn_AdditionalRangeDescriptionDomain to label_itrn_AdditionalRangeDescriptionDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AdditionalRangeDescriptionDomain_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_AdditionalRangeDescriptionDomain_2" xml:lang="en-US" id="label_itrn_AdditionalRangeDescriptionDomain_2">Additional Range Description [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AdditionalRangeDescriptionDomain" xlink:to="label_itrn_AdditionalRangeDescriptionDomain_2" xlink:title="Label : itrn_AdditionalRangeDescriptionDomain to label_itrn_AdditionalRangeDescriptionDomain_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_AdjustmentEscrowAmountMember" xlink:label="itrn_AdjustmentEscrowAmountMember" xlink:title="itrn_AdjustmentEscrowAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AdjustmentEscrowAmountMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_AdjustmentEscrowAmountMember" xml:lang="en-US" id="label_itrn_AdjustmentEscrowAmountMember">Adjustment Escrow Amount [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AdjustmentEscrowAmountMember" xlink:to="label_itrn_AdjustmentEscrowAmountMember" xlink:title="Label : itrn_AdjustmentEscrowAmountMember to label_itrn_AdjustmentEscrowAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AdjustmentEscrowAmountMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_AdjustmentEscrowAmountMember_1" xml:lang="en-US" id="label_itrn_AdjustmentEscrowAmountMember_1">Adjustment Escrow Amount [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AdjustmentEscrowAmountMember" xlink:to="label_itrn_AdjustmentEscrowAmountMember_1" xlink:title="Label : itrn_AdjustmentEscrowAmountMember to label_itrn_AdjustmentEscrowAmountMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AdjustmentEscrowAmountMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_AdjustmentEscrowAmountMember_2" xml:lang="en-US" id="label_itrn_AdjustmentEscrowAmountMember_2">Adjustment Escrow Amount [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AdjustmentEscrowAmountMember" xlink:to="label_itrn_AdjustmentEscrowAmountMember_2" xlink:title="Label : itrn_AdjustmentEscrowAmountMember to label_itrn_AdjustmentEscrowAmountMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary" xlink:label="itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary" xlink:title="itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary" xml:lang="en-US" id="label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary">The adjustment to a purchase price from the sale of a subsidiary.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary" xlink:to="label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary" xlink:title="Label : itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary to label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary_1" xml:lang="en-US" id="label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary_1">Adjustment To Purchase Price From Sale Of Subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary" xlink:to="label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary_1" xlink:title="Label : itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary to label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary_2" xml:lang="en-US" id="label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary_2">Adjustment of purchase price of subsidiary sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary" xlink:to="label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary_2" xlink:title="Label : itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary to label_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_AdvancesToSuppliersCurrent" xlink:label="itrn_AdvancesToSuppliersCurrent" xlink:title="itrn_AdvancesToSuppliersCurrent" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AdvancesToSuppliersCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_AdvancesToSuppliersCurrent" xml:lang="en-US" id="label_itrn_AdvancesToSuppliersCurrent">Amounts due from suppliers, which are usually due within 1 year (or 1 business cycle).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AdvancesToSuppliersCurrent" xlink:to="label_itrn_AdvancesToSuppliersCurrent" xlink:title="Label : itrn_AdvancesToSuppliersCurrent to label_itrn_AdvancesToSuppliersCurrent" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AdvancesToSuppliersCurrent_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_AdvancesToSuppliersCurrent_1" xml:lang="en-US" id="label_itrn_AdvancesToSuppliersCurrent_1">Advances To Suppliers, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AdvancesToSuppliersCurrent" xlink:to="label_itrn_AdvancesToSuppliersCurrent_1" xlink:title="Label : itrn_AdvancesToSuppliersCurrent to label_itrn_AdvancesToSuppliersCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AdvancesToSuppliersCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_AdvancesToSuppliersCurrent_2" xml:lang="en-US" id="label_itrn_AdvancesToSuppliersCurrent_2">Advances to suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AdvancesToSuppliersCurrent" xlink:to="label_itrn_AdvancesToSuppliersCurrent_2" xlink:title="Label : itrn_AdvancesToSuppliersCurrent to label_itrn_AdvancesToSuppliersCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_AggregateSumClaimedPursuantToTaxDeficiency" xlink:label="itrn_AggregateSumClaimedPursuantToTaxDeficiency" xlink:title="itrn_AggregateSumClaimedPursuantToTaxDeficiency" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AggregateSumClaimedPursuantToTaxDeficiency" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_AggregateSumClaimedPursuantToTaxDeficiency" xml:lang="en-US" id="label_itrn_AggregateSumClaimedPursuantToTaxDeficiency">The aggregate sum claimed pursuant to tax deficiency, penalties, and interest.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AggregateSumClaimedPursuantToTaxDeficiency" xlink:to="label_itrn_AggregateSumClaimedPursuantToTaxDeficiency" xlink:title="Label : itrn_AggregateSumClaimedPursuantToTaxDeficiency to label_itrn_AggregateSumClaimedPursuantToTaxDeficiency" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AggregateSumClaimedPursuantToTaxDeficiency_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_AggregateSumClaimedPursuantToTaxDeficiency_1" xml:lang="en-US" id="label_itrn_AggregateSumClaimedPursuantToTaxDeficiency_1">Aggregate Sum Claimed Pursuant To Tax Deficiency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AggregateSumClaimedPursuantToTaxDeficiency" xlink:to="label_itrn_AggregateSumClaimedPursuantToTaxDeficiency_1" xlink:title="Label : itrn_AggregateSumClaimedPursuantToTaxDeficiency to label_itrn_AggregateSumClaimedPursuantToTaxDeficiency_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AggregateSumClaimedPursuantToTaxDeficiency_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_AggregateSumClaimedPursuantToTaxDeficiency_2" xml:lang="en-US" id="label_itrn_AggregateSumClaimedPursuantToTaxDeficiency_2">Aggregate sum claimed pursuant to tax deficiency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AggregateSumClaimedPursuantToTaxDeficiency" xlink:to="label_itrn_AggregateSumClaimedPursuantToTaxDeficiency_2" xlink:title="Label : itrn_AggregateSumClaimedPursuantToTaxDeficiency to label_itrn_AggregateSumClaimedPursuantToTaxDeficiency_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed" xlink:label="itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed" xlink:title="itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed" xml:lang="en-US" id="label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed">The amount of salary employees are entitled to in retirement for every year employed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed" xlink:to="label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed" xlink:title="Label : itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed to label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed_1" xml:lang="en-US" id="label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed_1">Amount Of Salary Employees Are Entitled To In Retirement For Every Year Employed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed" xlink:to="label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed_1" xlink:title="Label : itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed to label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed_2" xml:lang="en-US" id="label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed_2">Amount of salary employees are entitled to in retirement for every year employed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed" xlink:to="label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed_2" xlink:title="Label : itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed to label_itrn_AmountOfSalaryEmployeesAreEntitledToInRetirementForEveryYearEmployed_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2013/country-2013-01-31.xsd#country_AR" xlink:label="country_AR" xlink:title="country_AR" />
    <link:label xlink:type="resource" xlink:label="label_country_AR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_country_AR" xml:lang="en-US" id="label_country_AR">AR [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_AR" xlink:to="label_country_AR" xlink:title="Label : country_AR to label_country_AR" />
    <link:label xlink:type="resource" xlink:label="label_country_AR_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_country_AR_1" xml:lang="en-US" id="label_country_AR_1">Argentina [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_AR" xlink:to="label_country_AR_1" xlink:title="Label : country_AR to label_country_AR_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:title="dei_AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="label_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_AmendmentFlag" xml:lang="en-US" id="label_dei_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="label_dei_AmendmentFlag" xlink:title="Label : dei_AmendmentFlag to label_dei_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_AssetExpenditures" xlink:label="itrn_AssetExpenditures" xlink:title="itrn_AssetExpenditures" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AssetExpenditures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_AssetExpenditures" xml:lang="en-US" id="label_itrn_AssetExpenditures">Expenditures for assets including capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AssetExpenditures" xlink:to="label_itrn_AssetExpenditures" xlink:title="Label : itrn_AssetExpenditures to label_itrn_AssetExpenditures" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AssetExpenditures_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_AssetExpenditures_1" xml:lang="en-US" id="label_itrn_AssetExpenditures_1">Asset Expenditures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AssetExpenditures" xlink:to="label_itrn_AssetExpenditures_1" xlink:title="Label : itrn_AssetExpenditures to label_itrn_AssetExpenditures_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AssetExpenditures_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_AssetExpenditures_2" xml:lang="en-US" id="label_itrn_AssetExpenditures_2">Expenditures for assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AssetExpenditures" xlink:to="label_itrn_AssetExpenditures_2" xlink:title="Label : itrn_AssetExpenditures to label_itrn_AssetExpenditures_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts" xlink:label="itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts" xlink:title="itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts" xml:lang="en-US" id="label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts">Expenditures for assets including capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets incuding unallocated amounts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts" xlink:to="label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts" xlink:title="Label : itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts to label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts_1" xml:lang="en-US" id="label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts_1">Asset Expenditures Reportable Segments And Unallocated Amounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts" xlink:to="label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts_1" xlink:title="Label : itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts to label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts_2" xml:lang="en-US" id="label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts_2">Asset expenditures, reportable segments and unallocated amounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts" xlink:to="label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts_2" xlink:title="Label : itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts to label_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_BasicInsurancePoliciesMember" xlink:label="itrn_BasicInsurancePoliciesMember" xlink:title="itrn_BasicInsurancePoliciesMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BasicInsurancePoliciesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_BasicInsurancePoliciesMember" xml:lang="en-US" id="label_itrn_BasicInsurancePoliciesMember">Basic Insurance Policies [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BasicInsurancePoliciesMember" xlink:to="label_itrn_BasicInsurancePoliciesMember" xlink:title="Label : itrn_BasicInsurancePoliciesMember to label_itrn_BasicInsurancePoliciesMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BasicInsurancePoliciesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_BasicInsurancePoliciesMember_1" xml:lang="en-US" id="label_itrn_BasicInsurancePoliciesMember_1">Basic Insurance Policies [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BasicInsurancePoliciesMember" xlink:to="label_itrn_BasicInsurancePoliciesMember_1" xlink:title="Label : itrn_BasicInsurancePoliciesMember to label_itrn_BasicInsurancePoliciesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BasicInsurancePoliciesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_BasicInsurancePoliciesMember_2" xml:lang="en-US" id="label_itrn_BasicInsurancePoliciesMember_2">Basic Insurance Policies [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BasicInsurancePoliciesMember" xlink:to="label_itrn_BasicInsurancePoliciesMember_2" xlink:title="Label : itrn_BasicInsurancePoliciesMember to label_itrn_BasicInsurancePoliciesMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_BeneficiaryEnterpriseMember" xlink:label="itrn_BeneficiaryEnterpriseMember" xlink:title="itrn_BeneficiaryEnterpriseMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BeneficiaryEnterpriseMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_BeneficiaryEnterpriseMember" xml:lang="en-US" id="label_itrn_BeneficiaryEnterpriseMember">Beneficiary Enterprise [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BeneficiaryEnterpriseMember" xlink:to="label_itrn_BeneficiaryEnterpriseMember" xlink:title="Label : itrn_BeneficiaryEnterpriseMember to label_itrn_BeneficiaryEnterpriseMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BeneficiaryEnterpriseMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_BeneficiaryEnterpriseMember_1" xml:lang="en-US" id="label_itrn_BeneficiaryEnterpriseMember_1">Beneficiary Enterprise [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BeneficiaryEnterpriseMember" xlink:to="label_itrn_BeneficiaryEnterpriseMember_1" xlink:title="Label : itrn_BeneficiaryEnterpriseMember to label_itrn_BeneficiaryEnterpriseMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BeneficiaryEnterpriseMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_BeneficiaryEnterpriseMember_2" xml:lang="en-US" id="label_itrn_BeneficiaryEnterpriseMember_2">Beneficiary Enterprise [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BeneficiaryEnterpriseMember" xlink:to="label_itrn_BeneficiaryEnterpriseMember_2" xlink:title="Label : itrn_BeneficiaryEnterpriseMember to label_itrn_BeneficiaryEnterpriseMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_BeneficiaryEnterpriseStatusCommencementDate" xlink:label="itrn_BeneficiaryEnterpriseStatusCommencementDate" xlink:title="itrn_BeneficiaryEnterpriseStatusCommencementDate" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BeneficiaryEnterpriseStatusCommencementDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_BeneficiaryEnterpriseStatusCommencementDate" xml:lang="en-US" id="label_itrn_BeneficiaryEnterpriseStatusCommencementDate">Date which an entity is granted a benificiary enterprise status.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BeneficiaryEnterpriseStatusCommencementDate" xlink:to="label_itrn_BeneficiaryEnterpriseStatusCommencementDate" xlink:title="Label : itrn_BeneficiaryEnterpriseStatusCommencementDate to label_itrn_BeneficiaryEnterpriseStatusCommencementDate" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BeneficiaryEnterpriseStatusCommencementDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_BeneficiaryEnterpriseStatusCommencementDate_1" xml:lang="en-US" id="label_itrn_BeneficiaryEnterpriseStatusCommencementDate_1">Beneficiary Enterprise Status Commencement Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BeneficiaryEnterpriseStatusCommencementDate" xlink:to="label_itrn_BeneficiaryEnterpriseStatusCommencementDate_1" xlink:title="Label : itrn_BeneficiaryEnterpriseStatusCommencementDate to label_itrn_BeneficiaryEnterpriseStatusCommencementDate_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BeneficiaryEnterpriseStatusCommencementDate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_BeneficiaryEnterpriseStatusCommencementDate_2" xml:lang="en-US" id="label_itrn_BeneficiaryEnterpriseStatusCommencementDate_2">Benificiary enterprise status, grant date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BeneficiaryEnterpriseStatusCommencementDate" xlink:to="label_itrn_BeneficiaryEnterpriseStatusCommencementDate_2" xlink:title="Label : itrn_BeneficiaryEnterpriseStatusCommencementDate to label_itrn_BeneficiaryEnterpriseStatusCommencementDate_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_BrandNameMember" xlink:label="itrn_BrandNameMember" xlink:title="itrn_BrandNameMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BrandNameMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_BrandNameMember" xml:lang="en-US" id="label_itrn_BrandNameMember">Brand Name [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BrandNameMember" xlink:to="label_itrn_BrandNameMember" xlink:title="Label : itrn_BrandNameMember to label_itrn_BrandNameMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BrandNameMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_BrandNameMember_1" xml:lang="en-US" id="label_itrn_BrandNameMember_1">Brand Name [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BrandNameMember" xlink:to="label_itrn_BrandNameMember_1" xlink:title="Label : itrn_BrandNameMember to label_itrn_BrandNameMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BrandNameMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_BrandNameMember_2" xml:lang="en-US" id="label_itrn_BrandNameMember_2">Brand Name [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BrandNameMember" xlink:to="label_itrn_BrandNameMember_2" xlink:title="Label : itrn_BrandNameMember to label_itrn_BrandNameMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_BrazilianInternalRevenueServiceMember" xlink:label="itrn_BrazilianInternalRevenueServiceMember" xlink:title="itrn_BrazilianInternalRevenueServiceMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BrazilianInternalRevenueServiceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_BrazilianInternalRevenueServiceMember" xml:lang="en-US" id="label_itrn_BrazilianInternalRevenueServiceMember">Brazilian Internal Revenue Service [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BrazilianInternalRevenueServiceMember" xlink:to="label_itrn_BrazilianInternalRevenueServiceMember" xlink:title="Label : itrn_BrazilianInternalRevenueServiceMember to label_itrn_BrazilianInternalRevenueServiceMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BrazilianInternalRevenueServiceMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_BrazilianInternalRevenueServiceMember_1" xml:lang="en-US" id="label_itrn_BrazilianInternalRevenueServiceMember_1">Brazilian Internal Revenue Service [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BrazilianInternalRevenueServiceMember" xlink:to="label_itrn_BrazilianInternalRevenueServiceMember_1" xlink:title="Label : itrn_BrazilianInternalRevenueServiceMember to label_itrn_BrazilianInternalRevenueServiceMember_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_CashIncentiveAwardTerms" xlink:label="itrn_CashIncentiveAwardTerms" xlink:title="itrn_CashIncentiveAwardTerms" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CashIncentiveAwardTerms" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_CashIncentiveAwardTerms" xml:lang="en-US" id="label_itrn_CashIncentiveAwardTerms">The terms of the cash incentive awards per the service agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CashIncentiveAwardTerms" xlink:to="label_itrn_CashIncentiveAwardTerms" xlink:title="Label : itrn_CashIncentiveAwardTerms to label_itrn_CashIncentiveAwardTerms" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CashIncentiveAwardTerms_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_CashIncentiveAwardTerms_1" xml:lang="en-US" id="label_itrn_CashIncentiveAwardTerms_1">Cash Incentive Award Terms</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CashIncentiveAwardTerms" xlink:to="label_itrn_CashIncentiveAwardTerms_1" xlink:title="Label : itrn_CashIncentiveAwardTerms to label_itrn_CashIncentiveAwardTerms_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CashIncentiveAwardTerms_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_CashIncentiveAwardTerms_2" xml:lang="en-US" id="label_itrn_CashIncentiveAwardTerms_2">Cash incentive award, terms</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CashIncentiveAwardTerms" xlink:to="label_itrn_CashIncentiveAwardTerms_2" xlink:title="Label : itrn_CashIncentiveAwardTerms to label_itrn_CashIncentiveAwardTerms_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_CertainReportingUnitMember" xlink:label="itrn_CertainReportingUnitMember" xlink:title="itrn_CertainReportingUnitMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CertainReportingUnitMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_CertainReportingUnitMember" xml:lang="en-US" id="label_itrn_CertainReportingUnitMember">Certain Reporting Unit [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CertainReportingUnitMember" xlink:to="label_itrn_CertainReportingUnitMember" xlink:title="Label : itrn_CertainReportingUnitMember to label_itrn_CertainReportingUnitMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CertainReportingUnitMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_CertainReportingUnitMember_1" xml:lang="en-US" id="label_itrn_CertainReportingUnitMember_1">Certain Reporting Unit [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CertainReportingUnitMember" xlink:to="label_itrn_CertainReportingUnitMember_1" xlink:title="Label : itrn_CertainReportingUnitMember to label_itrn_CertainReportingUnitMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CertainReportingUnitMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_CertainReportingUnitMember_2" xml:lang="en-US" id="label_itrn_CertainReportingUnitMember_2">Certain Reporting Unit One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CertainReportingUnitMember" xlink:to="label_itrn_CertainReportingUnitMember_2" xlink:title="Label : itrn_CertainReportingUnitMember to label_itrn_CertainReportingUnitMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_CertainReportingUnitsMember" xlink:label="itrn_CertainReportingUnitsMember" xlink:title="itrn_CertainReportingUnitsMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CertainReportingUnitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_CertainReportingUnitsMember" xml:lang="en-US" id="label_itrn_CertainReportingUnitsMember">Certain Reporting Units [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CertainReportingUnitsMember" xlink:to="label_itrn_CertainReportingUnitsMember" xlink:title="Label : itrn_CertainReportingUnitsMember to label_itrn_CertainReportingUnitsMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CertainReportingUnitsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_CertainReportingUnitsMember_1" xml:lang="en-US" id="label_itrn_CertainReportingUnitsMember_1">Certain Reporting Units [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CertainReportingUnitsMember" xlink:to="label_itrn_CertainReportingUnitsMember_1" xlink:title="Label : itrn_CertainReportingUnitsMember to label_itrn_CertainReportingUnitsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CertainReportingUnitsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_CertainReportingUnitsMember_2" xml:lang="en-US" id="label_itrn_CertainReportingUnitsMember_2">Certain Reporting Units [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CertainReportingUnitsMember" xlink:to="label_itrn_CertainReportingUnitsMember_2" xlink:title="Label : itrn_CertainReportingUnitsMember to label_itrn_CertainReportingUnitsMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_CertainReportingUnitThreeMember" xlink:label="itrn_CertainReportingUnitThreeMember" xlink:title="itrn_CertainReportingUnitThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CertainReportingUnitThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_CertainReportingUnitThreeMember" xml:lang="en-US" id="label_itrn_CertainReportingUnitThreeMember">Certain Reporting Unit Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CertainReportingUnitThreeMember" xlink:to="label_itrn_CertainReportingUnitThreeMember" xlink:title="Label : itrn_CertainReportingUnitThreeMember to label_itrn_CertainReportingUnitThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CertainReportingUnitThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_CertainReportingUnitThreeMember_1" xml:lang="en-US" id="label_itrn_CertainReportingUnitThreeMember_1">Certain Reporting Unit Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CertainReportingUnitThreeMember" xlink:to="label_itrn_CertainReportingUnitThreeMember_1" xlink:title="Label : itrn_CertainReportingUnitThreeMember to label_itrn_CertainReportingUnitThreeMember_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_CertainReportingUnitTwoMember" xlink:label="itrn_CertainReportingUnitTwoMember" xlink:title="itrn_CertainReportingUnitTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CertainReportingUnitTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_CertainReportingUnitTwoMember" xml:lang="en-US" id="label_itrn_CertainReportingUnitTwoMember">Certain Reporting Unit Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CertainReportingUnitTwoMember" xlink:to="label_itrn_CertainReportingUnitTwoMember" xlink:title="Label : itrn_CertainReportingUnitTwoMember to label_itrn_CertainReportingUnitTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CertainReportingUnitTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_CertainReportingUnitTwoMember_1" xml:lang="en-US" id="label_itrn_CertainReportingUnitTwoMember_1">Certain Reporting Unit Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CertainReportingUnitTwoMember" xlink:to="label_itrn_CertainReportingUnitTwoMember_1" xlink:title="Label : itrn_CertainReportingUnitTwoMember to label_itrn_CertainReportingUnitTwoMember_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ConsumerPriceIndexInflationaryPoints" xlink:label="itrn_ConsumerPriceIndexInflationaryPoints" xlink:title="itrn_ConsumerPriceIndexInflationaryPoints" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ConsumerPriceIndexInflationaryPoints" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ConsumerPriceIndexInflationaryPoints" xml:lang="en-US" id="label_itrn_ConsumerPriceIndexInflationaryPoints">Consumer price index inflationary points</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ConsumerPriceIndexInflationaryPoints" xlink:to="label_itrn_ConsumerPriceIndexInflationaryPoints" xlink:title="Label : itrn_ConsumerPriceIndexInflationaryPoints to label_itrn_ConsumerPriceIndexInflationaryPoints" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ConsumerPriceIndexInflationaryPoints_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ConsumerPriceIndexInflationaryPoints_1" xml:lang="en-US" id="label_itrn_ConsumerPriceIndexInflationaryPoints_1">Consumer Price Index Inflationary Points</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ConsumerPriceIndexInflationaryPoints" xlink:to="label_itrn_ConsumerPriceIndexInflationaryPoints_1" xlink:title="Label : itrn_ConsumerPriceIndexInflationaryPoints to label_itrn_ConsumerPriceIndexInflationaryPoints_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ConsumerPriceIndexInflationaryPoints_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_ConsumerPriceIndexInflationaryPoints_2" xml:lang="en-US" id="label_itrn_ConsumerPriceIndexInflationaryPoints_2">Israeli consumer price index</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ConsumerPriceIndexInflationaryPoints" xlink:to="label_itrn_ConsumerPriceIndexInflationaryPoints_2" xlink:title="Label : itrn_ConsumerPriceIndexInflationaryPoints to label_itrn_ConsumerPriceIndexInflationaryPoints_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ContractualLifeOfDeferredExpenses" xlink:label="itrn_ContractualLifeOfDeferredExpenses" xlink:title="itrn_ContractualLifeOfDeferredExpenses" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ContractualLifeOfDeferredExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ContractualLifeOfDeferredExpenses" xml:lang="en-US" id="label_itrn_ContractualLifeOfDeferredExpenses">The contractual life of deferred expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ContractualLifeOfDeferredExpenses" xlink:to="label_itrn_ContractualLifeOfDeferredExpenses" xlink:title="Label : itrn_ContractualLifeOfDeferredExpenses to label_itrn_ContractualLifeOfDeferredExpenses" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ContractualLifeOfDeferredExpenses_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ContractualLifeOfDeferredExpenses_1" xml:lang="en-US" id="label_itrn_ContractualLifeOfDeferredExpenses_1">Contractual Life Of Deferred Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ContractualLifeOfDeferredExpenses" xlink:to="label_itrn_ContractualLifeOfDeferredExpenses_1" xlink:title="Label : itrn_ContractualLifeOfDeferredExpenses to label_itrn_ContractualLifeOfDeferredExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ContractualLifeOfDeferredExpenses_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_ContractualLifeOfDeferredExpenses_2" xml:lang="en-US" id="label_itrn_ContractualLifeOfDeferredExpenses_2">Deferred expenses amortization period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ContractualLifeOfDeferredExpenses" xlink:to="label_itrn_ContractualLifeOfDeferredExpenses_2" xlink:title="Label : itrn_ContractualLifeOfDeferredExpenses to label_itrn_ContractualLifeOfDeferredExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" xlink:title="dei_CurrentFiscalYearEndDate" />
    <link:label xlink:type="resource" xlink:label="label_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_CurrentFiscalYearEndDate" xml:lang="en-US" id="label_dei_CurrentFiscalYearEndDate">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="label_dei_CurrentFiscalYearEndDate" xlink:title="Label : dei_CurrentFiscalYearEndDate to label_dei_CurrentFiscalYearEndDate" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_CorporateTaxRateYearTwentyElevenMember" xlink:label="itrn_CorporateTaxRateYearTwentyElevenMember" xlink:title="itrn_CorporateTaxRateYearTwentyElevenMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CorporateTaxRateYearTwentyElevenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_CorporateTaxRateYearTwentyElevenMember" xml:lang="en-US" id="label_itrn_CorporateTaxRateYearTwentyElevenMember">Corporate Tax Rate Year Twenty-Eleven [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CorporateTaxRateYearTwentyElevenMember" xlink:to="label_itrn_CorporateTaxRateYearTwentyElevenMember" xlink:title="Label : itrn_CorporateTaxRateYearTwentyElevenMember to label_itrn_CorporateTaxRateYearTwentyElevenMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CorporateTaxRateYearTwentyElevenMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_CorporateTaxRateYearTwentyElevenMember_1" xml:lang="en-US" id="label_itrn_CorporateTaxRateYearTwentyElevenMember_1">Corporate Tax Rate Year Twenty Eleven [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_CorporateTaxRateYearTwentySixteenAndThereafterMember" xlink:label="itrn_CorporateTaxRateYearTwentySixteenAndThereafterMember" xlink:title="itrn_CorporateTaxRateYearTwentySixteenAndThereafterMember" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2013/country-2013-01-31.xsd#country_BR" xlink:label="country_BR" xlink:title="country_BR" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CorporateTaxRateYearTwentyThirteenMember" xlink:to="label_itrn_CorporateTaxRateYearTwentyThirteenMember_1" xlink:title="Label : itrn_CorporateTaxRateYearTwentyThirteenMember to label_itrn_CorporateTaxRateYearTwentyThirteenMember_1" />
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    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_CorporateTaxRateYearTwentyTwelveMember" xlink:label="itrn_CorporateTaxRateYearTwentyTwelveMember" xlink:title="itrn_CorporateTaxRateYearTwentyTwelveMember" />
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    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_CostMethodInvestmentOwnershipPercentage" xlink:label="itrn_CostMethodInvestmentOwnershipPercentage" xlink:title="itrn_CostMethodInvestmentOwnershipPercentage" />
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    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_DamagesAwardedLessInterestLegalFeesAndLinkageDifferencesMember" xlink:label="itrn_DamagesAwardedLessInterestLegalFeesAndLinkageDifferencesMember" xlink:title="itrn_DamagesAwardedLessInterestLegalFeesAndLinkageDifferencesMember" />
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    <link:label xlink:type="resource" xlink:label="label_invest_DerivativeNotionalAmount_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_invest_DerivativeNotionalAmount_1" xml:lang="en-US" id="label_invest_DerivativeNotionalAmount_1">Derivative notional amount</link:label>
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    <link:label xlink:type="resource" xlink:label="label_itrn_DepositsInEscrowPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_DepositsInEscrowPolicyTextBlock" xml:lang="en-US" id="label_itrn_DepositsInEscrowPolicyTextBlock">Disclosure of accounting policy for deposits in escrow in the preparation of financial statements in conformity with generally accepted accounting principles.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DepositsInEscrowPolicyTextBlock" xlink:to="label_itrn_DepositsInEscrowPolicyTextBlock" xlink:title="Label : itrn_DepositsInEscrowPolicyTextBlock to label_itrn_DepositsInEscrowPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DepositsInEscrowPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_DepositsInEscrowPolicyTextBlock_1" xml:lang="en-US" id="label_itrn_DepositsInEscrowPolicyTextBlock_1">Deposits In Escrow Policy Text Block</link:label>
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    <link:label xlink:type="resource" xlink:label="label_itrn_DepositsInEscrowPolicyTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_DepositsInEscrowPolicyTextBlock_2" xml:lang="en-US" id="label_itrn_DepositsInEscrowPolicyTextBlock_2">Deposits in escrow</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DepositsInEscrowPolicyTextBlock" xlink:to="label_itrn_DepositsInEscrowPolicyTextBlock_2" xlink:title="Label : itrn_DepositsInEscrowPolicyTextBlock to label_itrn_DepositsInEscrowPolicyTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_DepreciationAmortizationAndImpairmentOfGoodwill" xlink:label="itrn_DepreciationAmortizationAndImpairmentOfGoodwill" xlink:title="itrn_DepreciationAmortizationAndImpairmentOfGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DepreciationAmortizationAndImpairmentOfGoodwill" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_DepreciationAmortizationAndImpairmentOfGoodwill" xml:lang="en-US" id="label_itrn_DepreciationAmortizationAndImpairmentOfGoodwill">The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets and the impairment of goodwill.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DepreciationAmortizationAndImpairmentOfGoodwill" xlink:to="label_itrn_DepreciationAmortizationAndImpairmentOfGoodwill" xlink:title="Label : itrn_DepreciationAmortizationAndImpairmentOfGoodwill to label_itrn_DepreciationAmortizationAndImpairmentOfGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DepreciationAmortizationAndImpairmentOfGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_DepreciationAmortizationAndImpairmentOfGoodwill_1" xml:lang="en-US" id="label_itrn_DepreciationAmortizationAndImpairmentOfGoodwill_1">Depreciation Amortization and Impairment of Goodwill</link:label>
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    <link:label xlink:type="resource" xlink:label="label_itrn_DepreciationAmortizationAndImpairmentOfGoodwill_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_DepreciationAmortizationAndImpairmentOfGoodwill_2" xml:lang="en-US" id="label_itrn_DepreciationAmortizationAndImpairmentOfGoodwill_2">Depreciation, amortization and impairment of goodwill and other intangibles</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DepreciationAmortizationAndImpairmentOfGoodwill" xlink:to="label_itrn_DepreciationAmortizationAndImpairmentOfGoodwill_2" xlink:title="Label : itrn_DepreciationAmortizationAndImpairmentOfGoodwill to label_itrn_DepreciationAmortizationAndImpairmentOfGoodwill_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" xlink:title="dei_EntityDomain" />
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    <link:label xlink:type="resource" xlink:label="label_dei_EntityDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_dei_EntityDomain_1" xml:lang="en-US" id="label_dei_EntityDomain_1">Entity [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="label_dei_EntityDomain_1" xlink:title="Label : dei_EntityDomain to label_dei_EntityDomain_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts" xlink:label="itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts" xlink:title="itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts" xml:lang="en-US" id="label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts">The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets including unallocated amounts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts" xlink:to="label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts" xlink:title="Label : itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts to label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts_1" xml:lang="en-US" id="label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts_1">Depreciation And Amortization Reportable Segments Including Unallocated Amounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts" xlink:to="label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts_1" xlink:title="Label : itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts to label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts_2" xml:lang="en-US" id="label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts_2">Depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts" xlink:to="label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts_2" xlink:title="Label : itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts to label_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts" xlink:label="itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts" xlink:title="itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts" xml:lang="en-US" id="label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts">Depreciation and amortization, reportable segments, unallocated amounts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts" xlink:to="label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts" xlink:title="Label : itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts to label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts_1" xml:lang="en-US" id="label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts_1">Depreciation And Amortization, Reportable Segments, Unallocated Amounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts" xlink:to="label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts_1" xlink:title="Label : itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts to label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts_2" xml:lang="en-US" id="label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts_2">Depreciation and amortization, unallocated amounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts" xlink:to="label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts_2" xlink:title="Label : itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts to label_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_DerivativeMonthlyNotionalAmount" xlink:label="itrn_DerivativeMonthlyNotionalAmount" xlink:title="itrn_DerivativeMonthlyNotionalAmount" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DerivativeMonthlyNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_DerivativeMonthlyNotionalAmount" xml:lang="en-US" id="label_itrn_DerivativeMonthlyNotionalAmount">Monthly notional amount specified by the derivative(s). Expressed as an absolute value.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DerivativeMonthlyNotionalAmount" xlink:to="label_itrn_DerivativeMonthlyNotionalAmount" xlink:title="Label : itrn_DerivativeMonthlyNotionalAmount to label_itrn_DerivativeMonthlyNotionalAmount" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DerivativeMonthlyNotionalAmount_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_DerivativeMonthlyNotionalAmount_1" xml:lang="en-US" id="label_itrn_DerivativeMonthlyNotionalAmount_1">Derivative Monthly Notional Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DerivativeMonthlyNotionalAmount" xlink:to="label_itrn_DerivativeMonthlyNotionalAmount_1" xlink:title="Label : itrn_DerivativeMonthlyNotionalAmount to label_itrn_DerivativeMonthlyNotionalAmount_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DerivativeMonthlyNotionalAmount_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_DerivativeMonthlyNotionalAmount_2" xml:lang="en-US" id="label_itrn_DerivativeMonthlyNotionalAmount_2">Monthly notional amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DerivativeMonthlyNotionalAmount" xlink:to="label_itrn_DerivativeMonthlyNotionalAmount_2" xlink:title="Label : itrn_DerivativeMonthlyNotionalAmount to label_itrn_DerivativeMonthlyNotionalAmount_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_DisposalGroupAdditionalInformationAxis" xlink:label="itrn_DisposalGroupAdditionalInformationAxis" xlink:title="itrn_DisposalGroupAdditionalInformationAxis" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DisposalGroupAdditionalInformationAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_DisposalGroupAdditionalInformationAxis" xml:lang="en-US" id="label_itrn_DisposalGroupAdditionalInformationAxis">Disposal Group, Additional Information [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DisposalGroupAdditionalInformationAxis" xlink:to="label_itrn_DisposalGroupAdditionalInformationAxis" xlink:title="Label : itrn_DisposalGroupAdditionalInformationAxis to label_itrn_DisposalGroupAdditionalInformationAxis" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DisposalGroupAdditionalInformationAxis_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_DisposalGroupAdditionalInformationAxis_1" xml:lang="en-US" id="label_itrn_DisposalGroupAdditionalInformationAxis_1">Disposal Group, Additional Information [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DisposalGroupAdditionalInformationAxis" xlink:to="label_itrn_DisposalGroupAdditionalInformationAxis_1" xlink:title="Label : itrn_DisposalGroupAdditionalInformationAxis to label_itrn_DisposalGroupAdditionalInformationAxis_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_DividendRateAsPercentageOfNetIncome" xlink:label="itrn_DividendRateAsPercentageOfNetIncome" xlink:title="itrn_DividendRateAsPercentageOfNetIncome" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DividendRateAsPercentageOfNetIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_DividendRateAsPercentageOfNetIncome" xml:lang="en-US" id="label_itrn_DividendRateAsPercentageOfNetIncome">The dividend rate as a percentage of net income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DividendRateAsPercentageOfNetIncome" xlink:to="label_itrn_DividendRateAsPercentageOfNetIncome" xlink:title="Label : itrn_DividendRateAsPercentageOfNetIncome to label_itrn_DividendRateAsPercentageOfNetIncome" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DividendRateAsPercentageOfNetIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_DividendRateAsPercentageOfNetIncome_1" xml:lang="en-US" id="label_itrn_DividendRateAsPercentageOfNetIncome_1">Dividend Rate As A Percentage Of Net Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DividendRateAsPercentageOfNetIncome" xlink:to="label_itrn_DividendRateAsPercentageOfNetIncome_1" xlink:title="Label : itrn_DividendRateAsPercentageOfNetIncome to label_itrn_DividendRateAsPercentageOfNetIncome_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DividendRateAsPercentageOfNetIncome" xlink:to="label_itrn_DividendRateAsPercentageOfNetIncome_2" xlink:title="Label : itrn_DividendRateAsPercentageOfNetIncome to label_itrn_DividendRateAsPercentageOfNetIncome_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_DividendRateAsPercentageOfNetProfits" xlink:label="itrn_DividendRateAsPercentageOfNetProfits" xlink:title="itrn_DividendRateAsPercentageOfNetProfits" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DividendRateAsPercentageOfNetProfits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_DividendRateAsPercentageOfNetProfits" xml:lang="en-US" id="label_itrn_DividendRateAsPercentageOfNetProfits">The dividend rate as a percentage of net profits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DividendRateAsPercentageOfNetProfits" xlink:to="label_itrn_DividendRateAsPercentageOfNetProfits" xlink:title="Label : itrn_DividendRateAsPercentageOfNetProfits to label_itrn_DividendRateAsPercentageOfNetProfits" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DividendRateAsPercentageOfNetProfits" xlink:to="label_itrn_DividendRateAsPercentageOfNetProfits_2" xlink:title="Label : itrn_DividendRateAsPercentageOfNetProfits to label_itrn_DividendRateAsPercentageOfNetProfits_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DollarExchangeRateOfRelevantCurrenciesTable" xlink:to="label_itrn_DollarExchangeRateOfRelevantCurrenciesTable_1" xlink:title="Label : itrn_DollarExchangeRateOfRelevantCurrenciesTable to label_itrn_DollarExchangeRateOfRelevantCurrenciesTable_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_EComGlobalElectronicCommerceLtMember" xlink:label="itrn_EComGlobalElectronicCommerceLtMember" xlink:title="itrn_EComGlobalElectronicCommerceLtMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_EComGlobalElectronicCommerceLtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_EComGlobalElectronicCommerceLtMember" xml:lang="en-US" id="label_itrn_EComGlobalElectronicCommerceLtMember">E-Com Global Electronic Commerce Lt. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EComGlobalElectronicCommerceLtMember" xlink:to="label_itrn_EComGlobalElectronicCommerceLtMember" xlink:title="Label : itrn_EComGlobalElectronicCommerceLtMember to label_itrn_EComGlobalElectronicCommerceLtMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EComGlobalElectronicCommerceLtMember" xlink:to="label_itrn_EComGlobalElectronicCommerceLtMember_1" xlink:title="Label : itrn_EComGlobalElectronicCommerceLtMember to label_itrn_EComGlobalElectronicCommerceLtMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_EComGlobalElectronicCommerceLtMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_EComGlobalElectronicCommerceLtMember_2" xml:lang="en-US" id="label_itrn_EComGlobalElectronicCommerceLtMember_2">E-Com Global Electronic Commerce Lt. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EComGlobalElectronicCommerceLtMember" xlink:to="label_itrn_EComGlobalElectronicCommerceLtMember_2" xlink:title="Label : itrn_EComGlobalElectronicCommerceLtMember to label_itrn_EComGlobalElectronicCommerceLtMember_2" />
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    <link:label xlink:type="resource" xlink:label="label_itrn_EcomtradeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_EcomtradeMember_1" xml:lang="en-US" id="label_itrn_EcomtradeMember_1">Ecomtrade [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_itrn_ExpendituresForAssetsUnallocatedAmounts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ExpendituresForAssetsUnallocatedAmounts_1" xml:lang="en-US" id="label_itrn_ExpendituresForAssetsUnallocatedAmounts_1">Expenditures For Assets Unallocated Amounts</link:label>
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    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_EyalSheratzkyAndNirSheratzkyMember" xlink:label="itrn_EyalSheratzkyAndNirSheratzkyMember" xlink:title="itrn_EyalSheratzkyAndNirSheratzkyMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_EyalSheratzkyAndNirSheratzkyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_EyalSheratzkyAndNirSheratzkyMember" xml:lang="en-US" id="label_itrn_EyalSheratzkyAndNirSheratzkyMember">Eyal Sheratzky And Nir Sheratzky[Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EyalSheratzkyAndNirSheratzkyMember" xlink:to="label_itrn_EyalSheratzkyAndNirSheratzkyMember" xlink:title="Label : itrn_EyalSheratzkyAndNirSheratzkyMember to label_itrn_EyalSheratzkyAndNirSheratzkyMember" />
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    <link:label xlink:type="resource" xlink:label="label_itrn_EyalSheratzkyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_EyalSheratzkyMember_1" xml:lang="en-US" id="label_itrn_EyalSheratzkyMember_1">Eyal Sheratzky [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EyalSheratzkyMember" xlink:to="label_itrn_EyalSheratzkyMember_1" xlink:title="Label : itrn_EyalSheratzkyMember to label_itrn_EyalSheratzkyMember_1" />
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    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges" xlink:label="itrn_FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges" xlink:title="itrn_FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges" />
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    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_FormerSubsidiaryMember" xlink:label="itrn_FormerSubsidiaryMember" xlink:title="itrn_FormerSubsidiaryMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_FormerSubsidiaryMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_FormerSubsidiaryMember" xml:lang="en-US" id="label_itrn_FormerSubsidiaryMember">Former Subsidiary [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_FormerSubsidiaryMember" xlink:to="label_itrn_FormerSubsidiaryMember" xlink:title="Label : itrn_FormerSubsidiaryMember to label_itrn_FormerSubsidiaryMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_FormerSubsidiaryMember" xlink:to="label_itrn_FormerSubsidiaryMember_1" xlink:title="Label : itrn_FormerSubsidiaryMember to label_itrn_FormerSubsidiaryMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_FormerSubsidiaryMember" xlink:to="label_itrn_FormerSubsidiaryMember_2" xlink:title="Label : itrn_FormerSubsidiaryMember to label_itrn_FormerSubsidiaryMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_FutureCorporateTaxRateAxis" xlink:label="itrn_FutureCorporateTaxRateAxis" xlink:title="itrn_FutureCorporateTaxRateAxis" />
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    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_FutureCorporateTaxRateDomain" xlink:label="itrn_FutureCorporateTaxRateDomain" xlink:title="itrn_FutureCorporateTaxRateDomain" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_FutureCorporateTaxRateDomain" xlink:to="label_itrn_FutureCorporateTaxRateDomain" xlink:title="Label : itrn_FutureCorporateTaxRateDomain to label_itrn_FutureCorporateTaxRateDomain" />
    <link:label xlink:type="resource" xlink:label="label_itrn_FutureCorporateTaxRateDomain_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_FutureCorporateTaxRateDomain_1" xml:lang="en-US" id="label_itrn_FutureCorporateTaxRateDomain_1">Future Corporate Tax Rate [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_FutureCorporateTaxRateDomain" xlink:to="label_itrn_FutureCorporateTaxRateDomain_1" xlink:title="Label : itrn_FutureCorporateTaxRateDomain to label_itrn_FutureCorporateTaxRateDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_FutureCorporateTaxRateDomain_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_FutureCorporateTaxRateDomain_2" xml:lang="en-US" id="label_itrn_FutureCorporateTaxRateDomain_2">Future Corporate Tax Rate [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_FutureCorporateTaxRateDomain" xlink:to="label_itrn_FutureCorporateTaxRateDomain_2" xlink:title="Label : itrn_FutureCorporateTaxRateDomain to label_itrn_FutureCorporateTaxRateDomain_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_GilSheratzkyMember" xlink:label="itrn_GilSheratzkyMember" xlink:title="itrn_GilSheratzkyMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_GilSheratzkyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_GilSheratzkyMember" xml:lang="en-US" id="label_itrn_GilSheratzkyMember">Gil Sheratzky [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_GilSheratzkyMember" xlink:to="label_itrn_GilSheratzkyMember" xlink:title="Label : itrn_GilSheratzkyMember to label_itrn_GilSheratzkyMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_GilSheratzkyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_GilSheratzkyMember_1" xml:lang="en-US" id="label_itrn_GilSheratzkyMember_1">Gil Sheratzky [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_GilSheratzkyMember" xlink:to="label_itrn_GilSheratzkyMember_1" xlink:title="Label : itrn_GilSheratzkyMember to label_itrn_GilSheratzkyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_GilSheratzkyMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_GilSheratzkyMember_2" xml:lang="en-US" id="label_itrn_GilSheratzkyMember_2">Gil Sheratzky [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_GilSheratzkyMember" xlink:to="label_itrn_GilSheratzkyMember_2" xlink:title="Label : itrn_GilSheratzkyMember to label_itrn_GilSheratzkyMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_GovernmentInstitutionsCurrent" xlink:label="itrn_GovernmentInstitutionsCurrent" xlink:title="itrn_GovernmentInstitutionsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_itrn_GovernmentInstitutionsCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_GovernmentInstitutionsCurrent" xml:lang="en-US" id="label_itrn_GovernmentInstitutionsCurrent">Amount of asset related to government institutions that provide economic benefits within a future period of one year or the normal operating cycle, if longer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_GovernmentInstitutionsCurrent" xlink:to="label_itrn_GovernmentInstitutionsCurrent" xlink:title="Label : itrn_GovernmentInstitutionsCurrent to label_itrn_GovernmentInstitutionsCurrent" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_GovernmentInstitutionsCurrent" xlink:to="label_itrn_GovernmentInstitutionsCurrent_1" xlink:title="Label : itrn_GovernmentInstitutionsCurrent to label_itrn_GovernmentInstitutionsCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_GovernmentInstitutionsCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_GovernmentInstitutionsCurrent_2" xml:lang="en-US" id="label_itrn_GovernmentInstitutionsCurrent_2">Government institutions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_GovernmentInstitutionsCurrent" xlink:to="label_itrn_GovernmentInstitutionsCurrent_2" xlink:title="Label : itrn_GovernmentInstitutionsCurrent to label_itrn_GovernmentInstitutionsCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_GovernmentInstitutionsNoncurrent" xlink:label="itrn_GovernmentInstitutionsNoncurrent" xlink:title="itrn_GovernmentInstitutionsNoncurrent" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" xlink:title="dei_EntityVoluntaryFilers" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityVoluntaryFilers" xml:lang="en-US" id="label_dei_EntityVoluntaryFilers">Entity Voluntary Filers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="label_dei_EntityVoluntaryFilers" xlink:title="Label : dei_EntityVoluntaryFilers to label_dei_EntityVoluntaryFilers" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes" xlink:label="itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes" xlink:title="itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes" xml:lang="en-US" id="label_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes">Reconciliation of foreign taxes in respect of prior years income taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes" xlink:to="label_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes" xlink:title="Label : itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes to label_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes_1" xml:lang="en-US" id="label_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes_1">Income Tax Reconciliation Prior Year Foreign Income Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes" xlink:to="label_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes_1" xlink:title="Label : itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes to label_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes_2" xml:lang="en-US" id="label_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes_2">Taxes in respect of prior years: Outside Israel</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" xlink:title="dei_EntityCurrentReportingStatus" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityCurrentReportingStatus" xml:lang="en-US" id="label_dei_EntityCurrentReportingStatus">Entity Current Reporting Status</link:label>
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    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses" xlink:label="itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses" xlink:title="itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses" xml:lang="en-US" id="label_itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses">Utilization of losses of prior years in respect of which no deferred taxes were generated.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses_1" xml:lang="en-US" id="label_itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses_1">Income Tax Reconciliation Utilization Of Prior Year Losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses" xlink:to="label_itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses_1" xlink:title="Label : itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses to label_itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses_2" xml:lang="en-US" id="label_itrn_IncomeTaxReconciliationUtilizationOfPriorYearLosses_2">Utilization of losses of prior years in respect of which no deferred taxes were generated</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" xlink:title="dei_EntityFilerCategory" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityFilerCategory" xml:lang="en-US" id="label_dei_EntityFilerCategory">Entity Filer Category</link:label>
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    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_IncomeTaxReconciliationWithholdingsAtSource" xlink:label="itrn_IncomeTaxReconciliationWithholdingsAtSource" xlink:title="itrn_IncomeTaxReconciliationWithholdingsAtSource" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IncomeTaxReconciliationWithholdingsAtSource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_IncomeTaxReconciliationWithholdingsAtSource" xml:lang="en-US" id="label_itrn_IncomeTaxReconciliationWithholdingsAtSource">Taxes in respect of withholding at the source from royalties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IncomeTaxReconciliationWithholdingsAtSource" xlink:to="label_itrn_IncomeTaxReconciliationWithholdingsAtSource" xlink:title="Label : itrn_IncomeTaxReconciliationWithholdingsAtSource to label_itrn_IncomeTaxReconciliationWithholdingsAtSource" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IncomeTaxReconciliationWithholdingsAtSource_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_IncomeTaxReconciliationWithholdingsAtSource_1" xml:lang="en-US" id="label_itrn_IncomeTaxReconciliationWithholdingsAtSource_1">Income Tax Reconciliation, Withholdings At The Source</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IncomeTaxReconciliationWithholdingsAtSource" xlink:to="label_itrn_IncomeTaxReconciliationWithholdingsAtSource_1" xlink:title="Label : itrn_IncomeTaxReconciliationWithholdingsAtSource to label_itrn_IncomeTaxReconciliationWithholdingsAtSource_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IncomeTaxReconciliationWithholdingsAtSource_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_IncomeTaxReconciliationWithholdingsAtSource_2" xml:lang="en-US" id="label_itrn_IncomeTaxReconciliationWithholdingsAtSource_2">Taxes in respect of withholding at the source from royalties and dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IncomeTaxReconciliationWithholdingsAtSource" xlink:to="label_itrn_IncomeTaxReconciliationWithholdingsAtSource_2" xlink:title="Label : itrn_IncomeTaxReconciliationWithholdingsAtSource to label_itrn_IncomeTaxReconciliationWithholdingsAtSource_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability" xlink:label="itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability" xlink:title="itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability" xml:lang="en-US" id="label_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability">The amount of liability increase in employee rights upon retirement.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability_1" xml:lang="en-US" id="label_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability_1">Increase Decrease in Employee Rights upon Retirement Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability" xlink:to="label_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability_1" xlink:title="Label : itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability to label_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability_2" xml:lang="en-US" id="label_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability_2">Increase in liability for employee rights upon retirement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability" xlink:to="label_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability_2" xlink:title="Label : itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability to label_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:title="dei_EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityRegistrantName" xml:lang="en-US" id="label_dei_EntityRegistrantName">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="label_dei_EntityRegistrantName" xlink:title="Label : dei_EntityRegistrantName to label_dei_EntityRegistrantName" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals" xlink:label="itrn_IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals" xlink:title="itrn_IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals" xlink:to="label_itrn_IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals_1" xlink:title="Label : itrn_IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals to label_itrn_IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals_1" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:title="dei_EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityCentralIndexKey" xml:lang="en-US" id="label_dei_EntityCentralIndexKey">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="label_dei_EntityCentralIndexKey" xlink:title="Label : dei_EntityCentralIndexKey to label_dei_EntityCentralIndexKey" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_InvestmentInAffiliatedAndOtherCompanies" xlink:label="itrn_InvestmentInAffiliatedAndOtherCompanies" xlink:title="itrn_InvestmentInAffiliatedAndOtherCompanies" />
    <link:label xlink:type="resource" xlink:label="label_itrn_InvestmentInAffiliatedAndOtherCompanies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_InvestmentInAffiliatedAndOtherCompanies" xml:lang="en-US" id="label_itrn_InvestmentInAffiliatedAndOtherCompanies">Value of investments in affiliated and other companies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_InvestmentInAffiliatedAndOtherCompanies" xlink:to="label_itrn_InvestmentInAffiliatedAndOtherCompanies" xlink:title="Label : itrn_InvestmentInAffiliatedAndOtherCompanies to label_itrn_InvestmentInAffiliatedAndOtherCompanies" />
    <link:label xlink:type="resource" xlink:label="label_itrn_InvestmentInAffiliatedAndOtherCompanies_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_InvestmentInAffiliatedAndOtherCompanies_1" xml:lang="en-US" id="label_itrn_InvestmentInAffiliatedAndOtherCompanies_1">Investment In Affiliated And Other Companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_InvestmentInAffiliatedAndOtherCompanies" xlink:to="label_itrn_InvestmentInAffiliatedAndOtherCompanies_1" xlink:title="Label : itrn_InvestmentInAffiliatedAndOtherCompanies to label_itrn_InvestmentInAffiliatedAndOtherCompanies_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_InvestmentInAffiliatedAndOtherCompanies_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_InvestmentInAffiliatedAndOtherCompanies_2" xml:lang="en-US" id="label_itrn_InvestmentInAffiliatedAndOtherCompanies_2">Investments in affiliated and other companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_InvestmentInAffiliatedAndOtherCompanies" xlink:to="label_itrn_InvestmentInAffiliatedAndOtherCompanies_2" xlink:title="Label : itrn_InvestmentInAffiliatedAndOtherCompanies to label_itrn_InvestmentInAffiliatedAndOtherCompanies_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_IsraeliConsumerPriceIndexMember" xlink:label="itrn_IsraeliConsumerPriceIndexMember" xlink:title="itrn_IsraeliConsumerPriceIndexMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IsraeliConsumerPriceIndexMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_IsraeliConsumerPriceIndexMember" xml:lang="en-US" id="label_itrn_IsraeliConsumerPriceIndexMember">Israeli Consumer Price Index [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IsraeliConsumerPriceIndexMember" xlink:to="label_itrn_IsraeliConsumerPriceIndexMember" xlink:title="Label : itrn_IsraeliConsumerPriceIndexMember to label_itrn_IsraeliConsumerPriceIndexMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IsraeliConsumerPriceIndexMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_IsraeliConsumerPriceIndexMember_1" xml:lang="en-US" id="label_itrn_IsraeliConsumerPriceIndexMember_1">Israeli Consumer Price Index [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IsraeliConsumerPriceIndexMember" xlink:to="label_itrn_IsraeliConsumerPriceIndexMember_1" xlink:title="Label : itrn_IsraeliConsumerPriceIndexMember to label_itrn_IsraeliConsumerPriceIndexMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IsraeliConsumerPriceIndexMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_IsraeliConsumerPriceIndexMember_2" xml:lang="en-US" id="label_itrn_IsraeliConsumerPriceIndexMember_2">Israeli CPI [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IsraeliConsumerPriceIndexMember" xlink:to="label_itrn_IsraeliConsumerPriceIndexMember_2" xlink:title="Label : itrn_IsraeliConsumerPriceIndexMember to label_itrn_IsraeliConsumerPriceIndexMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_IturanLocationAndControlMember" xlink:label="itrn_IturanLocationAndControlMember" xlink:title="itrn_IturanLocationAndControlMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IturanLocationAndControlMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_IturanLocationAndControlMember" xml:lang="en-US" id="label_itrn_IturanLocationAndControlMember">Ituran Location And Control [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IturanLocationAndControlMember" xlink:to="label_itrn_IturanLocationAndControlMember" xlink:title="Label : itrn_IturanLocationAndControlMember to label_itrn_IturanLocationAndControlMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IturanLocationAndControlMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_IturanLocationAndControlMember_1" xml:lang="en-US" id="label_itrn_IturanLocationAndControlMember_1">Ituran Location And Control [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IturanLocationAndControlMember" xlink:to="label_itrn_IturanLocationAndControlMember_1" xlink:title="Label : itrn_IturanLocationAndControlMember to label_itrn_IturanLocationAndControlMember_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_IzzySheratzkyMember" xlink:label="itrn_IzzySheratzkyMember" xlink:title="itrn_IzzySheratzkyMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IzzySheratzkyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_IzzySheratzkyMember" xml:lang="en-US" id="label_itrn_IzzySheratzkyMember">Izzy Sheratzky [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IzzySheratzkyMember" xlink:to="label_itrn_IzzySheratzkyMember" xlink:title="Label : itrn_IzzySheratzkyMember to label_itrn_IzzySheratzkyMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IzzySheratzkyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_IzzySheratzkyMember_1" xml:lang="en-US" id="label_itrn_IzzySheratzkyMember_1">Izzy Sheratzky [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IzzySheratzkyMember" xlink:to="label_itrn_IzzySheratzkyMember_1" xlink:title="Label : itrn_IzzySheratzkyMember to label_itrn_IzzySheratzkyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IzzySheratzkyMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_IzzySheratzkyMember_2" xml:lang="en-US" id="label_itrn_IzzySheratzkyMember_2">Izzy Sheratzky [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IzzySheratzkyMember" xlink:to="label_itrn_IzzySheratzkyMember_2" xlink:title="Label : itrn_IzzySheratzkyMember to label_itrn_IzzySheratzkyMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:title="dei_EntityCommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US" id="label_dei_EntityCommonStockSharesOutstanding">Entity Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="label_dei_EntityCommonStockSharesOutstanding" xlink:title="Label : dei_EntityCommonStockSharesOutstanding to label_dei_EntityCommonStockSharesOutstanding" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LegalFeesMember" xlink:label="itrn_LegalFeesMember" xlink:title="itrn_LegalFeesMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LegalFeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LegalFeesMember" xml:lang="en-US" id="label_itrn_LegalFeesMember">Legal Fees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LegalFeesMember" xlink:to="label_itrn_LegalFeesMember" xlink:title="Label : itrn_LegalFeesMember to label_itrn_LegalFeesMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LegalFeesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LegalFeesMember_1" xml:lang="en-US" id="label_itrn_LegalFeesMember_1">Legal Fees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LegalFeesMember" xlink:to="label_itrn_LegalFeesMember_1" xlink:title="Label : itrn_LegalFeesMember to label_itrn_LegalFeesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LegalFeesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LegalFeesMember_2" xml:lang="en-US" id="label_itrn_LegalFeesMember_2">Legal Fees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LegalFeesMember" xlink:to="label_itrn_LegalFeesMember_2" xlink:title="Label : itrn_LegalFeesMember to label_itrn_LegalFeesMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LevelOfIncentivePercentage" xlink:label="itrn_LevelOfIncentivePercentage" xlink:title="itrn_LevelOfIncentivePercentage" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LevelOfIncentivePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LevelOfIncentivePercentage" xml:lang="en-US" id="label_itrn_LevelOfIncentivePercentage">Represents the level of incentive as a percentage of executive office holder's annual cost of pay.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LevelOfIncentivePercentage" xlink:to="label_itrn_LevelOfIncentivePercentage" xlink:title="Label : itrn_LevelOfIncentivePercentage to label_itrn_LevelOfIncentivePercentage" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LevelOfIncentivePercentage_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LevelOfIncentivePercentage_1" xml:lang="en-US" id="label_itrn_LevelOfIncentivePercentage_1">Level Of Incentive Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LevelOfIncentivePercentage" xlink:to="label_itrn_LevelOfIncentivePercentage_1" xlink:title="Label : itrn_LevelOfIncentivePercentage to label_itrn_LevelOfIncentivePercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LevelOfIncentivePercentage_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LevelOfIncentivePercentage_2" xml:lang="en-US" id="label_itrn_LevelOfIncentivePercentage_2">Level of incentive</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LevelOfIncentivePercentage" xlink:to="label_itrn_LevelOfIncentivePercentage_2" xlink:title="Label : itrn_LevelOfIncentivePercentage to label_itrn_LevelOfIncentivePercentage_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LitigationObligation" xlink:label="itrn_LitigationObligation" xlink:title="itrn_LitigationObligation" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LitigationObligation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LitigationObligation" xml:lang="en-US" id="label_itrn_LitigationObligation">The amount of litigation obligations that result in no cash outflows or inflows.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LitigationObligation" xlink:to="label_itrn_LitigationObligation" xlink:title="Label : itrn_LitigationObligation to label_itrn_LitigationObligation" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LitigationObligation_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LitigationObligation_1" xml:lang="en-US" id="label_itrn_LitigationObligation_1">Litigation Obligation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LitigationObligation" xlink:to="label_itrn_LitigationObligation_1" xlink:title="Label : itrn_LitigationObligation to label_itrn_LitigationObligation_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LitigationObligation_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LitigationObligation_2" xml:lang="en-US" id="label_itrn_LitigationObligation_2">Litigation obligation adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LitigationObligation" xlink:to="label_itrn_LitigationObligation_2" xlink:title="Label : itrn_LitigationObligation to label_itrn_LitigationObligation_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LoanToFormerEmployeeCurrent" xlink:label="itrn_LoanToFormerEmployeeCurrent" xlink:title="itrn_LoanToFormerEmployeeCurrent" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LoanToFormerEmployeeCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LoanToFormerEmployeeCurrent" xml:lang="en-US" id="label_itrn_LoanToFormerEmployeeCurrent">Aggregate carrying amount as of the balance sheet date of loan to former employee.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LoanToFormerEmployeeCurrent" xlink:to="label_itrn_LoanToFormerEmployeeCurrent" xlink:title="Label : itrn_LoanToFormerEmployeeCurrent to label_itrn_LoanToFormerEmployeeCurrent" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LoanToFormerEmployeeCurrent_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LoanToFormerEmployeeCurrent_1" xml:lang="en-US" id="label_itrn_LoanToFormerEmployeeCurrent_1">Loan to Former Employee, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LoanToFormerEmployeeCurrent" xlink:to="label_itrn_LoanToFormerEmployeeCurrent_1" xlink:title="Label : itrn_LoanToFormerEmployeeCurrent to label_itrn_LoanToFormerEmployeeCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LoanToFormerEmployeeCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LoanToFormerEmployeeCurrent_2" xml:lang="en-US" id="label_itrn_LoanToFormerEmployeeCurrent_2">Loan to former employee</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LoanToFormerEmployeeCurrent" xlink:to="label_itrn_LoanToFormerEmployeeCurrent_2" xlink:title="Label : itrn_LoanToFormerEmployeeCurrent to label_itrn_LoanToFormerEmployeeCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LocationBasedServicesCosts" xlink:label="itrn_LocationBasedServicesCosts" xlink:title="itrn_LocationBasedServicesCosts" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationBasedServicesCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LocationBasedServicesCosts" xml:lang="en-US" id="label_itrn_LocationBasedServicesCosts">Location based services costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationBasedServicesCosts" xlink:to="label_itrn_LocationBasedServicesCosts" xlink:title="Label : itrn_LocationBasedServicesCosts to label_itrn_LocationBasedServicesCosts" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationBasedServicesCosts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LocationBasedServicesCosts_1" xml:lang="en-US" id="label_itrn_LocationBasedServicesCosts_1">Location Based Services Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationBasedServicesCosts" xlink:to="label_itrn_LocationBasedServicesCosts_1" xlink:title="Label : itrn_LocationBasedServicesCosts to label_itrn_LocationBasedServicesCosts_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationBasedServicesCosts_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LocationBasedServicesCosts_2" xml:lang="en-US" id="label_itrn_LocationBasedServicesCosts_2">Location based services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationBasedServicesCosts" xlink:to="label_itrn_LocationBasedServicesCosts_2" xlink:title="Label : itrn_LocationBasedServicesCosts to label_itrn_LocationBasedServicesCosts_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LocationBasedServicesMember" xlink:label="itrn_LocationBasedServicesMember" xlink:title="itrn_LocationBasedServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationBasedServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LocationBasedServicesMember" xml:lang="en-US" id="label_itrn_LocationBasedServicesMember">Location Based Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationBasedServicesMember" xlink:to="label_itrn_LocationBasedServicesMember" xlink:title="Label : itrn_LocationBasedServicesMember to label_itrn_LocationBasedServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationBasedServicesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LocationBasedServicesMember_1" xml:lang="en-US" id="label_itrn_LocationBasedServicesMember_1">Location Based Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationBasedServicesMember" xlink:to="label_itrn_LocationBasedServicesMember_1" xlink:title="Label : itrn_LocationBasedServicesMember to label_itrn_LocationBasedServicesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationBasedServicesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LocationBasedServicesMember_2" xml:lang="en-US" id="label_itrn_LocationBasedServicesMember_2">Location Based Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationBasedServicesMember" xlink:to="label_itrn_LocationBasedServicesMember_2" xlink:title="Label : itrn_LocationBasedServicesMember to label_itrn_LocationBasedServicesMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2013/country-2013-01-31.xsd#country_IL" xlink:label="country_IL" xlink:title="country_IL" />
    <link:label xlink:type="resource" xlink:label="label_country_IL" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_country_IL" xml:lang="en-US" id="label_country_IL">IL [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_IL" xlink:to="label_country_IL" xlink:title="Label : country_IL to label_country_IL" />
    <link:label xlink:type="resource" xlink:label="label_country_IL_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_country_IL_1" xml:lang="en-US" id="label_country_IL_1">Israel [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_IL" xlink:to="label_country_IL_1" xlink:title="Label : country_IL to label_country_IL_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LocationBasedServicesRevenue" xlink:label="itrn_LocationBasedServicesRevenue" xlink:title="itrn_LocationBasedServicesRevenue" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationBasedServicesRevenue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LocationBasedServicesRevenue" xml:lang="en-US" id="label_itrn_LocationBasedServicesRevenue">Location based services revenue.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationBasedServicesRevenue" xlink:to="label_itrn_LocationBasedServicesRevenue" xlink:title="Label : itrn_LocationBasedServicesRevenue to label_itrn_LocationBasedServicesRevenue" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationBasedServicesRevenue_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LocationBasedServicesRevenue_1" xml:lang="en-US" id="label_itrn_LocationBasedServicesRevenue_1">Location Based Services Revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationBasedServicesRevenue" xlink:to="label_itrn_LocationBasedServicesRevenue_1" xlink:title="Label : itrn_LocationBasedServicesRevenue to label_itrn_LocationBasedServicesRevenue_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationBasedServicesRevenue_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LocationBasedServicesRevenue_2" xml:lang="en-US" id="label_itrn_LocationBasedServicesRevenue_2">Location based services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationBasedServicesRevenue" xlink:to="label_itrn_LocationBasedServicesRevenue_2" xlink:title="Label : itrn_LocationBasedServicesRevenue to label_itrn_LocationBasedServicesRevenue_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LocationetMember" xlink:label="itrn_LocationetMember" xlink:title="itrn_LocationetMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationetMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LocationetMember" xml:lang="en-US" id="label_itrn_LocationetMember">Locationet [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationetMember" xlink:to="label_itrn_LocationetMember" xlink:title="Label : itrn_LocationetMember to label_itrn_LocationetMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationetMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LocationetMember_1" xml:lang="en-US" id="label_itrn_LocationetMember_1">Locationet [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationetMember" xlink:to="label_itrn_LocationetMember_1" xlink:title="Label : itrn_LocationetMember to label_itrn_LocationetMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationetMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LocationetMember_2" xml:lang="en-US" id="label_itrn_LocationetMember_2">Locationet [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationetMember" xlink:to="label_itrn_LocationetMember_2" xlink:title="Label : itrn_LocationetMember to label_itrn_LocationetMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LongTermPurchaseCommitmentTermOfAgreement" xlink:label="itrn_LongTermPurchaseCommitmentTermOfAgreement" xlink:title="itrn_LongTermPurchaseCommitmentTermOfAgreement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LongTermPurchaseCommitmentTermOfAgreement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LongTermPurchaseCommitmentTermOfAgreement" xml:lang="en-US" id="label_itrn_LongTermPurchaseCommitmentTermOfAgreement">The period of time for a long-term purchase commitment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LongTermPurchaseCommitmentTermOfAgreement" xlink:to="label_itrn_LongTermPurchaseCommitmentTermOfAgreement" xlink:title="Label : itrn_LongTermPurchaseCommitmentTermOfAgreement to label_itrn_LongTermPurchaseCommitmentTermOfAgreement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LongTermPurchaseCommitmentTermOfAgreement_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LongTermPurchaseCommitmentTermOfAgreement_1" xml:lang="en-US" id="label_itrn_LongTermPurchaseCommitmentTermOfAgreement_1">Long-term Purchase Commitment, Term Of Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LongTermPurchaseCommitmentTermOfAgreement" xlink:to="label_itrn_LongTermPurchaseCommitmentTermOfAgreement_1" xlink:title="Label : itrn_LongTermPurchaseCommitmentTermOfAgreement to label_itrn_LongTermPurchaseCommitmentTermOfAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LongTermPurchaseCommitmentTermOfAgreement_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LongTermPurchaseCommitmentTermOfAgreement_2" xml:lang="en-US" id="label_itrn_LongTermPurchaseCommitmentTermOfAgreement_2">Term of Frame Product and Service Purchase Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LongTermPurchaseCommitmentTermOfAgreement" xlink:to="label_itrn_LongTermPurchaseCommitmentTermOfAgreement_2" xlink:title="Label : itrn_LongTermPurchaseCommitmentTermOfAgreement to label_itrn_LongTermPurchaseCommitmentTermOfAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod" xlink:label="itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod" xlink:title="itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod" xml:lang="en-US" id="label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod">The period of time pertaining to the renewal period of a long-term purchase commitment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod" xlink:to="label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod" xlink:title="Label : itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod to label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod_1" xml:lang="en-US" id="label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod_1">Long-term Purchase Commitment, Term Of Any Renewal Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod" xlink:to="label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod_1" xlink:title="Label : itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod to label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod_2" xml:lang="en-US" id="label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod_2">Term of any renewal period for Frame Product and Service Purchase Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod" xlink:to="label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod_2" xlink:title="Label : itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod to label_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_MajorityMember" xlink:label="itrn_MajorityMember" xlink:title="itrn_MajorityMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_MajorityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_MajorityMember" xml:lang="en-US" id="label_itrn_MajorityMember">Majority [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_MajorityMember" xlink:to="label_itrn_MajorityMember" xlink:title="Label : itrn_MajorityMember to label_itrn_MajorityMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_MajorityMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_MajorityMember_1" xml:lang="en-US" id="label_itrn_MajorityMember_1">Majority [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_MajorityMember" xlink:to="label_itrn_MajorityMember_1" xlink:title="Label : itrn_MajorityMember to label_itrn_MajorityMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_MajorityMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_MajorityMember_2" xml:lang="en-US" id="label_itrn_MajorityMember_2">Majority [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_MajorityMember" xlink:to="label_itrn_MajorityMember_2" xlink:title="Label : itrn_MajorityMember to label_itrn_MajorityMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_NirSheratzkyMember" xlink:label="itrn_NirSheratzkyMember" xlink:title="itrn_NirSheratzkyMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_NirSheratzkyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_NirSheratzkyMember" xml:lang="en-US" id="label_itrn_NirSheratzkyMember">Nir Sheratzky [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_NirSheratzkyMember" xlink:to="label_itrn_NirSheratzkyMember" xlink:title="Label : itrn_NirSheratzkyMember to label_itrn_NirSheratzkyMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_NirSheratzkyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_NirSheratzkyMember_1" xml:lang="en-US" id="label_itrn_NirSheratzkyMember_1">Nir Sheratzky [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_NirSheratzkyMember" xlink:to="label_itrn_NirSheratzkyMember_1" xlink:title="Label : itrn_NirSheratzkyMember to label_itrn_NirSheratzkyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_NirSheratzkyMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_NirSheratzkyMember_2" xml:lang="en-US" id="label_itrn_NirSheratzkyMember_2">Nir Sheratzky [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_NirSheratzkyMember" xlink:to="label_itrn_NirSheratzkyMember_2" xlink:title="Label : itrn_NirSheratzkyMember to label_itrn_NirSheratzkyMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_OperatingEquipmentAmountSubjectToLeaseTransactions" xlink:label="itrn_OperatingEquipmentAmountSubjectToLeaseTransactions" xlink:title="itrn_OperatingEquipmentAmountSubjectToLeaseTransactions" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions" xml:lang="en-US" id="label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions">Th value of operating equipment subject to lease transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OperatingEquipmentAmountSubjectToLeaseTransactions" xlink:to="label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions" xlink:title="Label : itrn_OperatingEquipmentAmountSubjectToLeaseTransactions to label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions_1" xml:lang="en-US" id="label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions_1">Operating Equipment Amount Subject To Lease Transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OperatingEquipmentAmountSubjectToLeaseTransactions" xlink:to="label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions_1" xlink:title="Label : itrn_OperatingEquipmentAmountSubjectToLeaseTransactions to label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions_2" xml:lang="en-US" id="label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions_2">Operating equipment, amount subject to lease transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OperatingEquipmentAmountSubjectToLeaseTransactions" xlink:to="label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions_2" xlink:title="Label : itrn_OperatingEquipmentAmountSubjectToLeaseTransactions to label_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_OtherExpenseDebtWriteOff" xlink:label="itrn_OtherExpenseDebtWriteOff" xlink:title="itrn_OtherExpenseDebtWriteOff" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OtherExpenseDebtWriteOff" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_OtherExpenseDebtWriteOff" xml:lang="en-US" id="label_itrn_OtherExpenseDebtWriteOff">The amount of other expense, debt write-off.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OtherExpenseDebtWriteOff" xlink:to="label_itrn_OtherExpenseDebtWriteOff" xlink:title="Label : itrn_OtherExpenseDebtWriteOff to label_itrn_OtherExpenseDebtWriteOff" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OtherExpenseDebtWriteOff_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_OtherExpenseDebtWriteOff_1" xml:lang="en-US" id="label_itrn_OtherExpenseDebtWriteOff_1">Other Expense Debt Write-Off</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OtherExpenseDebtWriteOff" xlink:to="label_itrn_OtherExpenseDebtWriteOff_1" xlink:title="Label : itrn_OtherExpenseDebtWriteOff to label_itrn_OtherExpenseDebtWriteOff_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OtherExpenseDebtWriteOff_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_OtherExpenseDebtWriteOff_2" xml:lang="en-US" id="label_itrn_OtherExpenseDebtWriteOff_2">Debt write-off</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OtherExpenseDebtWriteOff" xlink:to="label_itrn_OtherExpenseDebtWriteOff_2" xlink:title="Label : itrn_OtherExpenseDebtWriteOff to label_itrn_OtherExpenseDebtWriteOff_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_OtherForeignCountriesMember" xlink:label="itrn_OtherForeignCountriesMember" xlink:title="itrn_OtherForeignCountriesMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OtherForeignCountriesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_OtherForeignCountriesMember" xml:lang="en-US" id="label_itrn_OtherForeignCountriesMember">Other Foreign Countries [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OtherForeignCountriesMember" xlink:to="label_itrn_OtherForeignCountriesMember" xlink:title="Label : itrn_OtherForeignCountriesMember to label_itrn_OtherForeignCountriesMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OtherForeignCountriesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_OtherForeignCountriesMember_1" xml:lang="en-US" id="label_itrn_OtherForeignCountriesMember_1">Other Foreign Countries [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OtherForeignCountriesMember" xlink:to="label_itrn_OtherForeignCountriesMember_1" xlink:title="Label : itrn_OtherForeignCountriesMember to label_itrn_OtherForeignCountriesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OtherForeignCountriesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_OtherForeignCountriesMember_2" xml:lang="en-US" id="label_itrn_OtherForeignCountriesMember_2">Others [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OtherForeignCountriesMember" xlink:to="label_itrn_OtherForeignCountriesMember_2" xlink:title="Label : itrn_OtherForeignCountriesMember to label_itrn_OtherForeignCountriesMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_OtherNonCurrentAssetsDisclosureTextBlock" xlink:label="itrn_OtherNonCurrentAssetsDisclosureTextBlock" xlink:title="itrn_OtherNonCurrentAssetsDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OtherNonCurrentAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_OtherNonCurrentAssetsDisclosureTextBlock" xml:lang="en-US" id="label_itrn_OtherNonCurrentAssetsDisclosureTextBlock">The entire disclosure of other non-current assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OtherNonCurrentAssetsDisclosureTextBlock" xlink:to="label_itrn_OtherNonCurrentAssetsDisclosureTextBlock" xlink:title="Label : itrn_OtherNonCurrentAssetsDisclosureTextBlock to label_itrn_OtherNonCurrentAssetsDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OtherNonCurrentAssetsDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_OtherNonCurrentAssetsDisclosureTextBlock_1" xml:lang="en-US" id="label_itrn_OtherNonCurrentAssetsDisclosureTextBlock_1">Other Non-Current Assets Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OtherNonCurrentAssetsDisclosureTextBlock" xlink:to="label_itrn_OtherNonCurrentAssetsDisclosureTextBlock_1" xlink:title="Label : itrn_OtherNonCurrentAssetsDisclosureTextBlock to label_itrn_OtherNonCurrentAssetsDisclosureTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OtherNonCurrentAssetsDisclosureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_OtherNonCurrentAssetsDisclosureTextBlock_2" xml:lang="en-US" id="label_itrn_OtherNonCurrentAssetsDisclosureTextBlock_2">OTHER NON-CURRENT ASSETS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OtherNonCurrentAssetsDisclosureTextBlock" xlink:to="label_itrn_OtherNonCurrentAssetsDisclosureTextBlock_2" xlink:title="Label : itrn_OtherNonCurrentAssetsDisclosureTextBlock to label_itrn_OtherNonCurrentAssetsDisclosureTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" xlink:title="dei_DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_DocumentFiscalYearFocus" xml:lang="en-US" id="label_dei_DocumentFiscalYearFocus">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="label_dei_DocumentFiscalYearFocus" xlink:title="Label : dei_DocumentFiscalYearFocus to label_dei_DocumentFiscalYearFocus" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_OtherSignificantItemsAbstract" xlink:label="itrn_OtherSignificantItemsAbstract" xlink:title="itrn_OtherSignificantItemsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OtherSignificantItemsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_OtherSignificantItemsAbstract" xml:lang="en-US" id="label_itrn_OtherSignificantItemsAbstract">Other Significant Items [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OtherSignificantItemsAbstract" xlink:to="label_itrn_OtherSignificantItemsAbstract" xlink:title="Label : itrn_OtherSignificantItemsAbstract to label_itrn_OtherSignificantItemsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_itrn_OtherSignificantItemsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_OtherSignificantItemsAbstract_1" xml:lang="en-US" id="label_itrn_OtherSignificantItemsAbstract_1">Other significant items</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_OtherSignificantItemsAbstract" xlink:to="label_itrn_OtherSignificantItemsAbstract_1" xlink:title="Label : itrn_OtherSignificantItemsAbstract to label_itrn_OtherSignificantItemsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:title="dei_DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_DocumentFiscalPeriodFocus" xml:lang="en-US" id="label_dei_DocumentFiscalPeriodFocus">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="label_dei_DocumentFiscalPeriodFocus" xlink:title="Label : dei_DocumentFiscalPeriodFocus to label_dei_DocumentFiscalPeriodFocus" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_BRINGGDeliveryTechnologiesLtdMember" xlink:label="itrn_BRINGGDeliveryTechnologiesLtdMember" xlink:title="itrn_BRINGGDeliveryTechnologiesLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BRINGGDeliveryTechnologiesLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_BRINGGDeliveryTechnologiesLtdMember" xml:lang="en-US" id="label_itrn_BRINGGDeliveryTechnologiesLtdMember">Represents information pertaining to BRINGG Delivery Technologies Ltd. (BRINGG) Formerly Overvyoo Ltd.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BRINGGDeliveryTechnologiesLtdMember" xlink:to="label_itrn_BRINGGDeliveryTechnologiesLtdMember" xlink:title="Label : itrn_BRINGGDeliveryTechnologiesLtdMember to label_itrn_BRINGGDeliveryTechnologiesLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BRINGGDeliveryTechnologiesLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_BRINGGDeliveryTechnologiesLtdMember_1" xml:lang="en-US" id="label_itrn_BRINGGDeliveryTechnologiesLtdMember_1">BRINGG Delivery Technologies Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BRINGGDeliveryTechnologiesLtdMember" xlink:to="label_itrn_BRINGGDeliveryTechnologiesLtdMember_1" xlink:title="Label : itrn_BRINGGDeliveryTechnologiesLtdMember to label_itrn_BRINGGDeliveryTechnologiesLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BRINGGDeliveryTechnologiesLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_BRINGGDeliveryTechnologiesLtdMember_2" xml:lang="en-US" id="label_itrn_BRINGGDeliveryTechnologiesLtdMember_2">BRINGG Delivery Technologies Ltd. ("BRINGG") Formerly Overvyoo Ltd</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BRINGGDeliveryTechnologiesLtdMember" xlink:to="label_itrn_BRINGGDeliveryTechnologiesLtdMember_2" xlink:title="Label : itrn_BRINGGDeliveryTechnologiesLtdMember to label_itrn_BRINGGDeliveryTechnologiesLtdMember_2" />
    <link:label xlink:type="resource" xlink:label="label_itrn_BRINGGDeliveryTechnologiesLtdMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_BRINGGDeliveryTechnologiesLtdMember_3" xml:lang="en-US" id="label_itrn_BRINGGDeliveryTechnologiesLtdMember_3">BRINGG [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_BRINGGDeliveryTechnologiesLtdMember" xlink:to="label_itrn_BRINGGDeliveryTechnologiesLtdMember_3" xlink:title="Label : itrn_BRINGGDeliveryTechnologiesLtdMember to label_itrn_BRINGGDeliveryTechnologiesLtdMember_3" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear" xlink:label="itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear" xlink:title="itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear" xml:lang="en-US" id="label_itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear">The percentage increase (decrease) in consumer price index during the year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear" xlink:to="label_itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear" xlink:title="Label : itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear to label_itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear_1" xml:lang="en-US" id="label_itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear_1">Percentage Increase (Decrease) In Consumer Price Index During Year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear" xlink:to="label_itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear_1" xlink:title="Label : itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear to label_itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear" xlink:to="label_itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear_2" xlink:title="Label : itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear to label_itrn_PercentageIncreaseDecreaseInConsumerPriceIndexDuringYear_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear" xlink:label="itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear" xlink:title="itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear" xml:lang="en-US" id="label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear">The percentage increase (decrease) in exchange rate during the year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear" xlink:to="label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear" xlink:title="Label : itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear to label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear_1" xml:lang="en-US" id="label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear_1">Percentage Increase (Decrease) In Exchange Rate During Year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear" xlink:to="label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear_1" xlink:title="Label : itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear to label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear_2" xml:lang="en-US" id="label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear_2">Increase (decrease) during the year: Exchange rate of one US dollar</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear" xlink:to="label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear_2" xlink:title="Label : itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear to label_itrn_PercentageIncreaseDecreaseInExchangeRateDuringYear_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement" xlink:label="itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement" xlink:title="itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement" xml:lang="en-US" id="label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement">Percentage of increase in subsidiary profit available based on agreement, paid as bonus.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement" xlink:to="label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement" xlink:title="Label : itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement to label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement_1" xml:lang="en-US" id="label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement_1">Percentage Of Increase In Profits Avaliable In Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement" xlink:to="label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement_1" xlink:title="Label : itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement to label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement_2" xml:lang="en-US" id="label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement_2">Percentage of increase in profit available based on agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement" xlink:to="label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement_2" xlink:title="Label : itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement to label_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement" xlink:label="itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement" xlink:title="itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement" xml:lang="en-US" id="label_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement">Percentage of pretax income avaliable per employment agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement" xlink:to="label_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement" xlink:title="Label : itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement to label_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement_1" xml:lang="en-US" id="label_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement_1">Percentage Of Pretax Income Avaliable In Employment Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement" xlink:to="label_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement_1" xlink:title="Label : itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement to label_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement" xlink:to="label_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement_2" xlink:title="Label : itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement to label_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_PreferredCompanyMember" xlink:label="itrn_PreferredCompanyMember" xlink:title="itrn_PreferredCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PreferredCompanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_PreferredCompanyMember" xml:lang="en-US" id="label_itrn_PreferredCompanyMember">Preferred Company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PreferredCompanyMember" xlink:to="label_itrn_PreferredCompanyMember" xlink:title="Label : itrn_PreferredCompanyMember to label_itrn_PreferredCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PreferredCompanyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_PreferredCompanyMember_1" xml:lang="en-US" id="label_itrn_PreferredCompanyMember_1">Preferred Company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PreferredCompanyMember" xlink:to="label_itrn_PreferredCompanyMember_1" xlink:title="Label : itrn_PreferredCompanyMember to label_itrn_PreferredCompanyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PreferredCompanyMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_PreferredCompanyMember_2" xml:lang="en-US" id="label_itrn_PreferredCompanyMember_2">Preferred Company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PreferredCompanyMember" xlink:to="label_itrn_PreferredCompanyMember_2" xlink:title="Label : itrn_PreferredCompanyMember to label_itrn_PreferredCompanyMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ProfitBeforeTaxTargets" xlink:label="itrn_ProfitBeforeTaxTargets" xlink:title="itrn_ProfitBeforeTaxTargets" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ProfitBeforeTaxTargets" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargets">The range of profits that must be achieved for to award a cash incentive to the Executive Office Holders.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargets" xlink:to="label_itrn_ProfitBeforeTaxTargets" xlink:title="Label : itrn_ProfitBeforeTaxTargets to label_itrn_ProfitBeforeTaxTargets" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ProfitBeforeTaxTargets_1" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargets_1">Profit Before Tax Targets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargets" xlink:to="label_itrn_ProfitBeforeTaxTargets_1" xlink:title="Label : itrn_ProfitBeforeTaxTargets to label_itrn_ProfitBeforeTaxTargets_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_ProfitBeforeTaxTargets_2" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargets_2">Profit before tax targets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargets" xlink:to="label_itrn_ProfitBeforeTaxTargets_2" xlink:title="Label : itrn_ProfitBeforeTaxTargets to label_itrn_ProfitBeforeTaxTargets_2" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargets_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_ProfitBeforeTaxTargets_3" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargets_3">Profit-Before-Tax Targets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargets" xlink:to="label_itrn_ProfitBeforeTaxTargets_3" xlink:title="Label : itrn_ProfitBeforeTaxTargets to label_itrn_ProfitBeforeTaxTargets_3" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ProfitBeforeTaxTargetsAxis" xlink:label="itrn_ProfitBeforeTaxTargetsAxis" xlink:title="itrn_ProfitBeforeTaxTargetsAxis" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargetsAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ProfitBeforeTaxTargetsAxis" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargetsAxis">Information by range of profit before tax, including, but not limited to, upper and lower bounds.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsAxis" xlink:to="label_itrn_ProfitBeforeTaxTargetsAxis" xlink:title="Label : itrn_ProfitBeforeTaxTargetsAxis to label_itrn_ProfitBeforeTaxTargetsAxis" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargetsAxis_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ProfitBeforeTaxTargetsAxis_1" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargetsAxis_1">Profit Before Tax Targets [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsAxis" xlink:to="label_itrn_ProfitBeforeTaxTargetsAxis_1" xlink:title="Label : itrn_ProfitBeforeTaxTargetsAxis to label_itrn_ProfitBeforeTaxTargetsAxis_1" />
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    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargetsDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ProfitBeforeTaxTargetsDomain" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargetsDomain">Extent of variation in profit before tax, for example, but not limited to, upper and lower bounds.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsDomain" xlink:to="label_itrn_ProfitBeforeTaxTargetsDomain" xlink:title="Label : itrn_ProfitBeforeTaxTargetsDomain to label_itrn_ProfitBeforeTaxTargetsDomain" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargetsDomain_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ProfitBeforeTaxTargetsDomain_1" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargetsDomain_1">Profit Before Tax Targets [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsDomain" xlink:to="label_itrn_ProfitBeforeTaxTargetsDomain_1" xlink:title="Label : itrn_ProfitBeforeTaxTargetsDomain to label_itrn_ProfitBeforeTaxTargetsDomain_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ProfitBeforeTaxTargetsRangeFiveMember" xlink:label="itrn_ProfitBeforeTaxTargetsRangeFiveMember" xlink:title="itrn_ProfitBeforeTaxTargetsRangeFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargetsRangeFiveMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ProfitBeforeTaxTargetsRangeFiveMember" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargetsRangeFiveMember">Profit Before Tax Targets Range Five [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsRangeFiveMember" xlink:to="label_itrn_ProfitBeforeTaxTargetsRangeFiveMember" xlink:title="Label : itrn_ProfitBeforeTaxTargetsRangeFiveMember to label_itrn_ProfitBeforeTaxTargetsRangeFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargetsRangeFiveMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ProfitBeforeTaxTargetsRangeFiveMember_1" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargetsRangeFiveMember_1">Profit Before Tax Targets Range Five [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsRangeFiveMember" xlink:to="label_itrn_ProfitBeforeTaxTargetsRangeFiveMember_1" xlink:title="Label : itrn_ProfitBeforeTaxTargetsRangeFiveMember to label_itrn_ProfitBeforeTaxTargetsRangeFiveMember_1" />
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    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargetsRangeFourMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ProfitBeforeTaxTargetsRangeFourMember" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargetsRangeFourMember">Profit Before Tax Targets Range Four [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsRangeFourMember" xlink:to="label_itrn_ProfitBeforeTaxTargetsRangeFourMember" xlink:title="Label : itrn_ProfitBeforeTaxTargetsRangeFourMember to label_itrn_ProfitBeforeTaxTargetsRangeFourMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargetsRangeFourMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ProfitBeforeTaxTargetsRangeFourMember_1" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargetsRangeFourMember_1">Profit Before Tax Targets Range Four [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsRangeFourMember" xlink:to="label_itrn_ProfitBeforeTaxTargetsRangeFourMember_1" xlink:title="Label : itrn_ProfitBeforeTaxTargetsRangeFourMember to label_itrn_ProfitBeforeTaxTargetsRangeFourMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" xlink:title="dei_LegalEntityAxis" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="label_dei_LegalEntityAxis" xlink:title="Label : dei_LegalEntityAxis to label_dei_LegalEntityAxis" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ProfitBeforeTaxTargetsRangeOneMember" xlink:label="itrn_ProfitBeforeTaxTargetsRangeOneMember" xlink:title="itrn_ProfitBeforeTaxTargetsRangeOneMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargetsRangeOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ProfitBeforeTaxTargetsRangeOneMember" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargetsRangeOneMember">Profit Before Tax Targets Range One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsRangeOneMember" xlink:to="label_itrn_ProfitBeforeTaxTargetsRangeOneMember" xlink:title="Label : itrn_ProfitBeforeTaxTargetsRangeOneMember to label_itrn_ProfitBeforeTaxTargetsRangeOneMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsRangeOneMember" xlink:to="label_itrn_ProfitBeforeTaxTargetsRangeOneMember_1" xlink:title="Label : itrn_ProfitBeforeTaxTargetsRangeOneMember to label_itrn_ProfitBeforeTaxTargetsRangeOneMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xlink:title="dei_DocumentType" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_DocumentType" xml:lang="en-US" id="label_dei_DocumentType">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="label_dei_DocumentType" xlink:title="Label : dei_DocumentType to label_dei_DocumentType" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ProfitBeforeTaxTargetsRangeThreeMember" xlink:label="itrn_ProfitBeforeTaxTargetsRangeThreeMember" xlink:title="itrn_ProfitBeforeTaxTargetsRangeThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargetsRangeThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ProfitBeforeTaxTargetsRangeThreeMember" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargetsRangeThreeMember">Profit Before Tax Targets Range Three [Member</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsRangeThreeMember" xlink:to="label_itrn_ProfitBeforeTaxTargetsRangeThreeMember" xlink:title="Label : itrn_ProfitBeforeTaxTargetsRangeThreeMember to label_itrn_ProfitBeforeTaxTargetsRangeThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargetsRangeThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ProfitBeforeTaxTargetsRangeThreeMember_1" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargetsRangeThreeMember_1">Profit Before Tax Targets Range Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsRangeThreeMember" xlink:to="label_itrn_ProfitBeforeTaxTargetsRangeThreeMember_1" xlink:title="Label : itrn_ProfitBeforeTaxTargetsRangeThreeMember to label_itrn_ProfitBeforeTaxTargetsRangeThreeMember_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ProfitBeforeTaxTargetsRangeTwoMember" xlink:label="itrn_ProfitBeforeTaxTargetsRangeTwoMember" xlink:title="itrn_ProfitBeforeTaxTargetsRangeTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargetsRangeTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ProfitBeforeTaxTargetsRangeTwoMember" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargetsRangeTwoMember">Profit Before Tax Targets Range Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsRangeTwoMember" xlink:to="label_itrn_ProfitBeforeTaxTargetsRangeTwoMember" xlink:title="Label : itrn_ProfitBeforeTaxTargetsRangeTwoMember to label_itrn_ProfitBeforeTaxTargetsRangeTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ProfitBeforeTaxTargetsRangeTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ProfitBeforeTaxTargetsRangeTwoMember_1" xml:lang="en-US" id="label_itrn_ProfitBeforeTaxTargetsRangeTwoMember_1">Profit Before Tax Targets Range Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ProfitBeforeTaxTargetsRangeTwoMember" xlink:to="label_itrn_ProfitBeforeTaxTargetsRangeTwoMember_1" xlink:title="Label : itrn_ProfitBeforeTaxTargetsRangeTwoMember to label_itrn_ProfitBeforeTaxTargetsRangeTwoMember_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_PropertyAndEquipmentNet" xlink:label="itrn_PropertyAndEquipmentNet" xlink:title="itrn_PropertyAndEquipmentNet" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PropertyAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_PropertyAndEquipmentNet" xml:lang="en-US" id="label_itrn_PropertyAndEquipmentNet">Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PropertyAndEquipmentNet" xlink:to="label_itrn_PropertyAndEquipmentNet" xlink:title="Label : itrn_PropertyAndEquipmentNet to label_itrn_PropertyAndEquipmentNet" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PropertyAndEquipmentNet_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_PropertyAndEquipmentNet_1" xml:lang="en-US" id="label_itrn_PropertyAndEquipmentNet_1">Property And Equipment, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PropertyAndEquipmentNet" xlink:to="label_itrn_PropertyAndEquipmentNet_1" xlink:title="Label : itrn_PropertyAndEquipmentNet to label_itrn_PropertyAndEquipmentNet_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PropertyAndEquipmentNet_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_PropertyAndEquipmentNet_2" xml:lang="en-US" id="label_itrn_PropertyAndEquipmentNet_2">Property and equipment, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PropertyAndEquipmentNet" xlink:to="label_itrn_PropertyAndEquipmentNet_2" xlink:title="Label : itrn_PropertyAndEquipmentNet to label_itrn_PropertyAndEquipmentNet_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock" xlink:label="itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock" xlink:title="itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock" xml:lang="en-US" id="label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock">Tabular disclosure of information pertaining to property, plant and equipment depreciation rates.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock" xlink:to="label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock" xlink:title="Label : itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock to label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock_1" xml:lang="en-US" id="label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock_1">Property, Plant and Equipment, Depreciation Rates [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock" xlink:to="label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock_1" xlink:title="Label : itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock to label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock_2" xml:lang="en-US" id="label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock_2">Schedule of Depreciation Rates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock" xlink:to="label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock_2" xlink:title="Label : itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock to label_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RateOfDepreciation" xlink:label="itrn_RateOfDepreciation" xlink:title="itrn_RateOfDepreciation" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RateOfDepreciation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RateOfDepreciation" xml:lang="en-US" id="label_itrn_RateOfDepreciation">The depreciation rate for property plant and equipment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RateOfDepreciation" xlink:to="label_itrn_RateOfDepreciation" xlink:title="Label : itrn_RateOfDepreciation to label_itrn_RateOfDepreciation" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RateOfDepreciation_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RateOfDepreciation_1" xml:lang="en-US" id="label_itrn_RateOfDepreciation_1">Rate Of Depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RateOfDepreciation" xlink:to="label_itrn_RateOfDepreciation_1" xlink:title="Label : itrn_RateOfDepreciation to label_itrn_RateOfDepreciation_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RateOfDepreciation_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RateOfDepreciation_2" xml:lang="en-US" id="label_itrn_RateOfDepreciation_2">Rate of depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RateOfDepreciation" xlink:to="label_itrn_RateOfDepreciation_2" xlink:title="Label : itrn_RateOfDepreciation to label_itrn_RateOfDepreciation_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock" xlink:label="itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock" xlink:title="itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock" xml:lang="en-US" id="label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock">Tabular disclosure of the reconciliation from reportable segments to consolidated totals.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock" xlink:to="label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock" xlink:title="Label : itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock to label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock_1" xml:lang="en-US" id="label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock_1">Reconciliation From Segments To Consolidated [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock" xlink:to="label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock_1" xlink:title="Label : itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock to label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock_2" xml:lang="en-US" id="label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock_2">Reconciliation of Reporting Information from Segments to Consolidated Totals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock" xlink:to="label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock_2" xlink:title="Label : itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock to label_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyByIndividualAxis" xlink:label="itrn_RelatedPartyByIndividualAxis" xlink:title="itrn_RelatedPartyByIndividualAxis" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyByIndividualAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyByIndividualAxis" xml:lang="en-US" id="label_itrn_RelatedPartyByIndividualAxis">Related Party, By Individual [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyByIndividualAxis" xlink:to="label_itrn_RelatedPartyByIndividualAxis" xlink:title="Label : itrn_RelatedPartyByIndividualAxis to label_itrn_RelatedPartyByIndividualAxis" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyByIndividualAxis_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyByIndividualAxis_1" xml:lang="en-US" id="label_itrn_RelatedPartyByIndividualAxis_1">Related Party, By Individual [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyByIndividualAxis" xlink:to="label_itrn_RelatedPartyByIndividualAxis_1" xlink:title="Label : itrn_RelatedPartyByIndividualAxis to label_itrn_RelatedPartyByIndividualAxis_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyByIndividualDomain" xlink:label="itrn_RelatedPartyByIndividualDomain" xlink:title="itrn_RelatedPartyByIndividualDomain" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyByIndividualDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyByIndividualDomain" xml:lang="en-US" id="label_itrn_RelatedPartyByIndividualDomain">Related Party, By Individual [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyByIndividualDomain" xlink:to="label_itrn_RelatedPartyByIndividualDomain" xlink:title="Label : itrn_RelatedPartyByIndividualDomain to label_itrn_RelatedPartyByIndividualDomain" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyByIndividualDomain_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyByIndividualDomain_1" xml:lang="en-US" id="label_itrn_RelatedPartyByIndividualDomain_1">Related Party By Individual [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyByIndividualDomain" xlink:to="label_itrn_RelatedPartyByIndividualDomain_1" xlink:title="Label : itrn_RelatedPartyByIndividualDomain to label_itrn_RelatedPartyByIndividualDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyByIndividualDomain_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RelatedPartyByIndividualDomain_2" xml:lang="en-US" id="label_itrn_RelatedPartyByIndividualDomain_2">Related Party, By Individual [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyByIndividualDomain" xlink:to="label_itrn_RelatedPartyByIndividualDomain_2" xlink:title="Label : itrn_RelatedPartyByIndividualDomain to label_itrn_RelatedPartyByIndividualDomain_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyExpensesFromThirdParty" xlink:label="itrn_RelatedPartyExpensesFromThirdParty" xlink:title="itrn_RelatedPartyExpensesFromThirdParty" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyExpensesFromThirdParty" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyExpensesFromThirdParty" xml:lang="en-US" id="label_itrn_RelatedPartyExpensesFromThirdParty">The amount of related party expenses from third party.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyExpensesFromThirdParty" xlink:to="label_itrn_RelatedPartyExpensesFromThirdParty" xlink:title="Label : itrn_RelatedPartyExpensesFromThirdParty to label_itrn_RelatedPartyExpensesFromThirdParty" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyExpensesFromThirdParty_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyExpensesFromThirdParty_1" xml:lang="en-US" id="label_itrn_RelatedPartyExpensesFromThirdParty_1">Related Party Expenses From Third Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyExpensesFromThirdParty" xlink:to="label_itrn_RelatedPartyExpensesFromThirdParty_1" xlink:title="Label : itrn_RelatedPartyExpensesFromThirdParty to label_itrn_RelatedPartyExpensesFromThirdParty_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyExpensesFromThirdParty_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_RelatedPartyExpensesFromThirdParty_2" xml:lang="en-US" id="label_itrn_RelatedPartyExpensesFromThirdParty_2">Related party commission from insurance company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyExpensesFromThirdParty" xlink:to="label_itrn_RelatedPartyExpensesFromThirdParty_2" xlink:title="Label : itrn_RelatedPartyExpensesFromThirdParty to label_itrn_RelatedPartyExpensesFromThirdParty_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyTransactionMonthlyExpense" xlink:label="itrn_RelatedPartyTransactionMonthlyExpense" xlink:title="itrn_RelatedPartyTransactionMonthlyExpense" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionMonthlyExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyTransactionMonthlyExpense" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionMonthlyExpense">The amount of related party transaction monthly expense.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionMonthlyExpense" xlink:to="label_itrn_RelatedPartyTransactionMonthlyExpense" xlink:title="Label : itrn_RelatedPartyTransactionMonthlyExpense to label_itrn_RelatedPartyTransactionMonthlyExpense" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionMonthlyExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyTransactionMonthlyExpense_1" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionMonthlyExpense_1">Related Party Transaction, Monthly Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionMonthlyExpense" xlink:to="label_itrn_RelatedPartyTransactionMonthlyExpense_1" xlink:title="Label : itrn_RelatedPartyTransactionMonthlyExpense to label_itrn_RelatedPartyTransactionMonthlyExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionMonthlyExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RelatedPartyTransactionMonthlyExpense_2" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionMonthlyExpense_2">Monthly cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionMonthlyExpense" xlink:to="label_itrn_RelatedPartyTransactionMonthlyExpense_2" xlink:title="Label : itrn_RelatedPartyTransactionMonthlyExpense to label_itrn_RelatedPartyTransactionMonthlyExpense_2" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionMonthlyExpense_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_RelatedPartyTransactionMonthlyExpense_3" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionMonthlyExpense_3">Monthly payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionMonthlyExpense" xlink:to="label_itrn_RelatedPartyTransactionMonthlyExpense_3" xlink:title="Label : itrn_RelatedPartyTransactionMonthlyExpense to label_itrn_RelatedPartyTransactionMonthlyExpense_3" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement" xlink:label="itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement" xlink:title="itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement">The number of days notice required to terminate agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement" xlink:to="label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement" xlink:title="Label : itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement to label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement_1" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement_1">Related Party Transaction, Notice Required To Terminate Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement" xlink:to="label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement_1" xlink:title="Label : itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement to label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement_2" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement_2">Notice required to terminate agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement" xlink:to="label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement_2" xlink:title="Label : itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement to label_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyTransactionTermOfAgreement" xlink:label="itrn_RelatedPartyTransactionTermOfAgreement" xlink:title="itrn_RelatedPartyTransactionTermOfAgreement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionTermOfAgreement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyTransactionTermOfAgreement" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionTermOfAgreement">The related party agreement term 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionTermOfAgreement" xlink:to="label_itrn_RelatedPartyTransactionTermOfAgreement" xlink:title="Label : itrn_RelatedPartyTransactionTermOfAgreement to label_itrn_RelatedPartyTransactionTermOfAgreement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionTermOfAgreement_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyTransactionTermOfAgreement_1" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionTermOfAgreement_1">Related Party Transaction, Term Of Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionTermOfAgreement" xlink:to="label_itrn_RelatedPartyTransactionTermOfAgreement_1" xlink:title="Label : itrn_RelatedPartyTransactionTermOfAgreement to label_itrn_RelatedPartyTransactionTermOfAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionTermOfAgreement_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RelatedPartyTransactionTermOfAgreement_2" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionTermOfAgreement_2">Term of agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionTermOfAgreement" xlink:to="label_itrn_RelatedPartyTransactionTermOfAgreement_2" xlink:title="Label : itrn_RelatedPartyTransactionTermOfAgreement to label_itrn_RelatedPartyTransactionTermOfAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyTransactionTermOfAutomaticExtension" xlink:label="itrn_RelatedPartyTransactionTermOfAutomaticExtension" xlink:title="itrn_RelatedPartyTransactionTermOfAutomaticExtension" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionTermOfAutomaticExtension" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyTransactionTermOfAutomaticExtension" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionTermOfAutomaticExtension">The related party agreement automatic extension term 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionTermOfAutomaticExtension" xlink:to="label_itrn_RelatedPartyTransactionTermOfAutomaticExtension" xlink:title="Label : itrn_RelatedPartyTransactionTermOfAutomaticExtension to label_itrn_RelatedPartyTransactionTermOfAutomaticExtension" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionTermOfAutomaticExtension_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyTransactionTermOfAutomaticExtension_1" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionTermOfAutomaticExtension_1">Related Party Transaction, Term Of Automatic Extension</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionTermOfAutomaticExtension" xlink:to="label_itrn_RelatedPartyTransactionTermOfAutomaticExtension_1" xlink:title="Label : itrn_RelatedPartyTransactionTermOfAutomaticExtension to label_itrn_RelatedPartyTransactionTermOfAutomaticExtension_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionTermOfAutomaticExtension_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RelatedPartyTransactionTermOfAutomaticExtension_2" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionTermOfAutomaticExtension_2">Term of automatic extension</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionTermOfAutomaticExtension" xlink:to="label_itrn_RelatedPartyTransactionTermOfAutomaticExtension_2" xlink:title="Label : itrn_RelatedPartyTransactionTermOfAutomaticExtension to label_itrn_RelatedPartyTransactionTermOfAutomaticExtension_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RepaymentOfLoanToFormerEmployee" xlink:label="itrn_RepaymentOfLoanToFormerEmployee" xlink:title="itrn_RepaymentOfLoanToFormerEmployee" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RepaymentOfLoanToFormerEmployee" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RepaymentOfLoanToFormerEmployee" xml:lang="en-US" id="label_itrn_RepaymentOfLoanToFormerEmployee">The amount of repayment of loan to a former employee.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RepaymentOfLoanToFormerEmployee" xlink:to="label_itrn_RepaymentOfLoanToFormerEmployee" xlink:title="Label : itrn_RepaymentOfLoanToFormerEmployee to label_itrn_RepaymentOfLoanToFormerEmployee" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RepaymentOfLoanToFormerEmployee_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RepaymentOfLoanToFormerEmployee_1" xml:lang="en-US" id="label_itrn_RepaymentOfLoanToFormerEmployee_1">Repayment Of Loan To A Former Employee</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RepaymentOfLoanToFormerEmployee" xlink:to="label_itrn_RepaymentOfLoanToFormerEmployee_1" xlink:title="Label : itrn_RepaymentOfLoanToFormerEmployee to label_itrn_RepaymentOfLoanToFormerEmployee_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RepaymentOfLoanToFormerEmployee_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RepaymentOfLoanToFormerEmployee_2" xml:lang="en-US" id="label_itrn_RepaymentOfLoanToFormerEmployee_2">Repayment of loan to a former employee</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RepaymentOfLoanToFormerEmployee" xlink:to="label_itrn_RepaymentOfLoanToFormerEmployee_2" xlink:title="Label : itrn_RepaymentOfLoanToFormerEmployee to label_itrn_RepaymentOfLoanToFormerEmployee_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ReportableSegmentAssets" xlink:label="itrn_ReportableSegmentAssets" xlink:title="itrn_ReportableSegmentAssets" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ReportableSegmentAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ReportableSegmentAssets" xml:lang="en-US" id="label_itrn_ReportableSegmentAssets">Sum of the carrying amounts as of the balance sheet date of all reportable segment assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ReportableSegmentAssets" xlink:to="label_itrn_ReportableSegmentAssets" xlink:title="Label : itrn_ReportableSegmentAssets to label_itrn_ReportableSegmentAssets" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ReportableSegmentAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ReportableSegmentAssets_1" xml:lang="en-US" id="label_itrn_ReportableSegmentAssets_1">Reportable Segment Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ReportableSegmentAssets" xlink:to="label_itrn_ReportableSegmentAssets_1" xlink:title="Label : itrn_ReportableSegmentAssets to label_itrn_ReportableSegmentAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ReportableSegmentAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_ReportableSegmentAssets_2" xml:lang="en-US" id="label_itrn_ReportableSegmentAssets_2">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ReportableSegmentAssets" xlink:to="label_itrn_ReportableSegmentAssets_2" xlink:title="Label : itrn_ReportableSegmentAssets to label_itrn_ReportableSegmentAssets_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ReportableSegmentMember" xlink:label="itrn_ReportableSegmentMember" xlink:title="itrn_ReportableSegmentMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ReportableSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ReportableSegmentMember" xml:lang="en-US" id="label_itrn_ReportableSegmentMember">Reportable Segment [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ReportableSegmentMember" xlink:to="label_itrn_ReportableSegmentMember" xlink:title="Label : itrn_ReportableSegmentMember to label_itrn_ReportableSegmentMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ReportableSegmentMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ReportableSegmentMember_1" xml:lang="en-US" id="label_itrn_ReportableSegmentMember_1">Reportable Segment [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ReportableSegmentMember" xlink:to="label_itrn_ReportableSegmentMember_1" xlink:title="Label : itrn_ReportableSegmentMember to label_itrn_ReportableSegmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment" xlink:label="itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment" xlink:title="itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment" xml:lang="en-US" id="label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment">The revenue recognition period for rentals of leased equipment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment" xlink:to="label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment" xlink:title="Label : itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment to label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment_1" xml:lang="en-US" id="label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment_1">Revenue Recognition Period Rentals Of Leased Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment" xlink:to="label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment_1" xlink:title="Label : itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment to label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment_2" xml:lang="en-US" id="label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment_2">Revenue recognition period, rentals of leased equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment" xlink:to="label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment_2" xlink:title="Label : itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment to label_itrn_RevenueRecognitionPeriodRentalsOfLeasedEquipment_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RevenueSharingAgreementTermOfAgreement" xlink:label="itrn_RevenueSharingAgreementTermOfAgreement" xlink:title="itrn_RevenueSharingAgreementTermOfAgreement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RevenueSharingAgreementTermOfAgreement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RevenueSharingAgreementTermOfAgreement" xml:lang="en-US" id="label_itrn_RevenueSharingAgreementTermOfAgreement">The term of a revenue sharing agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RevenueSharingAgreementTermOfAgreement" xlink:to="label_itrn_RevenueSharingAgreementTermOfAgreement" xlink:title="Label : itrn_RevenueSharingAgreementTermOfAgreement to label_itrn_RevenueSharingAgreementTermOfAgreement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RevenueSharingAgreementTermOfAgreement_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RevenueSharingAgreementTermOfAgreement_1" xml:lang="en-US" id="label_itrn_RevenueSharingAgreementTermOfAgreement_1">Revenue Sharing Agreement, Term Of Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RevenueSharingAgreementTermOfAgreement" xlink:to="label_itrn_RevenueSharingAgreementTermOfAgreement_1" xlink:title="Label : itrn_RevenueSharingAgreementTermOfAgreement to label_itrn_RevenueSharingAgreementTermOfAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RevenueSharingAgreementTermOfAgreement_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RevenueSharingAgreementTermOfAgreement_2" xml:lang="en-US" id="label_itrn_RevenueSharingAgreementTermOfAgreement_2">Term of Revenue Sharing Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RevenueSharingAgreementTermOfAgreement" xlink:to="label_itrn_RevenueSharingAgreementTermOfAgreement_2" xlink:title="Label : itrn_RevenueSharingAgreementTermOfAgreement to label_itrn_RevenueSharingAgreementTermOfAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_SaoPauloStateRevenueServicesMember" xlink:label="itrn_SaoPauloStateRevenueServicesMember" xlink:title="itrn_SaoPauloStateRevenueServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_SaoPauloStateRevenueServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_SaoPauloStateRevenueServicesMember" xml:lang="en-US" id="label_itrn_SaoPauloStateRevenueServicesMember">Sao Paulo State Revenue Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_SaoPauloStateRevenueServicesMember" xlink:to="label_itrn_SaoPauloStateRevenueServicesMember" xlink:title="Label : itrn_SaoPauloStateRevenueServicesMember to label_itrn_SaoPauloStateRevenueServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_SaoPauloStateRevenueServicesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_SaoPauloStateRevenueServicesMember_1" xml:lang="en-US" id="label_itrn_SaoPauloStateRevenueServicesMember_1">Sao Paulo State Revenue Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_SaoPauloStateRevenueServicesMember" xlink:to="label_itrn_SaoPauloStateRevenueServicesMember_1" xlink:title="Label : itrn_SaoPauloStateRevenueServicesMember to label_itrn_SaoPauloStateRevenueServicesMember_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ScenarioOneMember" xlink:label="itrn_ScenarioOneMember" xlink:title="itrn_ScenarioOneMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ScenarioOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ScenarioOneMember" xml:lang="en-US" id="label_itrn_ScenarioOneMember">Scenario One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ScenarioOneMember" xlink:to="label_itrn_ScenarioOneMember" xlink:title="Label : itrn_ScenarioOneMember to label_itrn_ScenarioOneMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ScenarioOneMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ScenarioOneMember_1" xml:lang="en-US" id="label_itrn_ScenarioOneMember_1">Scenario One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ScenarioOneMember" xlink:to="label_itrn_ScenarioOneMember_1" xlink:title="Label : itrn_ScenarioOneMember to label_itrn_ScenarioOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ScenarioOneMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_ScenarioOneMember_2" xml:lang="en-US" id="label_itrn_ScenarioOneMember_2">Investment Law [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ScenarioOneMember" xlink:to="label_itrn_ScenarioOneMember_2" xlink:title="Label : itrn_ScenarioOneMember to label_itrn_ScenarioOneMember_2" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ScenarioOneMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_ScenarioOneMember_3" xml:lang="en-US" id="label_itrn_ScenarioOneMember_3">Investment Law, for enterprises located in zone A [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ScenarioOneMember" xlink:to="label_itrn_ScenarioOneMember_3" xlink:title="Label : itrn_ScenarioOneMember to label_itrn_ScenarioOneMember_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" xlink:title="us-gaap_AccountingPoliciesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US" id="label_us-gaap_AccountingPoliciesAbstract">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="label_us-gaap_AccountingPoliciesAbstract" xlink:title="Label : us-gaap_AccountingPoliciesAbstract to label_us-gaap_AccountingPoliciesAbstract" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ScenarioTwoMember" xlink:label="itrn_ScenarioTwoMember" xlink:title="itrn_ScenarioTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ScenarioTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ScenarioTwoMember" xml:lang="en-US" id="label_itrn_ScenarioTwoMember">Scenario Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ScenarioTwoMember" xlink:to="label_itrn_ScenarioTwoMember" xlink:title="Label : itrn_ScenarioTwoMember to label_itrn_ScenarioTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ScenarioTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ScenarioTwoMember_1" xml:lang="en-US" id="label_itrn_ScenarioTwoMember_1">Scenario Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ScenarioTwoMember" xlink:to="label_itrn_ScenarioTwoMember_1" xlink:title="Label : itrn_ScenarioTwoMember to label_itrn_ScenarioTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ScenarioTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_ScenarioTwoMember_2" xml:lang="en-US" id="label_itrn_ScenarioTwoMember_2">Arrangements Law [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ScenarioTwoMember" xlink:to="label_itrn_ScenarioTwoMember_2" xlink:title="Label : itrn_ScenarioTwoMember to label_itrn_ScenarioTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ScheduleOfCalculationOfNumeratorInEarningsPerShareTableTextBlock" xlink:label="itrn_ScheduleOfCalculationOfNumeratorInEarningsPerShareTableTextBlock" xlink:title="itrn_ScheduleOfCalculationOfNumeratorInEarningsPerShareTableTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ScheduleOfCalculationOfNumeratorInEarningsPerShareTableTextBlock" xlink:to="label_itrn_ScheduleOfCalculationOfNumeratorInEarningsPerShareTableTextBlock" xlink:title="Label : itrn_ScheduleOfCalculationOfNumeratorInEarningsPerShareTableTextBlock to label_itrn_ScheduleOfCalculationOfNumeratorInEarningsPerShareTableTextBlock" />
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    <link:label xlink:type="resource" xlink:label="label_itrn_StockholdersEquityTreasuryStockPolicyTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_StockholdersEquityTreasuryStockPolicyTextBlock_2" xml:lang="en-US" id="label_itrn_StockholdersEquityTreasuryStockPolicyTextBlock_2">Treasury stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_StockholdersEquityTreasuryStockPolicyTextBlock" xlink:to="label_itrn_StockholdersEquityTreasuryStockPolicyTextBlock_2" xlink:title="Label : itrn_StockholdersEquityTreasuryStockPolicyTextBlock to label_itrn_StockholdersEquityTreasuryStockPolicyTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_StockRepurchaseProgramAdditionalAuthorizedAmount" xlink:label="itrn_StockRepurchaseProgramAdditionalAuthorizedAmount" xlink:title="itrn_StockRepurchaseProgramAdditionalAuthorizedAmount" />
    <link:label xlink:type="resource" xlink:label="label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount" xml:lang="en-US" id="label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount">Additional amount of a stock repurchase plan authorized by an entity's Board of Directors.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_StockRepurchaseProgramAdditionalAuthorizedAmount" xlink:to="label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount" xlink:title="Label : itrn_StockRepurchaseProgramAdditionalAuthorizedAmount to label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount" />
    <link:label xlink:type="resource" xlink:label="label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount_1" xml:lang="en-US" id="label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount_1">Stock Repurchase Program, Additional Authorized Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_StockRepurchaseProgramAdditionalAuthorizedAmount" xlink:to="label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount_1" xlink:title="Label : itrn_StockRepurchaseProgramAdditionalAuthorizedAmount to label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount_2" xml:lang="en-US" id="label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount_2">Authorized increase for repurchase of ordinary shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_StockRepurchaseProgramAdditionalAuthorizedAmount" xlink:to="label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount_2" xlink:title="Label : itrn_StockRepurchaseProgramAdditionalAuthorizedAmount to label_itrn_StockRepurchaseProgramAdditionalAuthorizedAmount_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_SummaryOfSignificantAccountingPoliciesLineItems" xlink:label="itrn_SummaryOfSignificantAccountingPoliciesLineItems" xlink:title="itrn_SummaryOfSignificantAccountingPoliciesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_itrn_SummaryOfSignificantAccountingPoliciesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_SummaryOfSignificantAccountingPoliciesLineItems" xml:lang="en-US" id="label_itrn_SummaryOfSignificantAccountingPoliciesLineItems">Summary Of Significant Accounting Policies [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_SummaryOfSignificantAccountingPoliciesLineItems" xlink:to="label_itrn_SummaryOfSignificantAccountingPoliciesLineItems" xlink:title="Label : itrn_SummaryOfSignificantAccountingPoliciesLineItems to label_itrn_SummaryOfSignificantAccountingPoliciesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_itrn_SummaryOfSignificantAccountingPoliciesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_SummaryOfSignificantAccountingPoliciesLineItems_1" xml:lang="en-US" id="label_itrn_SummaryOfSignificantAccountingPoliciesLineItems_1">Summary Of Significant Accounting Policies [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_SummaryOfSignificantAccountingPoliciesLineItems" xlink:to="label_itrn_SummaryOfSignificantAccountingPoliciesLineItems_1" xlink:title="Label : itrn_SummaryOfSignificantAccountingPoliciesLineItems to label_itrn_SummaryOfSignificantAccountingPoliciesLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_SummaryOfSignificantAccountingPoliciesTable" xlink:label="itrn_SummaryOfSignificantAccountingPoliciesTable" xlink:title="itrn_SummaryOfSignificantAccountingPoliciesTable" />
    <link:label xlink:type="resource" xlink:label="label_itrn_SummaryOfSignificantAccountingPoliciesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_SummaryOfSignificantAccountingPoliciesTable" xml:lang="en-US" id="label_itrn_SummaryOfSignificantAccountingPoliciesTable">Summary Of Significant Accounting Policies [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_SummaryOfSignificantAccountingPoliciesTable" xlink:to="label_itrn_SummaryOfSignificantAccountingPoliciesTable" xlink:title="Label : itrn_SummaryOfSignificantAccountingPoliciesTable to label_itrn_SummaryOfSignificantAccountingPoliciesTable" />
    <link:label xlink:type="resource" xlink:label="label_itrn_SummaryOfSignificantAccountingPoliciesTable_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_SummaryOfSignificantAccountingPoliciesTable_1" xml:lang="en-US" id="label_itrn_SummaryOfSignificantAccountingPoliciesTable_1">Summary Of Significant Accounting Policies [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_SummaryOfSignificantAccountingPoliciesTable" xlink:to="label_itrn_SummaryOfSignificantAccountingPoliciesTable_1" xlink:title="Label : itrn_SummaryOfSignificantAccountingPoliciesTable to label_itrn_SummaryOfSignificantAccountingPoliciesTable_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_SundryIncomeExpenseNet" xlink:label="itrn_SundryIncomeExpenseNet" xlink:title="itrn_SundryIncomeExpenseNet" />
    <link:label xlink:type="resource" xlink:label="label_itrn_SundryIncomeExpenseNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_SundryIncomeExpenseNet" xml:lang="en-US" id="label_itrn_SundryIncomeExpenseNet">The amount of other operating income and expenses, the components of which are not separately disclosed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_SundryIncomeExpenseNet" xlink:to="label_itrn_SundryIncomeExpenseNet" xlink:title="Label : itrn_SundryIncomeExpenseNet to label_itrn_SundryIncomeExpenseNet" />
    <link:label xlink:type="resource" xlink:label="label_itrn_SundryIncomeExpenseNet_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_SundryIncomeExpenseNet_1" xml:lang="en-US" id="label_itrn_SundryIncomeExpenseNet_1">Sundry Income (Expense), Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_SundryIncomeExpenseNet" xlink:to="label_itrn_SundryIncomeExpenseNet_1" xlink:title="Label : itrn_SundryIncomeExpenseNet to label_itrn_SundryIncomeExpenseNet_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_SundryIncomeExpenseNet_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_itrn_SundryIncomeExpenseNet_2" xml:lang="en-US" id="label_itrn_SundryIncomeExpenseNet_2">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_SundryIncomeExpenseNet" xlink:to="label_itrn_SundryIncomeExpenseNet_2" xlink:title="Label : itrn_SundryIncomeExpenseNet to label_itrn_SundryIncomeExpenseNet_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_TaxAssessmentMember" xlink:label="itrn_TaxAssessmentMember" xlink:title="itrn_TaxAssessmentMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TaxAssessmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_TaxAssessmentMember" xml:lang="en-US" id="label_itrn_TaxAssessmentMember">Tax Assessment [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TaxAssessmentMember" xlink:to="label_itrn_TaxAssessmentMember" xlink:title="Label : itrn_TaxAssessmentMember to label_itrn_TaxAssessmentMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TaxAssessmentMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_TaxAssessmentMember_1" xml:lang="en-US" id="label_itrn_TaxAssessmentMember_1">Tax Assessment [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TaxAssessmentMember" xlink:to="label_itrn_TaxAssessmentMember_1" xlink:title="Label : itrn_TaxAssessmentMember to label_itrn_TaxAssessmentMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TaxAssessmentMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_TaxAssessmentMember_2" xml:lang="en-US" id="label_itrn_TaxAssessmentMember_2">Tax Assessment [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TaxAssessmentMember" xlink:to="label_itrn_TaxAssessmentMember_2" xlink:title="Label : itrn_TaxAssessmentMember to label_itrn_TaxAssessmentMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_TelematicsWirelessLtdMember" xlink:label="itrn_TelematicsWirelessLtdMember" xlink:title="itrn_TelematicsWirelessLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TelematicsWirelessLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_TelematicsWirelessLtdMember" xml:lang="en-US" id="label_itrn_TelematicsWirelessLtdMember">Telematics Wireless Ltd. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TelematicsWirelessLtdMember" xlink:to="label_itrn_TelematicsWirelessLtdMember" xlink:title="Label : itrn_TelematicsWirelessLtdMember to label_itrn_TelematicsWirelessLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TelematicsWirelessLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_TelematicsWirelessLtdMember_1" xml:lang="en-US" id="label_itrn_TelematicsWirelessLtdMember_1">Telematics Wireless Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TelematicsWirelessLtdMember" xlink:to="label_itrn_TelematicsWirelessLtdMember_1" xlink:title="Label : itrn_TelematicsWirelessLtdMember to label_itrn_TelematicsWirelessLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TelematicsWirelessLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_TelematicsWirelessLtdMember_2" xml:lang="en-US" id="label_itrn_TelematicsWirelessLtdMember_2">Sale of Telematics Wireless Ltd. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TelematicsWirelessLtdMember" xlink:to="label_itrn_TelematicsWirelessLtdMember_2" xlink:title="Label : itrn_TelematicsWirelessLtdMember to label_itrn_TelematicsWirelessLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_TermCompanyIsEntitledToTaxBenefits" xlink:label="itrn_TermCompanyIsEntitledToTaxBenefits" xlink:title="itrn_TermCompanyIsEntitledToTaxBenefits" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TermCompanyIsEntitledToTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_TermCompanyIsEntitledToTaxBenefits" xml:lang="en-US" id="label_itrn_TermCompanyIsEntitledToTaxBenefits">Term Company Is Entitled To Tax Benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TermCompanyIsEntitledToTaxBenefits" xlink:to="label_itrn_TermCompanyIsEntitledToTaxBenefits" xlink:title="Label : itrn_TermCompanyIsEntitledToTaxBenefits to label_itrn_TermCompanyIsEntitledToTaxBenefits" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TermCompanyIsEntitledToTaxBenefits_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_TermCompanyIsEntitledToTaxBenefits_1" xml:lang="en-US" id="label_itrn_TermCompanyIsEntitledToTaxBenefits_1">Term Company Is Entitled To Tax Benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TermCompanyIsEntitledToTaxBenefits" xlink:to="label_itrn_TermCompanyIsEntitledToTaxBenefits_1" xlink:title="Label : itrn_TermCompanyIsEntitledToTaxBenefits to label_itrn_TermCompanyIsEntitledToTaxBenefits_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TermCompanyIsEntitledToTaxBenefits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_TermCompanyIsEntitledToTaxBenefits_2" xml:lang="en-US" id="label_itrn_TermCompanyIsEntitledToTaxBenefits_2">Term company is entitled to tax exemption</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TermCompanyIsEntitledToTaxBenefits" xlink:to="label_itrn_TermCompanyIsEntitledToTaxBenefits_2" xlink:title="Label : itrn_TermCompanyIsEntitledToTaxBenefits to label_itrn_TermCompanyIsEntitledToTaxBenefits_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_TheresholdTermAgreementForDomesticLaw" xlink:label="itrn_TheresholdTermAgreementForDomesticLaw" xlink:title="itrn_TheresholdTermAgreementForDomesticLaw" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TheresholdTermAgreementForDomesticLaw" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_TheresholdTermAgreementForDomesticLaw" xml:lang="en-US" id="label_itrn_TheresholdTermAgreementForDomesticLaw">The thresehold term agreement for Israeli law.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TheresholdTermAgreementForDomesticLaw" xlink:to="label_itrn_TheresholdTermAgreementForDomesticLaw" xlink:title="Label : itrn_TheresholdTermAgreementForDomesticLaw to label_itrn_TheresholdTermAgreementForDomesticLaw" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TheresholdTermAgreementForDomesticLaw_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_TheresholdTermAgreementForDomesticLaw_1" xml:lang="en-US" id="label_itrn_TheresholdTermAgreementForDomesticLaw_1">Thereshold Term Agreement For Domestic Law</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TheresholdTermAgreementForDomesticLaw" xlink:to="label_itrn_TheresholdTermAgreementForDomesticLaw_1" xlink:title="Label : itrn_TheresholdTermAgreementForDomesticLaw to label_itrn_TheresholdTermAgreementForDomesticLaw_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TheresholdTermAgreementForDomesticLaw_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_TheresholdTermAgreementForDomesticLaw_2" xml:lang="en-US" id="label_itrn_TheresholdTermAgreementForDomesticLaw_2">Threshold term agreement for Israeli law</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TheresholdTermAgreementForDomesticLaw" xlink:to="label_itrn_TheresholdTermAgreementForDomesticLaw_2" xlink:title="Label : itrn_TheresholdTermAgreementForDomesticLaw to label_itrn_TheresholdTermAgreementForDomesticLaw_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_TreasuryStockAsPercentageOfOutstandingStock" xlink:label="itrn_TreasuryStockAsPercentageOfOutstandingStock" xlink:title="itrn_TreasuryStockAsPercentageOfOutstandingStock" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TreasuryStockAsPercentageOfOutstandingStock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_TreasuryStockAsPercentageOfOutstandingStock" xml:lang="en-US" id="label_itrn_TreasuryStockAsPercentageOfOutstandingStock">Treasury stock as a percentage of outstanding stock.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TreasuryStockAsPercentageOfOutstandingStock" xlink:to="label_itrn_TreasuryStockAsPercentageOfOutstandingStock" xlink:title="Label : itrn_TreasuryStockAsPercentageOfOutstandingStock to label_itrn_TreasuryStockAsPercentageOfOutstandingStock" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TreasuryStockAsPercentageOfOutstandingStock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_TreasuryStockAsPercentageOfOutstandingStock_1" xml:lang="en-US" id="label_itrn_TreasuryStockAsPercentageOfOutstandingStock_1">Treasury Stock As A Percentage Of Outstanding Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TreasuryStockAsPercentageOfOutstandingStock" xlink:to="label_itrn_TreasuryStockAsPercentageOfOutstandingStock_1" xlink:title="Label : itrn_TreasuryStockAsPercentageOfOutstandingStock to label_itrn_TreasuryStockAsPercentageOfOutstandingStock_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TreasuryStockAsPercentageOfOutstandingStock_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_TreasuryStockAsPercentageOfOutstandingStock_2" xml:lang="en-US" id="label_itrn_TreasuryStockAsPercentageOfOutstandingStock_2">Percentage of outstanding stock in treasury stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TreasuryStockAsPercentageOfOutstandingStock" xlink:to="label_itrn_TreasuryStockAsPercentageOfOutstandingStock_2" xlink:title="Label : itrn_TreasuryStockAsPercentageOfOutstandingStock to label_itrn_TreasuryStockAsPercentageOfOutstandingStock_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_TzivtitInsuranceMember" xlink:label="itrn_TzivtitInsuranceMember" xlink:title="itrn_TzivtitInsuranceMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TzivtitInsuranceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_TzivtitInsuranceMember" xml:lang="en-US" id="label_itrn_TzivtitInsuranceMember">Tzivtit Insurance [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TzivtitInsuranceMember" xlink:to="label_itrn_TzivtitInsuranceMember" xlink:title="Label : itrn_TzivtitInsuranceMember to label_itrn_TzivtitInsuranceMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TzivtitInsuranceMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_TzivtitInsuranceMember_1" xml:lang="en-US" id="label_itrn_TzivtitInsuranceMember_1">Tzivtit Insurance [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TzivtitInsuranceMember" xlink:to="label_itrn_TzivtitInsuranceMember_1" xlink:title="Label : itrn_TzivtitInsuranceMember to label_itrn_TzivtitInsuranceMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TzivtitInsuranceMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_TzivtitInsuranceMember_2" xml:lang="en-US" id="label_itrn_TzivtitInsuranceMember_2">Tzivtit Insurance [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TzivtitInsuranceMember" xlink:to="label_itrn_TzivtitInsuranceMember_2" xlink:title="Label : itrn_TzivtitInsuranceMember to label_itrn_TzivtitInsuranceMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_UnsettledMember" xlink:label="itrn_UnsettledMember" xlink:title="itrn_UnsettledMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_UnsettledMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_UnsettledMember" xml:lang="en-US" id="label_itrn_UnsettledMember">Unsettled [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_UnsettledMember" xlink:to="label_itrn_UnsettledMember" xlink:title="Label : itrn_UnsettledMember to label_itrn_UnsettledMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_UnsettledMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_UnsettledMember_1" xml:lang="en-US" id="label_itrn_UnsettledMember_1">Unsettled [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_UnsettledMember" xlink:to="label_itrn_UnsettledMember_1" xlink:title="Label : itrn_UnsettledMember to label_itrn_UnsettledMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_UnsettledMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_UnsettledMember_2" xml:lang="en-US" id="label_itrn_UnsettledMember_2">Unsettled [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_UnsettledMember" xlink:to="label_itrn_UnsettledMember_2" xlink:title="Label : itrn_UnsettledMember to label_itrn_UnsettledMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_WirelessCommunicationsProductsCosts" xlink:label="itrn_WirelessCommunicationsProductsCosts" xlink:title="itrn_WirelessCommunicationsProductsCosts" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WirelessCommunicationsProductsCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_WirelessCommunicationsProductsCosts" xml:lang="en-US" id="label_itrn_WirelessCommunicationsProductsCosts">Wireless communications products costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WirelessCommunicationsProductsCosts" xlink:to="label_itrn_WirelessCommunicationsProductsCosts" xlink:title="Label : itrn_WirelessCommunicationsProductsCosts to label_itrn_WirelessCommunicationsProductsCosts" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WirelessCommunicationsProductsCosts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_WirelessCommunicationsProductsCosts_1" xml:lang="en-US" id="label_itrn_WirelessCommunicationsProductsCosts_1">Wireless Communications Products Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WirelessCommunicationsProductsCosts" xlink:to="label_itrn_WirelessCommunicationsProductsCosts_1" xlink:title="Label : itrn_WirelessCommunicationsProductsCosts to label_itrn_WirelessCommunicationsProductsCosts_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WirelessCommunicationsProductsCosts_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_WirelessCommunicationsProductsCosts_2" xml:lang="en-US" id="label_itrn_WirelessCommunicationsProductsCosts_2">Wireless communications products</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WirelessCommunicationsProductsCosts" xlink:to="label_itrn_WirelessCommunicationsProductsCosts_2" xlink:title="Label : itrn_WirelessCommunicationsProductsCosts to label_itrn_WirelessCommunicationsProductsCosts_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_WirelessCommunicationsProductsMember" xlink:label="itrn_WirelessCommunicationsProductsMember" xlink:title="itrn_WirelessCommunicationsProductsMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WirelessCommunicationsProductsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_WirelessCommunicationsProductsMember" xml:lang="en-US" id="label_itrn_WirelessCommunicationsProductsMember">Wireless Communications Products [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WirelessCommunicationsProductsMember" xlink:to="label_itrn_WirelessCommunicationsProductsMember" xlink:title="Label : itrn_WirelessCommunicationsProductsMember to label_itrn_WirelessCommunicationsProductsMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WirelessCommunicationsProductsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_WirelessCommunicationsProductsMember_1" xml:lang="en-US" id="label_itrn_WirelessCommunicationsProductsMember_1">Wireless Communications Products [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WirelessCommunicationsProductsMember" xlink:to="label_itrn_WirelessCommunicationsProductsMember_1" xlink:title="Label : itrn_WirelessCommunicationsProductsMember to label_itrn_WirelessCommunicationsProductsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WirelessCommunicationsProductsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_WirelessCommunicationsProductsMember_2" xml:lang="en-US" id="label_itrn_WirelessCommunicationsProductsMember_2">Wireless Communications Products [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WirelessCommunicationsProductsMember" xlink:to="label_itrn_WirelessCommunicationsProductsMember_2" xlink:title="Label : itrn_WirelessCommunicationsProductsMember to label_itrn_WirelessCommunicationsProductsMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_WirelessCommunicationsProductsRevenue" xlink:label="itrn_WirelessCommunicationsProductsRevenue" xlink:title="itrn_WirelessCommunicationsProductsRevenue" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WirelessCommunicationsProductsRevenue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_WirelessCommunicationsProductsRevenue" xml:lang="en-US" id="label_itrn_WirelessCommunicationsProductsRevenue">Wireless communications products revenue.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WirelessCommunicationsProductsRevenue" xlink:to="label_itrn_WirelessCommunicationsProductsRevenue" xlink:title="Label : itrn_WirelessCommunicationsProductsRevenue to label_itrn_WirelessCommunicationsProductsRevenue" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WirelessCommunicationsProductsRevenue_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_WirelessCommunicationsProductsRevenue_1" xml:lang="en-US" id="label_itrn_WirelessCommunicationsProductsRevenue_1">Wireless Communications Products Revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WirelessCommunicationsProductsRevenue" xlink:to="label_itrn_WirelessCommunicationsProductsRevenue_1" xlink:title="Label : itrn_WirelessCommunicationsProductsRevenue to label_itrn_WirelessCommunicationsProductsRevenue_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WirelessCommunicationsProductsRevenue_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_WirelessCommunicationsProductsRevenue_2" xml:lang="en-US" id="label_itrn_WirelessCommunicationsProductsRevenue_2">Wireless communications products</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WirelessCommunicationsProductsRevenue" xlink:to="label_itrn_WirelessCommunicationsProductsRevenue_2" xlink:title="Label : itrn_WirelessCommunicationsProductsRevenue to label_itrn_WirelessCommunicationsProductsRevenue_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet" xlink:label="itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet" xlink:title="itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet" xml:lang="en-US" id="label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet">Current assets less current liabilties excluding cash and equivalents and inventory, net.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet" xlink:to="label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet" xlink:title="Label : itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet to label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet_1" xml:lang="en-US" id="label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet_1">Working Capital Excluding Cash and Equivalents and Inventory, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet" xlink:to="label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet_1" xlink:title="Label : itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet to label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet_2" xml:lang="en-US" id="label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet_2">Working capital (excluding cash and cash equivalents), net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet" xlink:to="label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet_2" xlink:title="Label : itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet to label_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" xlink:title="us-gaap_AccountsPayableCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccountsPayableCurrent" xml:lang="en-US" id="label_us-gaap_AccountsPayableCurrent">Accounts Payable, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="label_us-gaap_AccountsPayableCurrent" xlink:title="Label : us-gaap_AccountsPayableCurrent to label_us-gaap_AccountsPayableCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsPayableCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AccountsPayableCurrent_1" xml:lang="en-US" id="label_us-gaap_AccountsPayableCurrent_1">Accounts payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="label_us-gaap_AccountsPayableCurrent_1" xlink:title="Label : us-gaap_AccountsPayableCurrent to label_us-gaap_AccountsPayableCurrent_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary" xlink:label="itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary" xlink:title="itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary" xml:lang="en-US" id="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary">The write-off amount of accounts receivable, in respect of sale of subsidiary.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary" xlink:to="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary" xlink:title="Label : itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary to label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary_1" xml:lang="en-US" id="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary_1">Write Off Of Account Receivable In Respect Of Sale Of Subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary" xlink:to="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary_1" xlink:title="Label : itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary to label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary_2" xml:lang="en-US" id="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary_2">Write-off of account receivable in respect of sale of subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary" xlink:to="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary_2" xlink:title="Label : itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary to label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiary_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest" xlink:label="itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest" xlink:title="itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest" xml:lang="en-US" id="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest">The amount of write-off of accounts receivable in respect of sale of subsidiary interest.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest" xlink:to="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest" xlink:title="Label : itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest to label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest_1" xml:lang="en-US" id="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest_1">Write Off Of Account Receivable In Respect Of Sale Of Subsidiary Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest" xlink:to="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest_1" xlink:title="Label : itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest to label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest_2" xml:lang="en-US" id="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest_2">Write-off of account receivable in respect of sale of subsidiary (3)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest" xlink:to="label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest_2" xlink:title="Label : itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest to label_itrn_WriteOffOfAccountReceivableInRespectOfSaleOfSubsidiaryInterest_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_YehudaKahaneMember" xlink:label="itrn_YehudaKahaneMember" xlink:title="itrn_YehudaKahaneMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_YehudaKahaneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_YehudaKahaneMember" xml:lang="en-US" id="label_itrn_YehudaKahaneMember">Yehuda Kahane [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_YehudaKahaneMember" xlink:to="label_itrn_YehudaKahaneMember" xlink:title="Label : itrn_YehudaKahaneMember to label_itrn_YehudaKahaneMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_YehudaKahaneMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_YehudaKahaneMember_1" xml:lang="en-US" id="label_itrn_YehudaKahaneMember_1">Yehuda Kahane [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_YehudaKahaneMember" xlink:to="label_itrn_YehudaKahaneMember_1" xlink:title="Label : itrn_YehudaKahaneMember to label_itrn_YehudaKahaneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_YehudaKahaneMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_YehudaKahaneMember_2" xml:lang="en-US" id="label_itrn_YehudaKahaneMember_2">Yehuda Kahane [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_YehudaKahaneMember" xlink:to="label_itrn_YehudaKahaneMember_2" xlink:title="Label : itrn_YehudaKahaneMember to label_itrn_YehudaKahaneMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock" xlink:label="itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock" xlink:title="itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock" xml:lang="en-US" id="label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock">Tabular disclosure of the components of Target-based Cash Incentives.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock" xlink:to="label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock" xlink:title="Label : itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock to label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock_1" xml:lang="en-US" id="label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock_1">Schedule of Target-based Cash Incentives [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock" xlink:to="label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock_1" xlink:title="Label : itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock to label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock_2" xml:lang="en-US" id="label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock_2">Schedule of Target-based Cash Incentives</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock" xlink:to="label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock_2" xlink:title="Label : itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock to label_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn" xlink:label="itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn" xlink:title="itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn">Represents information pertaining to percentage of monthly cost of pay that each of the Executive Office Holders shall receive for each specific excess return.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn" xlink:to="label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn" xlink:title="Label : itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn to label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn_1" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn_1">Related Party Transaction Percentage of Monthly Expense for Each Specific Excess Return</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn" xlink:to="label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn_1" xlink:title="Label : itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn to label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn_2" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn_2">Percentage of monthly Cost of Pay for each 1% of excess return</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn" xlink:to="label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn_2" xlink:title="Label : itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn to label_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria" xlink:label="itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria" xlink:title="itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria">Represents information pertaining to excess return percentage.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria" xlink:to="label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria" xlink:title="Label : itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria to label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria_1" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria_1">Related Party Transaction Specific Excess Return Percentage Criteria</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria" xlink:to="label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria_1" xlink:title="Label : itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria to label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria_2" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria_2">Excess return percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria" xlink:to="label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria_2" xlink:title="Label : itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria to label_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment" xlink:label="itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment" xlink:title="itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment">Represents the maximum payment term after the termination of service/employment  in PnYnMnDTnHnMnS format, for example, P1Y5M13D represents the reported fact of one year, five months, and thirteen days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment" xlink:to="label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment" xlink:title="Label : itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment to label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment_1" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment_1">Related Party Transaction Maximum Payment Term after Termination of Service or Employment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment" xlink:to="label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment_1" xlink:title="Label : itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment to label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment_2" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment_2">Maximum payment term after the termination of service/employment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment" xlink:to="label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment_2" xlink:title="Label : itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment to label_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" xlink:title="us-gaap_AccountsReceivableNetCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsReceivableNetCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccountsReceivableNetCurrent" xml:lang="en-US" id="label_us-gaap_AccountsReceivableNetCurrent">Accounts Receivable, Net, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="label_us-gaap_AccountsReceivableNetCurrent" xlink:title="Label : us-gaap_AccountsReceivableNetCurrent to label_us-gaap_AccountsReceivableNetCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsReceivableNetCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AccountsReceivableNetCurrent_1" xml:lang="en-US" id="label_us-gaap_AccountsReceivableNetCurrent_1">Accounts receivable (net of allowance for doubtful accounts)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="label_us-gaap_AccountsReceivableNetCurrent_1" xlink:title="Label : us-gaap_AccountsReceivableNetCurrent to label_us-gaap_AccountsReceivableNetCurrent_1" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage" xlink:label="itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage" xlink:title="itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage" />
    <link:label xlink:type="resource" xlink:label="label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage" xml:lang="en-US" id="label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage">Represents information pertaining to percentage of earnings before interest, taxes, depreciation and amortization threshold.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage" xlink:to="label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage" xlink:title="Label : itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage to label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage" />
    <link:label xlink:type="resource" xlink:label="label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage_1" xml:lang="en-US" id="label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage_1">Earnings before Interest Taxes Depreciation and Amortization Threshold Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage" xlink:to="label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage_1" xlink:title="Label : itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage to label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage_2" xml:lang="en-US" id="label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage_2">EBITDA''s Threshold (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage" xlink:to="label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage_2" xlink:title="Label : itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage to label_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants" xlink:label="itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants" xlink:title="itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants">Represents information pertaining to prior notice period for amount of grants under special circumstances.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants" xlink:to="label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants" xlink:title="Label : itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants to label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants_1" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants_1">Related Party Transaction Prior Notice Period for Amount of Grants</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants" xlink:to="label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants_1" xlink:title="Label : itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants to label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants_2" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants_2">Prior notice period for amount of grants under special circumstances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants" xlink:to="label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants_2" xlink:title="Label : itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants to label_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts" xlink:label="itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts" xlink:title="itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts">Represents the maximum return period for compensation amounts in PnYnMnDTnHnMnS format, for example, P1Y5M13D represents the reported fact of one year, five months, and thirteen days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts" xlink:to="label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts" xlink:title="Label : itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts to label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts_1" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts_1">Related Party Transaction Maximum Return Period for Compensation Amounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts" xlink:to="label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts_1" xlink:title="Label : itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts to label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts_2" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts_2">Maximum return period for compensation amounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts" xlink:to="label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts_2" xlink:title="Label : itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts to label_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ORASCapitalLtdMember" xlink:label="itrn_ORASCapitalLtdMember" xlink:title="itrn_ORASCapitalLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ORASCapitalLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ORASCapitalLtdMember" xml:lang="en-US" id="label_itrn_ORASCapitalLtdMember">Represents information pertaining to ORAS Capital Ltd.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ORASCapitalLtdMember" xlink:to="label_itrn_ORASCapitalLtdMember" xlink:title="Label : itrn_ORASCapitalLtdMember to label_itrn_ORASCapitalLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ORASCapitalLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ORASCapitalLtdMember_1" xml:lang="en-US" id="label_itrn_ORASCapitalLtdMember_1">ORAS Capital Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ORASCapitalLtdMember" xlink:to="label_itrn_ORASCapitalLtdMember_1" xlink:title="Label : itrn_ORASCapitalLtdMember to label_itrn_ORASCapitalLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ORASCapitalLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_ORASCapitalLtdMember_2" xml:lang="en-US" id="label_itrn_ORASCapitalLtdMember_2">ORAS Capital Ltd. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ORASCapitalLtdMember" xlink:to="label_itrn_ORASCapitalLtdMember_2" xlink:title="Label : itrn_ORASCapitalLtdMember to label_itrn_ORASCapitalLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_GalnirManagementAndInvestmentsLtdMember" xlink:label="itrn_GalnirManagementAndInvestmentsLtdMember" xlink:title="itrn_GalnirManagementAndInvestmentsLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_GalnirManagementAndInvestmentsLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_GalnirManagementAndInvestmentsLtdMember" xml:lang="en-US" id="label_itrn_GalnirManagementAndInvestmentsLtdMember">Represents information pertaining to Galnir Management and Investments Ltd.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_GalnirManagementAndInvestmentsLtdMember" xlink:to="label_itrn_GalnirManagementAndInvestmentsLtdMember" xlink:title="Label : itrn_GalnirManagementAndInvestmentsLtdMember to label_itrn_GalnirManagementAndInvestmentsLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_GalnirManagementAndInvestmentsLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_GalnirManagementAndInvestmentsLtdMember_1" xml:lang="en-US" id="label_itrn_GalnirManagementAndInvestmentsLtdMember_1">Galnir Management and Investments Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_GalnirManagementAndInvestmentsLtdMember" xlink:to="label_itrn_GalnirManagementAndInvestmentsLtdMember_1" xlink:title="Label : itrn_GalnirManagementAndInvestmentsLtdMember to label_itrn_GalnirManagementAndInvestmentsLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_GalnirManagementAndInvestmentsLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_GalnirManagementAndInvestmentsLtdMember_2" xml:lang="en-US" id="label_itrn_GalnirManagementAndInvestmentsLtdMember_2">Galnir Management and Investments Ltd. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_GalnirManagementAndInvestmentsLtdMember" xlink:to="label_itrn_GalnirManagementAndInvestmentsLtdMember_2" xlink:title="Label : itrn_GalnirManagementAndInvestmentsLtdMember to label_itrn_GalnirManagementAndInvestmentsLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ZeroToOneSBLInvestmentsLtdMember" xlink:label="itrn_ZeroToOneSBLInvestmentsLtdMember" xlink:title="itrn_ZeroToOneSBLInvestmentsLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ZeroToOneSBLInvestmentsLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ZeroToOneSBLInvestmentsLtdMember" xml:lang="en-US" id="label_itrn_ZeroToOneSBLInvestmentsLtdMember">Represents information pertaining to ZERO-TO-ONE S.B.L. INVESTMENTS LTD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ZeroToOneSBLInvestmentsLtdMember" xlink:to="label_itrn_ZeroToOneSBLInvestmentsLtdMember" xlink:title="Label : itrn_ZeroToOneSBLInvestmentsLtdMember to label_itrn_ZeroToOneSBLInvestmentsLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ZeroToOneSBLInvestmentsLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ZeroToOneSBLInvestmentsLtdMember_1" xml:lang="en-US" id="label_itrn_ZeroToOneSBLInvestmentsLtdMember_1">Zero to One SBL Investments Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ZeroToOneSBLInvestmentsLtdMember" xlink:to="label_itrn_ZeroToOneSBLInvestmentsLtdMember_1" xlink:title="Label : itrn_ZeroToOneSBLInvestmentsLtdMember to label_itrn_ZeroToOneSBLInvestmentsLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ZeroToOneSBLInvestmentsLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_ZeroToOneSBLInvestmentsLtdMember_2" xml:lang="en-US" id="label_itrn_ZeroToOneSBLInvestmentsLtdMember_2">ZERO-TO-ONE S.B.L. INVESTMENTS LTD. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ZeroToOneSBLInvestmentsLtdMember" xlink:to="label_itrn_ZeroToOneSBLInvestmentsLtdMember_2" xlink:title="Label : itrn_ZeroToOneSBLInvestmentsLtdMember to label_itrn_ZeroToOneSBLInvestmentsLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyTransactionTermOfVacationAndSickDays" xlink:label="itrn_RelatedPartyTransactionTermOfVacationAndSickDays" xlink:title="itrn_RelatedPartyTransactionTermOfVacationAndSickDays" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays">The related party vacation and sick days in PnYnMnDTnHnMnS format, for example, P1Y5M13D represents the reported fact of one year, five months, and thirteen days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionTermOfVacationAndSickDays" xlink:to="label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays" xlink:title="Label : itrn_RelatedPartyTransactionTermOfVacationAndSickDays to label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays_1" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays_1">Related Party Transaction Term of Vacation and Sick Days</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionTermOfVacationAndSickDays" xlink:to="label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays_1" xlink:title="Label : itrn_RelatedPartyTransactionTermOfVacationAndSickDays to label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays_2" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays_2">Vacation and sick days</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionTermOfVacationAndSickDays" xlink:to="label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays_2" xlink:title="Label : itrn_RelatedPartyTransactionTermOfVacationAndSickDays to label_itrn_RelatedPartyTransactionTermOfVacationAndSickDays_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RelatedPartyTransactionPaymentToRelatedParty" xlink:label="itrn_RelatedPartyTransactionPaymentToRelatedParty" xlink:title="itrn_RelatedPartyTransactionPaymentToRelatedParty" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionPaymentToRelatedParty" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RelatedPartyTransactionPaymentToRelatedParty" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionPaymentToRelatedParty">Payment during the period (excluding transactions that are eliminated in consolidated or combined financial statements) with related party.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionPaymentToRelatedParty" xlink:to="label_itrn_RelatedPartyTransactionPaymentToRelatedParty" xlink:title="Label : itrn_RelatedPartyTransactionPaymentToRelatedParty to label_itrn_RelatedPartyTransactionPaymentToRelatedParty" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionPaymentToRelatedParty_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RelatedPartyTransactionPaymentToRelatedParty_1" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionPaymentToRelatedParty_1">Related Party Transaction Payment to Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionPaymentToRelatedParty" xlink:to="label_itrn_RelatedPartyTransactionPaymentToRelatedParty_1" xlink:title="Label : itrn_RelatedPartyTransactionPaymentToRelatedParty to label_itrn_RelatedPartyTransactionPaymentToRelatedParty_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RelatedPartyTransactionPaymentToRelatedParty_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RelatedPartyTransactionPaymentToRelatedParty_2" xml:lang="en-US" id="label_itrn_RelatedPartyTransactionPaymentToRelatedParty_2">Payment to related party for services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RelatedPartyTransactionPaymentToRelatedParty" xlink:to="label_itrn_RelatedPartyTransactionPaymentToRelatedParty_2" xlink:title="Label : itrn_RelatedPartyTransactionPaymentToRelatedParty to label_itrn_RelatedPartyTransactionPaymentToRelatedParty_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LossContingenciesAdditionalTaxAssessment" xlink:label="itrn_LossContingenciesAdditionalTaxAssessment" xlink:title="itrn_LossContingenciesAdditionalTaxAssessment" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LossContingenciesAdditionalTaxAssessment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LossContingenciesAdditionalTaxAssessment" xml:lang="en-US" id="label_itrn_LossContingenciesAdditionalTaxAssessment">Represents amount of additional tax assessment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LossContingenciesAdditionalTaxAssessment" xlink:to="label_itrn_LossContingenciesAdditionalTaxAssessment" xlink:title="Label : itrn_LossContingenciesAdditionalTaxAssessment to label_itrn_LossContingenciesAdditionalTaxAssessment" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LossContingenciesAdditionalTaxAssessment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LossContingenciesAdditionalTaxAssessment_1" xml:lang="en-US" id="label_itrn_LossContingenciesAdditionalTaxAssessment_1">Loss Contingencies Additional Tax Assessment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LossContingenciesAdditionalTaxAssessment" xlink:to="label_itrn_LossContingenciesAdditionalTaxAssessment_1" xlink:title="Label : itrn_LossContingenciesAdditionalTaxAssessment to label_itrn_LossContingenciesAdditionalTaxAssessment_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LossContingenciesAdditionalTaxAssessment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LossContingenciesAdditionalTaxAssessment_2" xml:lang="en-US" id="label_itrn_LossContingenciesAdditionalTaxAssessment_2">Additional tax assessment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LossContingenciesAdditionalTaxAssessment" xlink:to="label_itrn_LossContingenciesAdditionalTaxAssessment_2" xlink:title="Label : itrn_LossContingenciesAdditionalTaxAssessment to label_itrn_LossContingenciesAdditionalTaxAssessment_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LossContingenciesPreviousTaxAssessment" xlink:label="itrn_LossContingenciesPreviousTaxAssessment" xlink:title="itrn_LossContingenciesPreviousTaxAssessment" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LossContingenciesPreviousTaxAssessment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LossContingenciesPreviousTaxAssessment" xml:lang="en-US" id="label_itrn_LossContingenciesPreviousTaxAssessment">Represents amount of previous tax assessment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LossContingenciesPreviousTaxAssessment" xlink:to="label_itrn_LossContingenciesPreviousTaxAssessment" xlink:title="Label : itrn_LossContingenciesPreviousTaxAssessment to label_itrn_LossContingenciesPreviousTaxAssessment" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LossContingenciesPreviousTaxAssessment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LossContingenciesPreviousTaxAssessment_1" xml:lang="en-US" id="label_itrn_LossContingenciesPreviousTaxAssessment_1">Loss Contingencies Previous Tax Assessment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LossContingenciesPreviousTaxAssessment" xlink:to="label_itrn_LossContingenciesPreviousTaxAssessment_1" xlink:title="Label : itrn_LossContingenciesPreviousTaxAssessment to label_itrn_LossContingenciesPreviousTaxAssessment_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LossContingenciesPreviousTaxAssessment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LossContingenciesPreviousTaxAssessment_2" xml:lang="en-US" id="label_itrn_LossContingenciesPreviousTaxAssessment_2">Previous tax assessment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LossContingenciesPreviousTaxAssessment" xlink:to="label_itrn_LossContingenciesPreviousTaxAssessment_2" xlink:title="Label : itrn_LossContingenciesPreviousTaxAssessment to label_itrn_LossContingenciesPreviousTaxAssessment_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LossContingenciesAggregateTaxAssessment" xlink:label="itrn_LossContingenciesAggregateTaxAssessment" xlink:title="itrn_LossContingenciesAggregateTaxAssessment" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LossContingenciesAggregateTaxAssessment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LossContingenciesAggregateTaxAssessment" xml:lang="en-US" id="label_itrn_LossContingenciesAggregateTaxAssessment">Represents amount of aggregate tax assessment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LossContingenciesAggregateTaxAssessment" xlink:to="label_itrn_LossContingenciesAggregateTaxAssessment" xlink:title="Label : itrn_LossContingenciesAggregateTaxAssessment to label_itrn_LossContingenciesAggregateTaxAssessment" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LossContingenciesAggregateTaxAssessment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LossContingenciesAggregateTaxAssessment_1" xml:lang="en-US" id="label_itrn_LossContingenciesAggregateTaxAssessment_1">Loss Contingencies Aggregate Tax Assessment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LossContingenciesAggregateTaxAssessment" xlink:to="label_itrn_LossContingenciesAggregateTaxAssessment_1" xlink:title="Label : itrn_LossContingenciesAggregateTaxAssessment to label_itrn_LossContingenciesAggregateTaxAssessment_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LossContingenciesAggregateTaxAssessment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LossContingenciesAggregateTaxAssessment_2" xml:lang="en-US" id="label_itrn_LossContingenciesAggregateTaxAssessment_2">Aggregate tax assessment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LossContingenciesAggregateTaxAssessment" xlink:to="label_itrn_LossContingenciesAggregateTaxAssessment_2" xlink:title="Label : itrn_LossContingenciesAggregateTaxAssessment to label_itrn_LossContingenciesAggregateTaxAssessment_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_IncomeTaxExaminationOffsettingAmount" xlink:label="itrn_IncomeTaxExaminationOffsettingAmount" xlink:title="itrn_IncomeTaxExaminationOffsettingAmount" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IncomeTaxExaminationOffsettingAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_IncomeTaxExaminationOffsettingAmount" xml:lang="en-US" id="label_itrn_IncomeTaxExaminationOffsettingAmount">Represents offsetting amount which is receivable held by Dutch legal entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IncomeTaxExaminationOffsettingAmount" xlink:to="label_itrn_IncomeTaxExaminationOffsettingAmount" xlink:title="Label : itrn_IncomeTaxExaminationOffsettingAmount to label_itrn_IncomeTaxExaminationOffsettingAmount" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IncomeTaxExaminationOffsettingAmount_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_IncomeTaxExaminationOffsettingAmount_1" xml:lang="en-US" id="label_itrn_IncomeTaxExaminationOffsettingAmount_1">Income Tax Examination Offsetting Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IncomeTaxExaminationOffsettingAmount" xlink:to="label_itrn_IncomeTaxExaminationOffsettingAmount_1" xlink:title="Label : itrn_IncomeTaxExaminationOffsettingAmount to label_itrn_IncomeTaxExaminationOffsettingAmount_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IncomeTaxExaminationOffsettingAmount_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_IncomeTaxExaminationOffsettingAmount_2" xml:lang="en-US" id="label_itrn_IncomeTaxExaminationOffsettingAmount_2">Offsetting amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IncomeTaxExaminationOffsettingAmount" xlink:to="label_itrn_IncomeTaxExaminationOffsettingAmount_2" xlink:title="Label : itrn_IncomeTaxExaminationOffsettingAmount to label_itrn_IncomeTaxExaminationOffsettingAmount_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_EquityMethodInvestmentOwnershipPercentageAcquired" xlink:label="itrn_EquityMethodInvestmentOwnershipPercentageAcquired" xlink:title="itrn_EquityMethodInvestmentOwnershipPercentageAcquired" />
    <link:label xlink:type="resource" xlink:label="label_itrn_EquityMethodInvestmentOwnershipPercentageAcquired" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_EquityMethodInvestmentOwnershipPercentageAcquired" xml:lang="en-US" id="label_itrn_EquityMethodInvestmentOwnershipPercentageAcquired">The percentage of ownership of common stock or equity participation acquired in the investee accounted for under the equity method of accounting.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EquityMethodInvestmentOwnershipPercentageAcquired" xlink:to="label_itrn_EquityMethodInvestmentOwnershipPercentageAcquired" xlink:title="Label : itrn_EquityMethodInvestmentOwnershipPercentageAcquired to label_itrn_EquityMethodInvestmentOwnershipPercentageAcquired" />
    <link:label xlink:type="resource" xlink:label="label_itrn_EquityMethodInvestmentOwnershipPercentageAcquired_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_EquityMethodInvestmentOwnershipPercentageAcquired_1" xml:lang="en-US" id="label_itrn_EquityMethodInvestmentOwnershipPercentageAcquired_1">Equity Method Investment Ownership Percentage Acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EquityMethodInvestmentOwnershipPercentageAcquired" xlink:to="label_itrn_EquityMethodInvestmentOwnershipPercentageAcquired_1" xlink:title="Label : itrn_EquityMethodInvestmentOwnershipPercentageAcquired to label_itrn_EquityMethodInvestmentOwnershipPercentageAcquired_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EquityMethodInvestmentOwnershipPercentageAcquired" xlink:to="label_itrn_EquityMethodInvestmentOwnershipPercentageAcquired_2" xlink:title="Label : itrn_EquityMethodInvestmentOwnershipPercentageAcquired to label_itrn_EquityMethodInvestmentOwnershipPercentageAcquired_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage" xlink:label="itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage" xlink:title="itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage" />
    <link:label xlink:type="resource" xlink:label="label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage" xml:lang="en-US" id="label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage">Represents the option to increase percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage" xlink:to="label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage" xlink:title="Label : itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage to label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage" />
    <link:label xlink:type="resource" xlink:label="label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage_1" xml:lang="en-US" id="label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage_1">Equity Method Investment Option to Increase Ownership Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage" xlink:to="label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage_1" xlink:title="Label : itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage to label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage_2" xml:lang="en-US" id="label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage_2">Option to increase ownership percentage, equity method</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage" xlink:to="label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage_2" xlink:title="Label : itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage to label_itrn_EquityMethodInvestmentOptionToIncreaseOwnershipPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate" xlink:label="itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate" xlink:title="itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate" xml:lang="en-US" id="label_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate">Represents the minimum percentage of annual income, which is derived from export considered for application of reduced corporate tax rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate" xlink:to="label_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate" xlink:title="Label : itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate to label_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate_1" xml:lang="en-US" id="label_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate_1">Minimum Percentage of Annual Income which is Derived from Export Considered for Application of Reduced Corporate Tax Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate" xlink:to="label_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate_1" xlink:title="Label : itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate to label_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate_2" xml:lang="en-US" id="label_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate_2">Minimum percentage of annual income which is derived from export considered for application of reduced corporate tax rate</link:label>
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    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_TaxRateApplicableToBetterment" xlink:label="itrn_TaxRateApplicableToBetterment" xlink:title="itrn_TaxRateApplicableToBetterment" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TaxRateApplicableToBetterment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_TaxRateApplicableToBetterment" xml:lang="en-US" id="label_itrn_TaxRateApplicableToBetterment">Represents the percentage of tax rate applicable to betterment in real terms.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TaxRateApplicableToBetterment" xlink:to="label_itrn_TaxRateApplicableToBetterment" xlink:title="Label : itrn_TaxRateApplicableToBetterment to label_itrn_TaxRateApplicableToBetterment" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TaxRateApplicableToBetterment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_TaxRateApplicableToBetterment_1" xml:lang="en-US" id="label_itrn_TaxRateApplicableToBetterment_1">Tax Rate Applicable to Betterment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TaxRateApplicableToBetterment" xlink:to="label_itrn_TaxRateApplicableToBetterment_1" xlink:title="Label : itrn_TaxRateApplicableToBetterment to label_itrn_TaxRateApplicableToBetterment_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TaxRateApplicableToBetterment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_TaxRateApplicableToBetterment_2" xml:lang="en-US" id="label_itrn_TaxRateApplicableToBetterment_2">Tax rate applicable to betterment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TaxRateApplicableToBetterment" xlink:to="label_itrn_TaxRateApplicableToBetterment_2" xlink:title="Label : itrn_TaxRateApplicableToBetterment to label_itrn_TaxRateApplicableToBetterment_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_TaxRateOnCapitalGains" xlink:label="itrn_TaxRateOnCapitalGains" xlink:title="itrn_TaxRateOnCapitalGains" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TaxRateOnCapitalGains" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_TaxRateOnCapitalGains" xml:lang="en-US" id="label_itrn_TaxRateOnCapitalGains">Represents the percentage of tax rate on capital gains in real terms.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TaxRateOnCapitalGains" xlink:to="label_itrn_TaxRateOnCapitalGains" xlink:title="Label : itrn_TaxRateOnCapitalGains to label_itrn_TaxRateOnCapitalGains" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TaxRateOnCapitalGains_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_TaxRateOnCapitalGains_1" xml:lang="en-US" id="label_itrn_TaxRateOnCapitalGains_1">Tax Rate on Capital Gains</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TaxRateOnCapitalGains" xlink:to="label_itrn_TaxRateOnCapitalGains_1" xlink:title="Label : itrn_TaxRateOnCapitalGains to label_itrn_TaxRateOnCapitalGains_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_TaxRateOnCapitalGains_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_TaxRateOnCapitalGains_2" xml:lang="en-US" id="label_itrn_TaxRateOnCapitalGains_2">Tax rate on capital gains</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_TaxRateOnCapitalGains" xlink:to="label_itrn_TaxRateOnCapitalGains_2" xlink:title="Label : itrn_TaxRateOnCapitalGains to label_itrn_TaxRateOnCapitalGains_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_PresidentAndDirectorMember" xlink:label="itrn_PresidentAndDirectorMember" xlink:title="itrn_PresidentAndDirectorMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PresidentAndDirectorMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_PresidentAndDirectorMember" xml:lang="en-US" id="label_itrn_PresidentAndDirectorMember">First or second ranking officer of the entity that may be appointed by the board of directors and person serving on the board of directors (who collectively have responsibility for governing the entity).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PresidentAndDirectorMember" xlink:to="label_itrn_PresidentAndDirectorMember" xlink:title="Label : itrn_PresidentAndDirectorMember to label_itrn_PresidentAndDirectorMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PresidentAndDirectorMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_PresidentAndDirectorMember_1" xml:lang="en-US" id="label_itrn_PresidentAndDirectorMember_1">President and Director [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PresidentAndDirectorMember" xlink:to="label_itrn_PresidentAndDirectorMember_1" xlink:title="Label : itrn_PresidentAndDirectorMember to label_itrn_PresidentAndDirectorMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PresidentAndDirectorMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_PresidentAndDirectorMember_2" xml:lang="en-US" id="label_itrn_PresidentAndDirectorMember_2">President and Director [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PresidentAndDirectorMember" xlink:to="label_itrn_PresidentAndDirectorMember_2" xlink:title="Label : itrn_PresidentAndDirectorMember to label_itrn_PresidentAndDirectorMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit" xlink:label="itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit" xlink:title="itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit" xml:lang="en-US" id="label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit">The net cash outflow or inflow from investments in short term investments during the period, which are classified as investing activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit" xlink:to="label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit" xlink:title="Label : itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit to label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit_1" xml:lang="en-US" id="label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit_1">Payments for Proceeds from Investments in Short Term Deposit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit" xlink:to="label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit_1" xlink:title="Label : itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit to label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit_2" xml:lang="en-US" id="label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit_2">Proceeds from (Investment in) long - term deposit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit" xlink:to="label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit_2" xlink:title="Label : itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit to label_itrn_PaymentsForProceedsFromInvestmentsInShortTermDeposit_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_CorporateTaxRateYearTwentyTenMember" xlink:label="itrn_CorporateTaxRateYearTwentyTenMember" xlink:title="itrn_CorporateTaxRateYearTwentyTenMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CorporateTaxRateYearTwentyTenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_CorporateTaxRateYearTwentyTenMember" xml:lang="en-US" id="label_itrn_CorporateTaxRateYearTwentyTenMember">Corporate Tax Rate Year Twenty-Ten [Member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CorporateTaxRateYearTwentyTenMember" xlink:to="label_itrn_CorporateTaxRateYearTwentyTenMember" xlink:title="Label : itrn_CorporateTaxRateYearTwentyTenMember to label_itrn_CorporateTaxRateYearTwentyTenMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CorporateTaxRateYearTwentyTenMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_CorporateTaxRateYearTwentyTenMember_1" xml:lang="en-US" id="label_itrn_CorporateTaxRateYearTwentyTenMember_1">Corporate Tax Rate Year Twenty Ten [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CorporateTaxRateYearTwentyTenMember" xlink:to="label_itrn_CorporateTaxRateYearTwentyTenMember_1" xlink:title="Label : itrn_CorporateTaxRateYearTwentyTenMember to label_itrn_CorporateTaxRateYearTwentyTenMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_CorporateTaxRateYearTwentyTenMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_CorporateTaxRateYearTwentyTenMember_2" xml:lang="en-US" id="label_itrn_CorporateTaxRateYearTwentyTenMember_2">2010 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_CorporateTaxRateYearTwentyTenMember" xlink:to="label_itrn_CorporateTaxRateYearTwentyTenMember_2" xlink:title="Label : itrn_CorporateTaxRateYearTwentyTenMember to label_itrn_CorporateTaxRateYearTwentyTenMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember" xlink:label="itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember" xlink:title="itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember" xml:lang="en-US" id="label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember">Location Based Services and Wireless Communications Products [Member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember" xlink:to="label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember" xlink:title="Label : itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember to label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember_1" xml:lang="en-US" id="label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember_1">Location Based Services and Wireless Communications Products [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember" xlink:to="label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember_1" xlink:title="Label : itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember to label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember_2" xml:lang="en-US" id="label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember_2">Location Based Services and Wireless Communications Products [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember" xlink:to="label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember_2" xlink:title="Label : itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember to label_itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_MrAvnerKurzMember" xlink:label="itrn_MrAvnerKurzMember" xlink:title="itrn_MrAvnerKurzMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_MrAvnerKurzMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_MrAvnerKurzMember" xml:lang="en-US" id="label_itrn_MrAvnerKurzMember">Mr. Avner Kurz  [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_MrAvnerKurzMember" xlink:to="label_itrn_MrAvnerKurzMember" xlink:title="Label : itrn_MrAvnerKurzMember to label_itrn_MrAvnerKurzMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_MrAvnerKurzMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_MrAvnerKurzMember_1" xml:lang="en-US" id="label_itrn_MrAvnerKurzMember_1">Mr Avner Kurz [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_MrAvnerKurzMember" xlink:to="label_itrn_MrAvnerKurzMember_1" xlink:title="Label : itrn_MrAvnerKurzMember to label_itrn_MrAvnerKurzMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_MrAvnerKurzMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_MrAvnerKurzMember_2" xml:lang="en-US" id="label_itrn_MrAvnerKurzMember_2">Mr. Avner Kurz [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_MrAvnerKurzMember" xlink:to="label_itrn_MrAvnerKurzMember_2" xlink:title="Label : itrn_MrAvnerKurzMember to label_itrn_MrAvnerKurzMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_IturanSistemasDeMonitoramentoLtdaMember" xlink:label="itrn_IturanSistemasDeMonitoramentoLtdaMember" xlink:title="itrn_IturanSistemasDeMonitoramentoLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IturanSistemasDeMonitoramentoLtdaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_IturanSistemasDeMonitoramentoLtdaMember" xml:lang="en-US" id="label_itrn_IturanSistemasDeMonitoramentoLtdaMember">Represents information pertaining to Ituran Sistemas de Monitoramento Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IturanSistemasDeMonitoramentoLtdaMember" xlink:to="label_itrn_IturanSistemasDeMonitoramentoLtdaMember" xlink:title="Label : itrn_IturanSistemasDeMonitoramentoLtdaMember to label_itrn_IturanSistemasDeMonitoramentoLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IturanSistemasDeMonitoramentoLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_IturanSistemasDeMonitoramentoLtdaMember_1" xml:lang="en-US" id="label_itrn_IturanSistemasDeMonitoramentoLtdaMember_1">Ituran Sistemas De Monitoramento Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IturanSistemasDeMonitoramentoLtdaMember" xlink:to="label_itrn_IturanSistemasDeMonitoramentoLtdaMember_1" xlink:title="Label : itrn_IturanSistemasDeMonitoramentoLtdaMember to label_itrn_IturanSistemasDeMonitoramentoLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IturanSistemasDeMonitoramentoLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_IturanSistemasDeMonitoramentoLtdaMember_2" xml:lang="en-US" id="label_itrn_IturanSistemasDeMonitoramentoLtdaMember_2">Ituran Sistemas de Monitoramento Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IturanSistemasDeMonitoramentoLtdaMember" xlink:to="label_itrn_IturanSistemasDeMonitoramentoLtdaMember_2" xlink:title="Label : itrn_IturanSistemasDeMonitoramentoLtdaMember to label_itrn_IturanSistemasDeMonitoramentoLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_InterestIncomeExpenseShortTermBorrowings" xlink:label="itrn_InterestIncomeExpenseShortTermBorrowings" xlink:title="itrn_InterestIncomeExpenseShortTermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_itrn_InterestIncomeExpenseShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_InterestIncomeExpenseShortTermBorrowings" xml:lang="en-US" id="label_itrn_InterestIncomeExpenseShortTermBorrowings">The aggregate interest income (expense) incurred on short-term borrowings during the reporting period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_InterestIncomeExpenseShortTermBorrowings" xlink:to="label_itrn_InterestIncomeExpenseShortTermBorrowings" xlink:title="Label : itrn_InterestIncomeExpenseShortTermBorrowings to label_itrn_InterestIncomeExpenseShortTermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_itrn_InterestIncomeExpenseShortTermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_InterestIncomeExpenseShortTermBorrowings_1" xml:lang="en-US" id="label_itrn_InterestIncomeExpenseShortTermBorrowings_1">Interest Income Expense Short Term Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_InterestIncomeExpenseShortTermBorrowings" xlink:to="label_itrn_InterestIncomeExpenseShortTermBorrowings_1" xlink:title="Label : itrn_InterestIncomeExpenseShortTermBorrowings to label_itrn_InterestIncomeExpenseShortTermBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_InterestIncomeExpenseShortTermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_InterestIncomeExpenseShortTermBorrowings_2" xml:lang="en-US" id="label_itrn_InterestIncomeExpenseShortTermBorrowings_2">Short-term interest expenses, commissions and other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_InterestIncomeExpenseShortTermBorrowings" xlink:to="label_itrn_InterestIncomeExpenseShortTermBorrowings_2" xlink:title="Label : itrn_InterestIncomeExpenseShortTermBorrowings to label_itrn_InterestIncomeExpenseShortTermBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_MinorityInterestAcquisitionPercentage" xlink:label="itrn_MinorityInterestAcquisitionPercentage" xlink:title="itrn_MinorityInterestAcquisitionPercentage" />
    <link:label xlink:type="resource" xlink:label="label_itrn_MinorityInterestAcquisitionPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_MinorityInterestAcquisitionPercentage" xml:lang="en-US" id="label_itrn_MinorityInterestAcquisitionPercentage">Represents the acquisition percentage of non-controlling interest during the reporting period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_MinorityInterestAcquisitionPercentage" xlink:to="label_itrn_MinorityInterestAcquisitionPercentage" xlink:title="Label : itrn_MinorityInterestAcquisitionPercentage to label_itrn_MinorityInterestAcquisitionPercentage" />
    <link:label xlink:type="resource" xlink:label="label_itrn_MinorityInterestAcquisitionPercentage_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_MinorityInterestAcquisitionPercentage_1" xml:lang="en-US" id="label_itrn_MinorityInterestAcquisitionPercentage_1">Minority Interest Acquisition Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_MinorityInterestAcquisitionPercentage" xlink:to="label_itrn_MinorityInterestAcquisitionPercentage_1" xlink:title="Label : itrn_MinorityInterestAcquisitionPercentage to label_itrn_MinorityInterestAcquisitionPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_MinorityInterestAcquisitionPercentage_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_MinorityInterestAcquisitionPercentage_2" xml:lang="en-US" id="label_itrn_MinorityInterestAcquisitionPercentage_2">Non-controlling interest purchased</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_MinorityInterestAcquisitionPercentage" xlink:to="label_itrn_MinorityInterestAcquisitionPercentage_2" xlink:title="Label : itrn_MinorityInterestAcquisitionPercentage to label_itrn_MinorityInterestAcquisitionPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_FundsInRespectOfEmployeeRightsUponRetirement" xlink:label="itrn_FundsInRespectOfEmployeeRightsUponRetirement" xlink:title="itrn_FundsInRespectOfEmployeeRightsUponRetirement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_FundsInRespectOfEmployeeRightsUponRetirement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_FundsInRespectOfEmployeeRightsUponRetirement" xml:lang="en-US" id="label_itrn_FundsInRespectOfEmployeeRightsUponRetirement">Amount of funds in respect of employee rights upon retirement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_FundsInRespectOfEmployeeRightsUponRetirement" xlink:to="label_itrn_FundsInRespectOfEmployeeRightsUponRetirement" xlink:title="Label : itrn_FundsInRespectOfEmployeeRightsUponRetirement to label_itrn_FundsInRespectOfEmployeeRightsUponRetirement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_FundsInRespectOfEmployeeRightsUponRetirement_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_FundsInRespectOfEmployeeRightsUponRetirement_1" xml:lang="en-US" id="label_itrn_FundsInRespectOfEmployeeRightsUponRetirement_1">Funds In Respect Of Employee Rights Upon Retirement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_FundsInRespectOfEmployeeRightsUponRetirement" xlink:to="label_itrn_FundsInRespectOfEmployeeRightsUponRetirement_1" xlink:title="Label : itrn_FundsInRespectOfEmployeeRightsUponRetirement to label_itrn_FundsInRespectOfEmployeeRightsUponRetirement_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_FundsInRespectOfEmployeeRightsUponRetirement_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_FundsInRespectOfEmployeeRightsUponRetirement_2" xml:lang="en-US" id="label_itrn_FundsInRespectOfEmployeeRightsUponRetirement_2">Funds in respect of employee rights upon retirement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_FundsInRespectOfEmployeeRightsUponRetirement" xlink:to="label_itrn_FundsInRespectOfEmployeeRightsUponRetirement_2" xlink:title="Label : itrn_FundsInRespectOfEmployeeRightsUponRetirement to label_itrn_FundsInRespectOfEmployeeRightsUponRetirement_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_LiabilityForEmployeeRightsUponRetirement" xlink:label="itrn_LiabilityForEmployeeRightsUponRetirement" xlink:title="itrn_LiabilityForEmployeeRightsUponRetirement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LiabilityForEmployeeRightsUponRetirement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_LiabilityForEmployeeRightsUponRetirement" xml:lang="en-US" id="label_itrn_LiabilityForEmployeeRightsUponRetirement">Amount of liability for employee rights upon retirement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LiabilityForEmployeeRightsUponRetirement" xlink:to="label_itrn_LiabilityForEmployeeRightsUponRetirement" xlink:title="Label : itrn_LiabilityForEmployeeRightsUponRetirement to label_itrn_LiabilityForEmployeeRightsUponRetirement" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LiabilityForEmployeeRightsUponRetirement_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_LiabilityForEmployeeRightsUponRetirement_1" xml:lang="en-US" id="label_itrn_LiabilityForEmployeeRightsUponRetirement_1">Liability For Employee Rights Upon Retirement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LiabilityForEmployeeRightsUponRetirement" xlink:to="label_itrn_LiabilityForEmployeeRightsUponRetirement_1" xlink:title="Label : itrn_LiabilityForEmployeeRightsUponRetirement to label_itrn_LiabilityForEmployeeRightsUponRetirement_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_LiabilityForEmployeeRightsUponRetirement_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_LiabilityForEmployeeRightsUponRetirement_2" xml:lang="en-US" id="label_itrn_LiabilityForEmployeeRightsUponRetirement_2">Liability for employee rights upon retirement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_LiabilityForEmployeeRightsUponRetirement" xlink:to="label_itrn_LiabilityForEmployeeRightsUponRetirement_2" xlink:title="Label : itrn_LiabilityForEmployeeRightsUponRetirement to label_itrn_LiabilityForEmployeeRightsUponRetirement_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit" xlink:label="itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit" xlink:title="itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit" xml:lang="en-US" id="label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit">The net cash outflow or inflow from investments in long term investments during the period, which are classified as investing activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit" xlink:to="label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit" xlink:title="Label : itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit to label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit_1" xml:lang="en-US" id="label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit_1">Payments for Proceeds from Investments in Long Term Deposit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit" xlink:to="label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit_1" xlink:title="Label : itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit to label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit_2" xml:lang="en-US" id="label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit_2">Proceeds from (Investment in) long - term deposit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit" xlink:to="label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit_2" xlink:title="Label : itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit to label_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_ReceivablesFromSaleOfSubsidiary" xlink:label="itrn_ReceivablesFromSaleOfSubsidiary" xlink:title="itrn_ReceivablesFromSaleOfSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ReceivablesFromSaleOfSubsidiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_ReceivablesFromSaleOfSubsidiary" xml:lang="en-US" id="label_itrn_ReceivablesFromSaleOfSubsidiary">Amoutn of receivables from sale of subsidiary.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ReceivablesFromSaleOfSubsidiary" xlink:to="label_itrn_ReceivablesFromSaleOfSubsidiary" xlink:title="Label : itrn_ReceivablesFromSaleOfSubsidiary to label_itrn_ReceivablesFromSaleOfSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ReceivablesFromSaleOfSubsidiary_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_ReceivablesFromSaleOfSubsidiary_1" xml:lang="en-US" id="label_itrn_ReceivablesFromSaleOfSubsidiary_1">Receivables from Sale of Subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ReceivablesFromSaleOfSubsidiary" xlink:to="label_itrn_ReceivablesFromSaleOfSubsidiary_1" xlink:title="Label : itrn_ReceivablesFromSaleOfSubsidiary to label_itrn_ReceivablesFromSaleOfSubsidiary_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ReceivablesFromSaleOfSubsidiary_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_ReceivablesFromSaleOfSubsidiary_2" xml:lang="en-US" id="label_itrn_ReceivablesFromSaleOfSubsidiary_2">Receivables from Sale of Subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ReceivablesFromSaleOfSubsidiary" xlink:to="label_itrn_ReceivablesFromSaleOfSubsidiary_2" xlink:title="Label : itrn_ReceivablesFromSaleOfSubsidiary to label_itrn_ReceivablesFromSaleOfSubsidiary_2" />
    <link:label xlink:type="resource" xlink:label="label_itrn_ReceivablesFromSaleOfSubsidiary_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_itrn_ReceivablesFromSaleOfSubsidiary_3" xml:lang="en-US" id="label_itrn_ReceivablesFromSaleOfSubsidiary_3">Receivables from Sale of Subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_ReceivablesFromSaleOfSubsidiary" xlink:to="label_itrn_ReceivablesFromSaleOfSubsidiary_3" xlink:title="Label : itrn_ReceivablesFromSaleOfSubsidiary to label_itrn_ReceivablesFromSaleOfSubsidiary_3" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock" xlink:label="itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock" xlink:title="itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock" xml:lang="en-US" id="label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock">Disclosure of accounting policy for deferral and amortization of significant deferred charges and prepaid expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock" xlink:to="label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock" xlink:title="Label : itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock to label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock_1" xml:lang="en-US" id="label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock_1">Deferred Charges and Prepaid Expenses [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock" xlink:to="label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock_1" xlink:title="Label : itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock to label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock_2" xml:lang="en-US" id="label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock_2">Deferred installation expenses and prepaid expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock" xlink:to="label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock_2" xlink:title="Label : itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock to label_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" xlink:label="itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" xlink:title="itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" xml:lang="en-US" id="label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember">Represents information pertaining to ITURAN ROAD TRACK MONITORAMENTO De Veiculos Ltda. ("IRT").</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" xlink:to="label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" xlink:title="Label : itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember to label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember_1" xml:lang="en-US" id="label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember_1">Ituran Road Track Monitoramen to De Veiculos Ltd a [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" xlink:to="label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember_1" xlink:title="Label : itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember to label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember_2" xml:lang="en-US" id="label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember_2">IRT [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember" xlink:to="label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember_2" xlink:title="Label : itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember to label_itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_AgreementTerm" xlink:label="itrn_AgreementTerm" xlink:title="itrn_AgreementTerm" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AgreementTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_AgreementTerm" xml:lang="en-US" id="label_itrn_AgreementTerm">Represents the term of agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AgreementTerm" xlink:to="label_itrn_AgreementTerm" xlink:title="Label : itrn_AgreementTerm to label_itrn_AgreementTerm" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AgreementTerm_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_AgreementTerm_1" xml:lang="en-US" id="label_itrn_AgreementTerm_1">Agreement Term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AgreementTerm" xlink:to="label_itrn_AgreementTerm_1" xlink:title="Label : itrn_AgreementTerm to label_itrn_AgreementTerm_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AgreementTerm_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_AgreementTerm_2" xml:lang="en-US" id="label_itrn_AgreementTerm_2">Agreement term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AgreementTerm" xlink:to="label_itrn_AgreementTerm_2" xlink:title="Label : itrn_AgreementTerm to label_itrn_AgreementTerm_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_RTIUruguaiSAMember" xlink:label="itrn_RTIUruguaiSAMember" xlink:title="itrn_RTIUruguaiSAMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RTIUruguaiSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_RTIUruguaiSAMember" xml:lang="en-US" id="label_itrn_RTIUruguaiSAMember">Represents information pertaining to RTI URUGUAI S.A ("RTI").</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RTIUruguaiSAMember" xlink:to="label_itrn_RTIUruguaiSAMember" xlink:title="Label : itrn_RTIUruguaiSAMember to label_itrn_RTIUruguaiSAMember" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RTIUruguaiSAMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_RTIUruguaiSAMember_1" xml:lang="en-US" id="label_itrn_RTIUruguaiSAMember_1">RTI Uruguai SA [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RTIUruguaiSAMember" xlink:to="label_itrn_RTIUruguaiSAMember_1" xlink:title="Label : itrn_RTIUruguaiSAMember to label_itrn_RTIUruguaiSAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_RTIUruguaiSAMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_RTIUruguaiSAMember_2" xml:lang="en-US" id="label_itrn_RTIUruguaiSAMember_2">RTI [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_RTIUruguaiSAMember" xlink:to="label_itrn_RTIUruguaiSAMember_2" xlink:title="Label : itrn_RTIUruguaiSAMember to label_itrn_RTIUruguaiSAMember_2" />
    <link:loc xlink:type="locator" xlink:href="itrn-20151231.xsd#itrn_AmortizationAndImpairmentOfIntangibleAssets" xlink:label="itrn_AmortizationAndImpairmentOfIntangibleAssets" xlink:title="itrn_AmortizationAndImpairmentOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AmortizationAndImpairmentOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_itrn_AmortizationAndImpairmentOfIntangibleAssets" xml:lang="en-US" id="label_itrn_AmortizationAndImpairmentOfIntangibleAssets">Amoutn of amortization and impairment of intangible assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AmortizationAndImpairmentOfIntangibleAssets" xlink:to="label_itrn_AmortizationAndImpairmentOfIntangibleAssets" xlink:title="Label : itrn_AmortizationAndImpairmentOfIntangibleAssets to label_itrn_AmortizationAndImpairmentOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AmortizationAndImpairmentOfIntangibleAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_itrn_AmortizationAndImpairmentOfIntangibleAssets_1" xml:lang="en-US" id="label_itrn_AmortizationAndImpairmentOfIntangibleAssets_1">Amortization and Impairment of Intangible Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="itrn_AmortizationAndImpairmentOfIntangibleAssets" xlink:to="label_itrn_AmortizationAndImpairmentOfIntangibleAssets_1" xlink:title="Label : itrn_AmortizationAndImpairmentOfIntangibleAssets to label_itrn_AmortizationAndImpairmentOfIntangibleAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_itrn_AmortizationAndImpairmentOfIntangibleAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_itrn_AmortizationAndImpairmentOfIntangibleAssets_2" xml:lang="en-US" id="label_itrn_AmortizationAndImpairmentOfIntangibleAssets_2">Amortization and impairment of intangible assets</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_AdvertisingExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AdvertisingExpense_1" xml:lang="en-US" id="label_us-gaap_AdvertisingExpense_1">Advertising expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdvertisingExpense" xlink:to="label_us-gaap_AdvertisingExpense_1" xlink:title="Label : us-gaap_AdvertisingExpense to label_us-gaap_AdvertisingExpense_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AffiliatedEntityMember" xlink:label="us-gaap_AffiliatedEntityMember" xlink:title="us-gaap_AffiliatedEntityMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AffiliatedEntityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AffiliatedEntityMember" xml:lang="en-US" id="label_us-gaap_AffiliatedEntityMember">Affiliated Entity [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AffiliatedEntityMember" xlink:to="label_us-gaap_AffiliatedEntityMember" xlink:title="Label : us-gaap_AffiliatedEntityMember to label_us-gaap_AffiliatedEntityMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AffiliatedEntityMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AffiliatedEntityMember_1" xml:lang="en-US" id="label_us-gaap_AffiliatedEntityMember_1">CEO of E-Com [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AffiliatedEntityMember" xlink:to="label_us-gaap_AffiliatedEntityMember_1" xlink:title="Label : us-gaap_AffiliatedEntityMember to label_us-gaap_AffiliatedEntityMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AllOtherSegmentsMember" xlink:label="us-gaap_AllOtherSegmentsMember" xlink:title="us-gaap_AllOtherSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AllOtherSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AllOtherSegmentsMember" xml:lang="en-US" id="label_us-gaap_AllOtherSegmentsMember">All Other Segments [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllOtherSegmentsMember" xlink:to="label_us-gaap_AllOtherSegmentsMember" xlink:title="Label : us-gaap_AllOtherSegmentsMember to label_us-gaap_AllOtherSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AllOtherSegmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AllOtherSegmentsMember_1" xml:lang="en-US" id="label_us-gaap_AllOtherSegmentsMember_1">Other [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllOtherSegmentsMember" xlink:to="label_us-gaap_AllOtherSegmentsMember_1" xlink:title="Label : us-gaap_AllOtherSegmentsMember to label_us-gaap_AllOtherSegmentsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:title="us-gaap_AllowanceForDoubtfulAccountsReceivable" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AllowanceForDoubtfulAccountsReceivable" xml:lang="en-US" id="label_us-gaap_AllowanceForDoubtfulAccountsReceivable">Allowance for Doubtful Accounts Receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:to="label_us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:title="Label : us-gaap_AllowanceForDoubtfulAccountsReceivable to label_us-gaap_AllowanceForDoubtfulAccountsReceivable" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AllowanceForDoubtfulAccountsReceivable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AllowanceForDoubtfulAccountsReceivable_1" xml:lang="en-US" id="label_us-gaap_AllowanceForDoubtfulAccountsReceivable_1">Allowance for doubtful accounts receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:to="label_us-gaap_AllowanceForDoubtfulAccountsReceivable_1" xlink:title="Label : us-gaap_AllowanceForDoubtfulAccountsReceivable to label_us-gaap_AllowanceForDoubtfulAccountsReceivable_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets" xlink:label="us-gaap_AmortizationOfIntangibleAssets" xlink:title="us-gaap_AmortizationOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AmortizationOfIntangibleAssets" xml:lang="en-US" id="label_us-gaap_AmortizationOfIntangibleAssets">Amortization of Intangible Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfIntangibleAssets" xlink:to="label_us-gaap_AmortizationOfIntangibleAssets" xlink:title="Label : us-gaap_AmortizationOfIntangibleAssets to label_us-gaap_AmortizationOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AmortizationOfIntangibleAssets_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_AmortizationOfIntangibleAssets_1" xml:lang="en-US" id="label_us-gaap_AmortizationOfIntangibleAssets_1">Amortization of intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfIntangibleAssets" xlink:to="label_us-gaap_AmortizationOfIntangibleAssets_1" xlink:title="Label : us-gaap_AmortizationOfIntangibleAssets to label_us-gaap_AmortizationOfIntangibleAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:title="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xml:lang="en-US" id="label_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="label_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:title="Label : us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount to label_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_1" xml:lang="en-US" id="label_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_1">Antidilutive shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="label_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_1" xlink:title="Label : us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount to label_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" xlink:title="us-gaap_AssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AssetsAbstract" xml:lang="en-US" id="label_us-gaap_AssetsAbstract">Assets [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="label_us-gaap_AssetsAbstract" xlink:title="Label : us-gaap_AssetsAbstract to label_us-gaap_AssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AssetsAbstract_1" xml:lang="en-US" id="label_us-gaap_AssetsAbstract_1">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="label_us-gaap_AssetsAbstract_1" xlink:title="Label : us-gaap_AssetsAbstract to label_us-gaap_AssetsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" xlink:title="us-gaap_Assets" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_Assets" xml:lang="en-US" id="label_us-gaap_Assets">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="label_us-gaap_Assets" xlink:title="Label : us-gaap_Assets to label_us-gaap_Assets" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_Assets_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_Assets_1" xml:lang="en-US" id="label_us-gaap_Assets_1">Total assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="label_us-gaap_Assets_1" xlink:title="Label : us-gaap_Assets to label_us-gaap_Assets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" xlink:title="us-gaap_AssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AssetsCurrent" xml:lang="en-US" id="label_us-gaap_AssetsCurrent">Assets, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="label_us-gaap_AssetsCurrent" xlink:title="Label : us-gaap_AssetsCurrent to label_us-gaap_AssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AssetsCurrent_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_AssetsCurrent_1" xml:lang="en-US" id="label_us-gaap_AssetsCurrent_1">Total current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="label_us-gaap_AssetsCurrent_1" xlink:title="Label : us-gaap_AssetsCurrent to label_us-gaap_AssetsCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AssetsCurrent_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_AssetsCurrent_2" xml:lang="en-US" id="label_us-gaap_AssetsCurrent_2">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="label_us-gaap_AssetsCurrent_2" xlink:title="Label : us-gaap_AssetsCurrent to label_us-gaap_AssetsCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract" xlink:title="us-gaap_AssetsCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AssetsCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AssetsCurrentAbstract" xml:lang="en-US" id="label_us-gaap_AssetsCurrentAbstract">Assets, Current [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="label_us-gaap_AssetsCurrentAbstract" xlink:title="Label : us-gaap_AssetsCurrentAbstract to label_us-gaap_AssetsCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AssetsCurrentAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AssetsCurrentAbstract_1" xml:lang="en-US" id="label_us-gaap_AssetsCurrentAbstract_1">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="label_us-gaap_AssetsCurrentAbstract_1" xlink:title="Label : us-gaap_AssetsCurrentAbstract to label_us-gaap_AssetsCurrentAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsNoncurrent" xlink:label="us-gaap_AssetsNoncurrent" xlink:title="us-gaap_AssetsNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AssetsNoncurrent" xml:lang="en-US" id="label_us-gaap_AssetsNoncurrent">Assets, Noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNoncurrent" xlink:to="label_us-gaap_AssetsNoncurrent" xlink:title="Label : us-gaap_AssetsNoncurrent to label_us-gaap_AssetsNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AssetsNoncurrent_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_AssetsNoncurrent_1" xml:lang="en-US" id="label_us-gaap_AssetsNoncurrent_1">Total non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNoncurrent" xlink:to="label_us-gaap_AssetsNoncurrent_1" xlink:title="Label : us-gaap_AssetsNoncurrent to label_us-gaap_AssetsNoncurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsNoncurrentAbstract" xlink:label="us-gaap_AssetsNoncurrentAbstract" xlink:title="us-gaap_AssetsNoncurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AssetsNoncurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AssetsNoncurrentAbstract" xml:lang="en-US" id="label_us-gaap_AssetsNoncurrentAbstract">Assets, Noncurrent [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNoncurrentAbstract" xlink:to="label_us-gaap_AssetsNoncurrentAbstract" xlink:title="Label : us-gaap_AssetsNoncurrentAbstract to label_us-gaap_AssetsNoncurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AssetsNoncurrentAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AssetsNoncurrentAbstract_1" xml:lang="en-US" id="label_us-gaap_AssetsNoncurrentAbstract_1">Long-term investments and other assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNoncurrentAbstract" xlink:to="label_us-gaap_AssetsNoncurrentAbstract_1" xlink:title="Label : us-gaap_AssetsNoncurrentAbstract to label_us-gaap_AssetsNoncurrentAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="us-gaap_BalanceSheetLocationAxis" xlink:title="us-gaap_BalanceSheetLocationAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BalanceSheetLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_BalanceSheetLocationAxis" xml:lang="en-US" id="label_us-gaap_BalanceSheetLocationAxis">Balance Sheet Location [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BalanceSheetLocationAxis" xlink:to="label_us-gaap_BalanceSheetLocationAxis" xlink:title="Label : us-gaap_BalanceSheetLocationAxis to label_us-gaap_BalanceSheetLocationAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="us-gaap_BalanceSheetLocationDomain" xlink:title="us-gaap_BalanceSheetLocationDomain" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BalanceSheetLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_BalanceSheetLocationDomain" xml:lang="en-US" id="label_us-gaap_BalanceSheetLocationDomain">Balance Sheet Location [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BalanceSheetLocationDomain" xlink:to="label_us-gaap_BalanceSheetLocationDomain" xlink:title="Label : us-gaap_BalanceSheetLocationDomain to label_us-gaap_BalanceSheetLocationDomain" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xml:lang="en-US" id="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock">Basis of Accounting, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:title="Label : us-gaap_BasisOfAccountingPolicyPolicyTextBlock to label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_1">Basis of presentation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_1" xlink:title="Label : us-gaap_BasisOfAccountingPolicyPolicyTextBlock to label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingMember" xlink:to="label_us-gaap_BuildingMember" xlink:title="Label : us-gaap_BuildingMember to label_us-gaap_BuildingMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BuildingMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_BuildingMember_1" xml:lang="en-US" id="label_us-gaap_BuildingMember_1">Buildings [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingMember" xlink:to="label_us-gaap_BuildingMember_1" xlink:title="Label : us-gaap_BuildingMember to label_us-gaap_BuildingMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:title="us-gaap_CashAndCashEquivalentsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsPolicyTextBlock">Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="label_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:title="Label : us-gaap_CashAndCashEquivalentsPolicyTextBlock to label_us-gaap_CashAndCashEquivalentsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashAndCashEquivalentsPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_CashAndCashEquivalentsPolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsPolicyTextBlock_1">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="label_us-gaap_CashAndCashEquivalentsPolicyTextBlock_1" xlink:title="Label : us-gaap_CashAndCashEquivalentsPolicyTextBlock to label_us-gaap_CashAndCashEquivalentsPolicyTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:title="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsAtCarryingValue">Cash and Cash Equivalents, at Carrying Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="label_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:title="Label : us-gaap_CashAndCashEquivalentsAtCarryingValue to label_us-gaap_CashAndCashEquivalentsAtCarryingValue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_1" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_1">Balance of cash and cash equivalents at end of year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_1" xlink:title="Label : us-gaap_CashAndCashEquivalentsAtCarryingValue to label_us-gaap_CashAndCashEquivalentsAtCarryingValue_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_2" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_2">Balance of cash and cash equivalents at beginning of year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_2" xlink:title="Label : us-gaap_CashAndCashEquivalentsAtCarryingValue to label_us-gaap_CashAndCashEquivalentsAtCarryingValue_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_3" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_3">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_3" xlink:title="Label : us-gaap_CashAndCashEquivalentsAtCarryingValue to label_us-gaap_CashAndCashEquivalentsAtCarryingValue_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">Cash and Cash Equivalents, Period Increase (Decrease)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="label_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="Label : us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease to label_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_1" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_1">Net increase (decrease) in cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="label_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_1" xlink:title="Label : us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease to label_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashDivestedFromDeconsolidation" xlink:label="us-gaap_CashDivestedFromDeconsolidation" xlink:title="us-gaap_CashDivestedFromDeconsolidation" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashDivestedFromDeconsolidation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CashDivestedFromDeconsolidation" xml:lang="en-US" id="label_us-gaap_CashDivestedFromDeconsolidation">Cash Divested from Deconsolidation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashDivestedFromDeconsolidation" xlink:to="label_us-gaap_CashDivestedFromDeconsolidation" xlink:title="Label : us-gaap_CashDivestedFromDeconsolidation to label_us-gaap_CashDivestedFromDeconsolidation" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashDivestedFromDeconsolidation_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_CashDivestedFromDeconsolidation_1" xml:lang="en-US" id="label_us-gaap_CashDivestedFromDeconsolidation_1">Sale of subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashDivestedFromDeconsolidation" xlink:to="label_us-gaap_CashDivestedFromDeconsolidation_1" xlink:title="Label : us-gaap_CashDivestedFromDeconsolidation to label_us-gaap_CashDivestedFromDeconsolidation_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashDivestedFromDeconsolidation_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_CashDivestedFromDeconsolidation_2" xml:lang="en-US" id="label_us-gaap_CashDivestedFromDeconsolidation_2">Company no longer consolidated</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashDivestedFromDeconsolidation" xlink:to="label_us-gaap_CashDivestedFromDeconsolidation_2" xlink:title="Label : us-gaap_CashDivestedFromDeconsolidation to label_us-gaap_CashDivestedFromDeconsolidation_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashDivestedFromDeconsolidation_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_CashDivestedFromDeconsolidation_3" xml:lang="en-US" id="label_us-gaap_CashDivestedFromDeconsolidation_3">Sale of subsidiary (Appendix A)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashDivestedFromDeconsolidation" xlink:to="label_us-gaap_CashDivestedFromDeconsolidation_3" xlink:title="Label : us-gaap_CashDivestedFromDeconsolidation to label_us-gaap_CashDivestedFromDeconsolidation_3" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashDivestedFromDeconsolidation_4" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_us-gaap_CashDivestedFromDeconsolidation_4" xml:lang="en-US" id="label_us-gaap_CashDivestedFromDeconsolidation_4">Sale of subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashDivestedFromDeconsolidation" xlink:to="label_us-gaap_CashDivestedFromDeconsolidation_4" xlink:title="Label : us-gaap_CashDivestedFromDeconsolidation to label_us-gaap_CashDivestedFromDeconsolidation_4" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:title="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xml:lang="en-US" id="label_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract">Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="label_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:title="Label : us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract to label_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_1" xml:lang="en-US" id="label_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_1">Supplementary information on investing and financing activities not involving cash flows:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="label_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_1" xlink:title="Label : us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract to label_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ChiefExecutiveOfficerMember" xlink:label="us-gaap_ChiefExecutiveOfficerMember" xlink:title="us-gaap_ChiefExecutiveOfficerMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ChiefExecutiveOfficerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ChiefExecutiveOfficerMember" xml:lang="en-US" id="label_us-gaap_ChiefExecutiveOfficerMember">Chief Executive Officer [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ChiefExecutiveOfficerMember" xlink:to="label_us-gaap_ChiefExecutiveOfficerMember" xlink:title="Label : us-gaap_ChiefExecutiveOfficerMember to label_us-gaap_ChiefExecutiveOfficerMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ChiefExecutiveOfficerMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_ChiefExecutiveOfficerMember_1" xml:lang="en-US" id="label_us-gaap_ChiefExecutiveOfficerMember_1">Each Co- CEO [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ChiefExecutiveOfficerMember" xlink:to="label_us-gaap_ChiefExecutiveOfficerMember_1" xlink:title="Label : us-gaap_ChiefExecutiveOfficerMember to label_us-gaap_ChiefExecutiveOfficerMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" xlink:title="us-gaap_CommitmentsAndContingencies" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CommitmentsAndContingencies" xml:lang="en-US" id="label_us-gaap_CommitmentsAndContingencies">Commitments and Contingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="label_us-gaap_CommitmentsAndContingencies" xlink:title="Label : us-gaap_CommitmentsAndContingencies to label_us-gaap_CommitmentsAndContingencies" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CommitmentsAndContingencies_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CommitmentsAndContingencies_1" xml:lang="en-US" id="label_us-gaap_CommitmentsAndContingencies_1">Contingent liabilities (Note 11)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="label_us-gaap_CommitmentsAndContingencies_1" xlink:title="Label : us-gaap_CommitmentsAndContingencies to label_us-gaap_CommitmentsAndContingencies_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:title="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xml:lang="en-US" id="label_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock">Commitments and Contingencies Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="label_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:title="Label : us-gaap_CommitmentsAndContingenciesDisclosureTextBlock to label_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_1" xml:lang="en-US" id="label_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_1">CONTINGENT LIABILITIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="label_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_1" xlink:title="Label : us-gaap_CommitmentsAndContingenciesDisclosureTextBlock to label_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:title="us-gaap_CommitmentsAndContingenciesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xml:lang="en-US" id="label_us-gaap_CommitmentsAndContingenciesPolicyTextBlock">Commitments and Contingencies, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:to="label_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:title="Label : us-gaap_CommitmentsAndContingenciesPolicyTextBlock to label_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_1">Contingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:to="label_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_1" xlink:title="Label : us-gaap_CommitmentsAndContingenciesPolicyTextBlock to label_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:title="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xml:lang="en-US" id="label_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">CONTINGENT LIABILITIES [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="label_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:title="Label : us-gaap_CommitmentsAndContingenciesDisclosureAbstract to label_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" xlink:title="us-gaap_CommonStockValue" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConsolidationPolicyTextBlock" xlink:to="label_us-gaap_ConsolidationPolicyTextBlock_1" xlink:title="Label : us-gaap_ConsolidationPolicyTextBlock to label_us-gaap_ConsolidationPolicyTextBlock_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostMethodInvestmentsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostMethodInvestmentsPolicy" xml:lang="en-US" id="label_us-gaap_CostMethodInvestmentsPolicy">Cost Method Investments, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestmentsPolicy" xlink:to="label_us-gaap_CostMethodInvestmentsPolicy" xlink:title="Label : us-gaap_CostMethodInvestmentsPolicy to label_us-gaap_CostMethodInvestmentsPolicy" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostMethodInvestmentsPolicy_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CostMethodInvestmentsPolicy_1" xml:lang="en-US" id="label_us-gaap_CostMethodInvestmentsPolicy_1">Investment in other company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestmentsPolicy" xlink:to="label_us-gaap_CostMethodInvestmentsPolicy_1" xlink:title="Label : us-gaap_CostMethodInvestmentsPolicy to label_us-gaap_CostMethodInvestmentsPolicy_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostMethodInvestmentsPolicy_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_CostMethodInvestmentsPolicy_2" xml:lang="en-US" id="label_us-gaap_CostMethodInvestmentsPolicy_2">Investment in other companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestmentsPolicy" xlink:to="label_us-gaap_CostMethodInvestmentsPolicy_2" xlink:title="Label : us-gaap_CostMethodInvestmentsPolicy to label_us-gaap_CostMethodInvestmentsPolicy_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfRevenueAbstract" xlink:label="us-gaap_CostOfRevenueAbstract" xlink:title="us-gaap_CostOfRevenueAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfRevenueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostOfRevenueAbstract" xml:lang="en-US" id="label_us-gaap_CostOfRevenueAbstract">Cost of Revenue [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenueAbstract" xlink:to="label_us-gaap_CostOfRevenueAbstract" xlink:title="Label : us-gaap_CostOfRevenueAbstract to label_us-gaap_CostOfRevenueAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfRevenueAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CostOfRevenueAbstract_1" xml:lang="en-US" id="label_us-gaap_CostOfRevenueAbstract_1">Cost of revenues:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenueAbstract" xlink:to="label_us-gaap_CostOfRevenueAbstract_1" xlink:title="Label : us-gaap_CostOfRevenueAbstract to label_us-gaap_CostOfRevenueAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfRevenue" xlink:label="us-gaap_CostOfRevenue" xlink:title="us-gaap_CostOfRevenue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostOfRevenue" xml:lang="en-US" id="label_us-gaap_CostOfRevenue">Cost of Revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenue" xlink:to="label_us-gaap_CostOfRevenue" xlink:title="Label : us-gaap_CostOfRevenue to label_us-gaap_CostOfRevenue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfRevenue_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_CostOfRevenue_1" xml:lang="en-US" id="label_us-gaap_CostOfRevenue_1">Total cost of revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenue" xlink:to="label_us-gaap_CostOfRevenue_1" xlink:title="Label : us-gaap_CostOfRevenue to label_us-gaap_CostOfRevenue_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfSalesMember" xlink:label="us-gaap_CostOfSalesMember" xlink:title="us-gaap_CostOfSalesMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfSalesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostOfSalesMember" xml:lang="en-US" id="label_us-gaap_CostOfSalesMember">Cost of Sales [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfSalesMember" xlink:to="label_us-gaap_CostOfSalesMember" xlink:title="Label : us-gaap_CostOfSalesMember to label_us-gaap_CostOfSalesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrentForeignTaxExpenseBenefit" xlink:label="us-gaap_CurrentForeignTaxExpenseBenefit" xlink:title="us-gaap_CurrentForeignTaxExpenseBenefit" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CurrentForeignTaxExpenseBenefit" xml:lang="en-US" id="label_us-gaap_CurrentForeignTaxExpenseBenefit">Current Foreign Tax Expense (Benefit)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentForeignTaxExpenseBenefit" xlink:to="label_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:title="Label : us-gaap_CurrentForeignTaxExpenseBenefit to label_us-gaap_CurrentForeignTaxExpenseBenefit" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CurrentForeignTaxExpenseBenefit_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_CurrentForeignTaxExpenseBenefit_1" xml:lang="en-US" id="label_us-gaap_CurrentForeignTaxExpenseBenefit_1">Current taxes: Outside Israel</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentForeignTaxExpenseBenefit" xlink:to="label_us-gaap_CurrentForeignTaxExpenseBenefit_1" xlink:title="Label : us-gaap_CurrentForeignTaxExpenseBenefit to label_us-gaap_CurrentForeignTaxExpenseBenefit_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:title="us-gaap_CurrentIncomeTaxExpenseBenefit" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CurrentIncomeTaxExpenseBenefit" xml:lang="en-US" id="label_us-gaap_CurrentIncomeTaxExpenseBenefit">Current Income Tax Expense (Benefit)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="label_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:title="Label : us-gaap_CurrentIncomeTaxExpenseBenefit to label_us-gaap_CurrentIncomeTaxExpenseBenefit" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CurrentIncomeTaxExpenseBenefit_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_CurrentIncomeTaxExpenseBenefit_1" xml:lang="en-US" id="label_us-gaap_CurrentIncomeTaxExpenseBenefit_1">Current taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="label_us-gaap_CurrentIncomeTaxExpenseBenefit_1" xlink:title="Label : us-gaap_CurrentIncomeTaxExpenseBenefit to label_us-gaap_CurrentIncomeTaxExpenseBenefit_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrentFederalTaxExpenseBenefit" xlink:label="us-gaap_CurrentFederalTaxExpenseBenefit" xlink:title="us-gaap_CurrentFederalTaxExpenseBenefit" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CurrentFederalTaxExpenseBenefit" xml:lang="en-US" id="label_us-gaap_CurrentFederalTaxExpenseBenefit">Current Federal Tax Expense (Benefit)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentFederalTaxExpenseBenefit" xlink:to="label_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:title="Label : us-gaap_CurrentFederalTaxExpenseBenefit to label_us-gaap_CurrentFederalTaxExpenseBenefit" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CurrentFederalTaxExpenseBenefit_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_CurrentFederalTaxExpenseBenefit_1" xml:lang="en-US" id="label_us-gaap_CurrentFederalTaxExpenseBenefit_1">Current taxes: In Israel</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentFederalTaxExpenseBenefit" xlink:to="label_us-gaap_CurrentFederalTaxExpenseBenefit_1" xlink:title="Label : us-gaap_CurrentFederalTaxExpenseBenefit to label_us-gaap_CurrentFederalTaxExpenseBenefit_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CustomerRelationshipsMember" xlink:label="us-gaap_CustomerRelationshipsMember" xlink:title="us-gaap_CustomerRelationshipsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CustomerRelationshipsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CustomerRelationshipsMember" xml:lang="en-US" id="label_us-gaap_CustomerRelationshipsMember">Customer Relationships [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerRelationshipsMember" xlink:to="label_us-gaap_CustomerRelationshipsMember" xlink:title="Label : us-gaap_CustomerRelationshipsMember to label_us-gaap_CustomerRelationshipsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CustomerRelationshipsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CustomerRelationshipsMember_1" xml:lang="en-US" id="label_us-gaap_CustomerRelationshipsMember_1">Customer Base [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerRelationshipsMember" xlink:to="label_us-gaap_CustomerRelationshipsMember_1" xlink:title="Label : us-gaap_CustomerRelationshipsMember to label_us-gaap_CustomerRelationshipsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DesignatedAsHedgingInstrumentMember" xlink:label="us-gaap_DesignatedAsHedgingInstrumentMember" xlink:title="us-gaap_DesignatedAsHedgingInstrumentMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DesignatedAsHedgingInstrumentMember" xml:lang="en-US" id="label_us-gaap_DesignatedAsHedgingInstrumentMember">Designated as Hedging Instrument [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DesignatedAsHedgingInstrumentMember" xlink:to="label_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:title="Label : us-gaap_DesignatedAsHedgingInstrumentMember to label_us-gaap_DesignatedAsHedgingInstrumentMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DatabasesMember" xlink:label="us-gaap_DatabasesMember" xlink:title="us-gaap_DatabasesMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DatabasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DatabasesMember" xml:lang="en-US" id="label_us-gaap_DatabasesMember">Databases [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DatabasesMember" xlink:to="label_us-gaap_DatabasesMember" xlink:title="Label : us-gaap_DatabasesMember to label_us-gaap_DatabasesMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DatabasesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DatabasesMember_1" xml:lang="en-US" id="label_us-gaap_DatabasesMember_1">GIS Database [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DatabasesMember" xlink:to="label_us-gaap_DatabasesMember_1" xlink:title="Label : us-gaap_DatabasesMember to label_us-gaap_DatabasesMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:title="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xml:lang="en-US" id="label_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis">Debt Instrument, Description of Variable Rate Basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:to="label_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:title="Label : us-gaap_DebtInstrumentDescriptionOfVariableRateBasis to label_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_1" xml:lang="en-US" id="label_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_1">Description of variable rate basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:to="label_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_1" xlink:title="Label : us-gaap_DebtInstrumentDescriptionOfVariableRateBasis to label_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="us-gaap_DebtInstrumentLineItems" xlink:title="us-gaap_DebtInstrumentLineItems" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DebtInstrumentLineItems" xml:lang="en-US" id="label_us-gaap_DebtInstrumentLineItems">Debt Instrument [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentLineItems" xlink:to="label_us-gaap_DebtInstrumentLineItems" xlink:title="Label : us-gaap_DebtInstrumentLineItems to label_us-gaap_DebtInstrumentLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="us-gaap_DebtDisclosureAbstract" xlink:title="us-gaap_DebtDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DebtDisclosureAbstract" xml:lang="en-US" id="label_us-gaap_DebtDisclosureAbstract">CREDIT FROM BANKING INSTITUTIONS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureAbstract" xlink:to="label_us-gaap_DebtDisclosureAbstract" xlink:title="Label : us-gaap_DebtDisclosureAbstract to label_us-gaap_DebtDisclosureAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentTable" xlink:to="label_us-gaap_DebtInstrumentTable" xlink:title="Label : us-gaap_DebtInstrumentTable to label_us-gaap_DebtInstrumentTable" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xml:lang="en-US" id="label_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1">Debt Instrument, Basis Spread on Variable Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="label_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:title="Label : us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 to label_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_1" xml:lang="en-US" id="label_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_1">Basis spread on variable rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="label_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_1" xlink:title="Label : us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 to label_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DirectorsAndOfficersLiabilityInsuranceMember" xlink:to="label_us-gaap_DirectorsAndOfficersLiabilityInsuranceMember" xlink:title="Label : us-gaap_DirectorsAndOfficersLiabilityInsuranceMember to label_us-gaap_DirectorsAndOfficersLiabilityInsuranceMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DirectorsAndOfficersLiabilityInsuranceMember" xlink:to="label_us-gaap_DirectorsAndOfficersLiabilityInsuranceMember_1" xlink:title="Label : us-gaap_DirectorsAndOfficersLiabilityInsuranceMember to label_us-gaap_DirectorsAndOfficersLiabilityInsuranceMember_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_DividendsPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DividendsPayableCurrent" xml:lang="en-US" id="label_us-gaap_DividendsPayableCurrent">Dividends Payable, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableCurrent" xlink:to="label_us-gaap_DividendsPayableCurrent" xlink:title="Label : us-gaap_DividendsPayableCurrent to label_us-gaap_DividendsPayableCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DividendsPayableCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DividendsPayableCurrent_1" xml:lang="en-US" id="label_us-gaap_DividendsPayableCurrent_1">Accrued dividend</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableCurrent" xlink:to="label_us-gaap_DividendsPayableCurrent_1" xlink:title="Label : us-gaap_DividendsPayableCurrent to label_us-gaap_DividendsPayableCurrent_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_DividendsPayableAmountPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DividendsPayableAmountPerShare" xml:lang="en-US" id="label_us-gaap_DividendsPayableAmountPerShare">Dividends Payable, Amount Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableAmountPerShare" xlink:to="label_us-gaap_DividendsPayableAmountPerShare" xlink:title="Label : us-gaap_DividendsPayableAmountPerShare to label_us-gaap_DividendsPayableAmountPerShare" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DividendsPayableAmountPerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DividendsPayableAmountPerShare_1" xml:lang="en-US" id="label_us-gaap_DividendsPayableAmountPerShare_1">Cash dividend declared, value per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableAmountPerShare" xlink:to="label_us-gaap_DividendsPayableAmountPerShare_1" xlink:title="Label : us-gaap_DividendsPayableAmountPerShare to label_us-gaap_DividendsPayableAmountPerShare_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableDateToBePaidMonthAndYear" xlink:label="us-gaap_DividendsPayableDateToBePaidMonthAndYear" xlink:title="us-gaap_DividendsPayableDateToBePaidMonthAndYear" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DividendsPayableDateToBePaidMonthAndYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DividendsPayableDateToBePaidMonthAndYear" xml:lang="en-US" id="label_us-gaap_DividendsPayableDateToBePaidMonthAndYear">Dividends Payable, Date to be Paid, Year and Month</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_DividendsPayableDateToBePaidMonthAndYear_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DividendsPayableDateToBePaidMonthAndYear_1" xml:lang="en-US" id="label_us-gaap_DividendsPayableDateToBePaidMonthAndYear_1">Dividends payable date</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ExecutiveOfficerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ExecutiveOfficerMember" xml:lang="en-US" id="label_us-gaap_ExecutiveOfficerMember">Executive Officer [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExecutiveOfficerMember" xlink:to="label_us-gaap_ExecutiveOfficerMember" xlink:title="Label : us-gaap_ExecutiveOfficerMember to label_us-gaap_ExecutiveOfficerMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ExecutiveOfficerMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_ExecutiveOfficerMember_1" xml:lang="en-US" id="label_us-gaap_ExecutiveOfficerMember_1">Executive Offices Holders [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExecutiveOfficerMember" xlink:to="label_us-gaap_ExecutiveOfficerMember_1" xlink:title="Label : us-gaap_ExecutiveOfficerMember to label_us-gaap_ExecutiveOfficerMember_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_FairValueInputsDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_FairValueInputsDiscountRate" xml:lang="en-US" id="label_us-gaap_FairValueInputsDiscountRate">Fair Value Inputs, Discount Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsDiscountRate" xlink:to="label_us-gaap_FairValueInputsDiscountRate" xlink:title="Label : us-gaap_FairValueInputsDiscountRate to label_us-gaap_FairValueInputsDiscountRate" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_FairValueInputsDiscountRate_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_FairValueInputsDiscountRate_1" xml:lang="en-US" id="label_us-gaap_FairValueInputsDiscountRate_1">Discount rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsDiscountRate" xlink:to="label_us-gaap_FairValueInputsDiscountRate_1" xlink:title="Label : us-gaap_FairValueInputsDiscountRate to label_us-gaap_FairValueInputsDiscountRate_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xml:lang="en-US" id="label_us-gaap_FairValueMeasurementPolicyPolicyTextBlock">Fair Value Measurement, Policy [Policy Text Block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_1">Fair value measurements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="label_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_1" xlink:title="Label : us-gaap_FairValueMeasurementPolicyPolicyTextBlock to label_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLongTermRevenueGrowthRate" xlink:label="us-gaap_FairValueInputsLongTermRevenueGrowthRate" xlink:title="us-gaap_FairValueInputsLongTermRevenueGrowthRate" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_FairValueInputsLongTermRevenueGrowthRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_FairValueInputsLongTermRevenueGrowthRate" xml:lang="en-US" id="label_us-gaap_FairValueInputsLongTermRevenueGrowthRate">Fair Value Inputs, Long-term Revenue Growth Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLongTermRevenueGrowthRate" xlink:to="label_us-gaap_FairValueInputsLongTermRevenueGrowthRate" xlink:title="Label : us-gaap_FairValueInputsLongTermRevenueGrowthRate to label_us-gaap_FairValueInputsLongTermRevenueGrowthRate" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_FairValueInputsLongTermRevenueGrowthRate_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_FairValueInputsLongTermRevenueGrowthRate_1" xml:lang="en-US" id="label_us-gaap_FairValueInputsLongTermRevenueGrowthRate_1">Growth rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLongTermRevenueGrowthRate" xlink:to="label_us-gaap_FairValueInputsLongTermRevenueGrowthRate_1" xlink:title="Label : us-gaap_FairValueInputsLongTermRevenueGrowthRate to label_us-gaap_FairValueInputsLongTermRevenueGrowthRate_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:title="us-gaap_FairValueByFairValueHierarchyLevelAxis" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:title="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xml:lang="en-US" id="label_us-gaap_FairValueMeasurementsFairValueHierarchyDomain">Fair Value Hierarchy [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="label_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:title="Label : us-gaap_FairValueMeasurementsFairValueHierarchyDomain to label_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueOfAssetsAcquired" xlink:label="us-gaap_FairValueOfAssetsAcquired" xlink:title="us-gaap_FairValueOfAssetsAcquired" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_FairValueOfAssetsAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_FairValueOfAssetsAcquired" xml:lang="en-US" id="label_us-gaap_FairValueOfAssetsAcquired">Fair Value of Assets Acquired</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_FairValueOfAssetsAcquired_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_FairValueOfAssetsAcquired_1" xml:lang="en-US" id="label_us-gaap_FairValueOfAssetsAcquired_1">Purchasing of property and equipment using a directly related liability</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="us-gaap_FairValueInputsLevel3Member" xlink:title="us-gaap_FairValueInputsLevel3Member" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_FairValueInputsLevel3Member" xml:lang="en-US" id="label_us-gaap_FairValueInputsLevel3Member">Fair Value, Inputs, Level 3 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel3Member" xlink:to="label_us-gaap_FairValueInputsLevel3Member" xlink:title="Label : us-gaap_FairValueInputsLevel3Member to label_us-gaap_FairValueInputsLevel3Member" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_FairValueInputsLevel3Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_FairValueInputsLevel3Member_1" xml:lang="en-US" id="label_us-gaap_FairValueInputsLevel3Member_1">Level 3 [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_FairValueInputsLevel1Member" xml:lang="en-US" id="label_us-gaap_FairValueInputsLevel1Member">Fair Value, Inputs, Level 1 [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_1">Functional currency and translation to the reporting currency</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ForeignCurrencyExchangeRateTranslation1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ForeignCurrencyExchangeRateTranslation1" xml:lang="en-US" id="label_us-gaap_ForeignCurrencyExchangeRateTranslation1">Foreign Currency Exchange Rate, Translation</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ForeignExchangeContractMember" xlink:label="us-gaap_ForeignExchangeContractMember" xlink:title="us-gaap_ForeignExchangeContractMember" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GeneralInsuranceExpense" xlink:label="us-gaap_GeneralInsuranceExpense" xlink:title="us-gaap_GeneralInsuranceExpense" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GeneralInsuranceExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_GeneralInsuranceExpense" xml:lang="en-US" id="label_us-gaap_GeneralInsuranceExpense">Related Party Transaction, Purchases from Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralInsuranceExpense" xlink:to="label_us-gaap_GeneralInsuranceExpense" xlink:title="Label : us-gaap_GeneralInsuranceExpense to label_us-gaap_GeneralInsuranceExpense" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GeneralInsuranceExpense_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_GeneralInsuranceExpense_1" xml:lang="en-US" id="label_us-gaap_GeneralInsuranceExpense_1">Payments for insurance policies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralInsuranceExpense" xlink:to="label_us-gaap_GeneralInsuranceExpense_1" xlink:title="Label : us-gaap_GeneralInsuranceExpense to label_us-gaap_GeneralInsuranceExpense_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillAndIntangibleAssetImpairment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_GoodwillAndIntangibleAssetImpairment" xml:lang="en-US" id="label_us-gaap_GoodwillAndIntangibleAssetImpairment">Goodwill and Intangible Asset Impairment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetImpairment" xlink:to="label_us-gaap_GoodwillAndIntangibleAssetImpairment" xlink:title="Label : us-gaap_GoodwillAndIntangibleAssetImpairment to label_us-gaap_GoodwillAndIntangibleAssetImpairment" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillAndIntangibleAssetImpairment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_GoodwillAndIntangibleAssetImpairment_1" xml:lang="en-US" id="label_us-gaap_GoodwillAndIntangibleAssetImpairment_1">Impairment of goodwill and intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetImpairment" xlink:to="label_us-gaap_GoodwillAndIntangibleAssetImpairment_1" xlink:title="Label : us-gaap_GoodwillAndIntangibleAssetImpairment to label_us-gaap_GoodwillAndIntangibleAssetImpairment_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillAndIntangibleAssetImpairment_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_GoodwillAndIntangibleAssetImpairment_2" xml:lang="en-US" id="label_us-gaap_GoodwillAndIntangibleAssetImpairment_2">Impairment of goodwill and intangible assets (2)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetImpairment" xlink:to="label_us-gaap_GoodwillAndIntangibleAssetImpairment_2" xlink:title="Label : us-gaap_GoodwillAndIntangibleAssetImpairment to label_us-gaap_GoodwillAndIntangibleAssetImpairment_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Goodwill" xlink:label="us-gaap_Goodwill" xlink:title="us-gaap_Goodwill" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_Goodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_Goodwill" xml:lang="en-US" id="label_us-gaap_Goodwill">Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Goodwill" xlink:to="label_us-gaap_Goodwill" xlink:title="Label : us-gaap_Goodwill to label_us-gaap_Goodwill" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_Goodwill_1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_us-gaap_Goodwill_1" xml:lang="en-US" id="label_us-gaap_Goodwill_1">Goodwill, ending balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Goodwill" xlink:to="label_us-gaap_Goodwill_1" xlink:title="Label : us-gaap_Goodwill to label_us-gaap_Goodwill_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_Goodwill_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_us-gaap_Goodwill_2" xml:lang="en-US" id="label_us-gaap_Goodwill_2">Goodwill, beginning balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Goodwill" xlink:to="label_us-gaap_Goodwill_2" xlink:title="Label : us-gaap_Goodwill to label_us-gaap_Goodwill_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_Goodwill_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_Goodwill_3" xml:lang="en-US" id="label_us-gaap_Goodwill_3">Goodwill (Note 8)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Goodwill" xlink:to="label_us-gaap_Goodwill_3" xlink:title="Label : us-gaap_Goodwill to label_us-gaap_Goodwill_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GoodwillFairValueDisclosure" xlink:label="us-gaap_GoodwillFairValueDisclosure" xlink:title="us-gaap_GoodwillFairValueDisclosure" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_GoodwillFairValueDisclosure" xml:lang="en-US" id="label_us-gaap_GoodwillFairValueDisclosure">Goodwill, Fair Value Disclosure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillFairValueDisclosure" xlink:to="label_us-gaap_GoodwillFairValueDisclosure" xlink:title="Label : us-gaap_GoodwillFairValueDisclosure to label_us-gaap_GoodwillFairValueDisclosure" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillFairValueDisclosure_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_GoodwillFairValueDisclosure_1" xml:lang="en-US" id="label_us-gaap_GoodwillFairValueDisclosure_1">Goodwill, fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillFairValueDisclosure" xlink:to="label_us-gaap_GoodwillFairValueDisclosure_1" xlink:title="Label : us-gaap_GoodwillFairValueDisclosure to label_us-gaap_GoodwillFairValueDisclosure_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" xlink:label="us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" xlink:title="us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" xml:lang="en-US" id="label_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss">Goodwill, Impaired, Accumulated Impairment Loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" xlink:to="label_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" xlink:title="Label : us-gaap_GoodwillImpairedAccumulatedImpairmentLoss to label_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss_1" xml:lang="en-US" id="label_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss_1">Accumulated impairment loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" xlink:to="label_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss_1" xlink:title="Label : us-gaap_GoodwillImpairedAccumulatedImpairmentLoss to label_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GoodwillLineItems" xlink:label="us-gaap_GoodwillLineItems" xlink:title="us-gaap_GoodwillLineItems" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_GoodwillLineItems" xml:lang="en-US" id="label_us-gaap_GoodwillLineItems">Goodwill [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillLineItems" xlink:to="label_us-gaap_GoodwillLineItems" xlink:title="Label : us-gaap_GoodwillLineItems to label_us-gaap_GoodwillLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GoodwillTranslationAdjustments" xlink:label="us-gaap_GoodwillTranslationAdjustments" xlink:title="us-gaap_GoodwillTranslationAdjustments" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillTranslationAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_GoodwillTranslationAdjustments" xml:lang="en-US" id="label_us-gaap_GoodwillTranslationAdjustments">Goodwill, Translation Adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillTranslationAdjustments" xlink:to="label_us-gaap_GoodwillTranslationAdjustments" xlink:title="Label : us-gaap_GoodwillTranslationAdjustments to label_us-gaap_GoodwillTranslationAdjustments" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillTranslationAdjustments_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_GoodwillTranslationAdjustments_1" xml:lang="en-US" id="label_us-gaap_GoodwillTranslationAdjustments_1">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillTranslationAdjustments" xlink:to="label_us-gaap_GoodwillTranslationAdjustments_1" xlink:title="Label : us-gaap_GoodwillTranslationAdjustments to label_us-gaap_GoodwillTranslationAdjustments_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:label="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:title="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xml:lang="en-US" id="label_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock">Goodwill and Intangible Assets, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:to="label_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:title="Label : us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock to label_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_1">Goodwill and intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:to="label_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_1" xlink:title="Label : us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock to label_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GoodwillDisclosureTextBlock" xlink:label="us-gaap_GoodwillDisclosureTextBlock" xlink:title="us-gaap_GoodwillDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_GoodwillDisclosureTextBlock" xml:lang="en-US" id="label_us-gaap_GoodwillDisclosureTextBlock">Goodwill Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillDisclosureTextBlock" xlink:to="label_us-gaap_GoodwillDisclosureTextBlock" xlink:title="Label : us-gaap_GoodwillDisclosureTextBlock to label_us-gaap_GoodwillDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_GoodwillDisclosureTextBlock_1" xml:lang="en-US" id="label_us-gaap_GoodwillDisclosureTextBlock_1">GOODWILL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillDisclosureTextBlock" xlink:to="label_us-gaap_GoodwillDisclosureTextBlock_1" xlink:title="Label : us-gaap_GoodwillDisclosureTextBlock to label_us-gaap_GoodwillDisclosureTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GoodwillImpairmentLoss" xlink:label="us-gaap_GoodwillImpairmentLoss" xlink:title="us-gaap_GoodwillImpairmentLoss" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_GoodwillImpairmentLoss" xml:lang="en-US" id="label_us-gaap_GoodwillImpairmentLoss">Goodwill, Impairment Loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillImpairmentLoss" xlink:to="label_us-gaap_GoodwillImpairmentLoss" xlink:title="Label : us-gaap_GoodwillImpairmentLoss to label_us-gaap_GoodwillImpairmentLoss" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillImpairmentLoss_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_GoodwillImpairmentLoss_1" xml:lang="en-US" id="label_us-gaap_GoodwillImpairmentLoss_1">Goodwill impairment loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillImpairmentLoss" xlink:to="label_us-gaap_GoodwillImpairmentLoss_1" xlink:title="Label : us-gaap_GoodwillImpairmentLoss to label_us-gaap_GoodwillImpairmentLoss_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillImpairmentLoss_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_GoodwillImpairmentLoss_2" xml:lang="en-US" id="label_us-gaap_GoodwillImpairmentLoss_2">Impairment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillImpairmentLoss" xlink:to="label_us-gaap_GoodwillImpairmentLoss_2" xlink:title="Label : us-gaap_GoodwillImpairmentLoss to label_us-gaap_GoodwillImpairmentLoss_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:label="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:title="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xml:lang="en-US" id="label_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract">GOODWILL [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:to="label_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:title="Label : us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract to label_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GrossProfit" xlink:label="us-gaap_GrossProfit" xlink:title="us-gaap_GrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GrossProfit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_GrossProfit" xml:lang="en-US" id="label_us-gaap_GrossProfit">Gross Profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="label_us-gaap_GrossProfit" xlink:title="Label : us-gaap_GrossProfit to label_us-gaap_GrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_GrossProfit_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_GrossProfit_1" xml:lang="en-US" id="label_us-gaap_GrossProfit_1">Gross profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="label_us-gaap_GrossProfit_1" xlink:title="Label : us-gaap_GrossProfit to label_us-gaap_GrossProfit_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_HedgeFundsMember" xlink:label="us-gaap_HedgeFundsMember" xlink:title="us-gaap_HedgeFundsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_HedgeFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_HedgeFundsMember" xml:lang="en-US" id="label_us-gaap_HedgeFundsMember">Hedge Funds [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_HedgeFundsMember" xlink:to="label_us-gaap_HedgeFundsMember" xlink:title="Label : us-gaap_HedgeFundsMember to label_us-gaap_HedgeFundsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_HedgeFundsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_HedgeFundsMember_1" xml:lang="en-US" id="label_us-gaap_HedgeFundsMember_1">Leonardo L.P. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_HedgeFundsMember" xlink:to="label_us-gaap_HedgeFundsMember_1" xlink:title="Label : us-gaap_HedgeFundsMember to label_us-gaap_HedgeFundsMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="label_us-gaap_IncreaseDecreaseInDeferredRevenue_1" xlink:title="Label : us-gaap_IncreaseDecreaseInDeferredRevenue to label_us-gaap_IncreaseDecreaseInDeferredRevenue_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:to="label_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:title="Label : us-gaap_IncreaseDecreaseInOtherOperatingLiabilities to label_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_1" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_1">Increase (decrease) in other current and non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:to="label_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_1" xlink:title="Label : us-gaap_IncreaseDecreaseInOtherOperatingLiabilities to label_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="us-gaap_IncreaseDecreaseInInventories" xlink:title="us-gaap_IncreaseDecreaseInInventories" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_IncreaseDecreaseInInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_IncreaseDecreaseInInventories" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInInventories">Increase (Decrease) in Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="label_us-gaap_IncreaseDecreaseInInventories" xlink:title="Label : us-gaap_IncreaseDecreaseInInventories to label_us-gaap_IncreaseDecreaseInInventories" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_IncreaseDecreaseInInventories_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_IncreaseDecreaseInInventories_1" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInInventories_1">Decrease (increase) in inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="label_us-gaap_IncreaseDecreaseInInventories_1" xlink:title="Label : us-gaap_IncreaseDecreaseInInventories to label_us-gaap_IncreaseDecreaseInInventories_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:title="us-gaap_IncreaseDecreaseInOtherOperatingAssets" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInOtherOperatingAssets">Increase (Decrease) in Other Operating Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:to="label_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:title="Label : us-gaap_IncreaseDecreaseInOtherOperatingAssets to label_us-gaap_IncreaseDecreaseInOtherOperatingAssets" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_IncreaseDecreaseInOtherOperatingAssets_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_IncreaseDecreaseInOtherOperatingAssets_1" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInOtherOperatingAssets_1">Decrease (increase) in other current and non-current assets</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward">Increase (Decrease) in Stockholders' Equity [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="label_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="Label : us-gaap_IncreaseDecreaseInStockholdersEquityRollForward to label_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_1" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_1">Changes during period:</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:title="us-gaap_IntangibleAssetsNetExcludingGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_IntangibleAssetsNetExcludingGoodwill" xml:lang="en-US" id="label_us-gaap_IntangibleAssetsNetExcludingGoodwill">Intangible Assets, Net (Excluding Goodwill)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="label_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:title="Label : us-gaap_IntangibleAssetsNetExcludingGoodwill to label_us-gaap_IntangibleAssetsNetExcludingGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_IntangibleAssetsNetExcludingGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_IntangibleAssetsNetExcludingGoodwill_1" xml:lang="en-US" id="label_us-gaap_IntangibleAssetsNetExcludingGoodwill_1">Intangible assets, net (Note 7)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="label_us-gaap_IntangibleAssetsNetExcludingGoodwill_1" xlink:title="Label : us-gaap_IntangibleAssetsNetExcludingGoodwill to label_us-gaap_IntangibleAssetsNetExcludingGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IntangibleAssetsCurrent" xlink:label="us-gaap_IntangibleAssetsCurrent" xlink:title="us-gaap_IntangibleAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_IntangibleAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_IntangibleAssetsCurrent" xml:lang="en-US" id="label_us-gaap_IntangibleAssetsCurrent">Intangible Assets, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsCurrent" xlink:to="label_us-gaap_IntangibleAssetsCurrent" xlink:title="Label : us-gaap_IntangibleAssetsCurrent to label_us-gaap_IntangibleAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_IntangibleAssetsCurrent_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_IntangibleAssetsCurrent_1" xml:lang="en-US" id="label_us-gaap_IntangibleAssetsCurrent_1">Intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsCurrent" xlink:to="label_us-gaap_IntangibleAssetsCurrent_1" xlink:title="Label : us-gaap_IntangibleAssetsCurrent to label_us-gaap_IntangibleAssetsCurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:title="us-gaap_IntangibleAssetsDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_IntangibleAssetsDisclosureTextBlock" xml:lang="en-US" id="label_us-gaap_IntangibleAssetsDisclosureTextBlock">Intangible Assets Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:to="label_us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:title="Label : us-gaap_IntangibleAssetsDisclosureTextBlock to label_us-gaap_IntangibleAssetsDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_IntangibleAssetsDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_IntangibleAssetsDisclosureTextBlock_1" xml:lang="en-US" id="label_us-gaap_IntangibleAssetsDisclosureTextBlock_1">INTANCIBLE ASSETS, NET</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:to="label_us-gaap_IntangibleAssetsDisclosureTextBlock_1" xlink:title="Label : us-gaap_IntangibleAssetsDisclosureTextBlock to label_us-gaap_IntangibleAssetsDisclosureTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestIncomeDepositsWithFinancialInstitutions" xlink:label="us-gaap_InterestIncomeDepositsWithFinancialInstitutions" xlink:title="us-gaap_InterestIncomeDepositsWithFinancialInstitutions" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InterestIncomeDepositsWithFinancialInstitutions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_InterestIncomeDepositsWithFinancialInstitutions" xml:lang="en-US" id="label_us-gaap_InterestIncomeDepositsWithFinancialInstitutions">Interest Income, Deposits with Financial Institutions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeDepositsWithFinancialInstitutions" xlink:to="label_us-gaap_InterestIncomeDepositsWithFinancialInstitutions" xlink:title="Label : us-gaap_InterestIncomeDepositsWithFinancialInstitutions to label_us-gaap_InterestIncomeDepositsWithFinancialInstitutions" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InterestIncomeDepositsWithFinancialInstitutions_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_InterestIncomeDepositsWithFinancialInstitutions_1" xml:lang="en-US" id="label_us-gaap_InterestIncomeDepositsWithFinancialInstitutions_1">Interest income in respect of deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeDepositsWithFinancialInstitutions" xlink:to="label_us-gaap_InterestIncomeDepositsWithFinancialInstitutions_1" xlink:title="Label : us-gaap_InterestIncomeDepositsWithFinancialInstitutions to label_us-gaap_InterestIncomeDepositsWithFinancialInstitutions_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestExpenseLongTermDebt" xlink:label="us-gaap_InterestExpenseLongTermDebt" xlink:title="us-gaap_InterestExpenseLongTermDebt" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InterestExpenseLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_InterestExpenseLongTermDebt" xml:lang="en-US" id="label_us-gaap_InterestExpenseLongTermDebt">Interest Expense, Long-term Debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseLongTermDebt" xlink:to="label_us-gaap_InterestExpenseLongTermDebt" xlink:title="Label : us-gaap_InterestExpenseLongTermDebt to label_us-gaap_InterestExpenseLongTermDebt" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InterestExpenseLongTermDebt_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_InterestExpenseLongTermDebt_1" xml:lang="en-US" id="label_us-gaap_InterestExpenseLongTermDebt_1">Interest expenses in respect of long-term loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseLongTermDebt" xlink:to="label_us-gaap_InterestExpenseLongTermDebt_1" xlink:title="Label : us-gaap_InterestExpenseLongTermDebt to label_us-gaap_InterestExpenseLongTermDebt_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="us-gaap_InterestPaidNet" xlink:title="us-gaap_InterestPaidNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_InterestPaidNet" xml:lang="en-US" id="label_us-gaap_InterestPaidNet">Interest Paid, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaidNet" xlink:to="label_us-gaap_InterestPaidNet" xlink:title="Label : us-gaap_InterestPaidNet to label_us-gaap_InterestPaidNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InterestPaidNet_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_InterestPaidNet_1" xml:lang="en-US" id="label_us-gaap_InterestPaidNet_1">Interest paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaidNet" xlink:to="label_us-gaap_InterestPaidNet_1" xlink:title="Label : us-gaap_InterestPaidNet to label_us-gaap_InterestPaidNet_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="us-gaap_InventoryPolicyTextBlock" xlink:title="us-gaap_InventoryPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_InventoryPolicyTextBlock" xml:lang="en-US" id="label_us-gaap_InventoryPolicyTextBlock">Inventory, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryPolicyTextBlock" xlink:to="label_us-gaap_InventoryPolicyTextBlock" xlink:title="Label : us-gaap_InventoryPolicyTextBlock to label_us-gaap_InventoryPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_InventoryPolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_InventoryPolicyTextBlock_1">Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryPolicyTextBlock" xlink:to="label_us-gaap_InventoryPolicyTextBlock_1" xlink:title="Label : us-gaap_InventoryPolicyTextBlock to label_us-gaap_InventoryPolicyTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InventoryFinishedGoods" xlink:label="us-gaap_InventoryFinishedGoods" xlink:title="us-gaap_InventoryFinishedGoods" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryFinishedGoods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_InventoryFinishedGoods" xml:lang="en-US" id="label_us-gaap_InventoryFinishedGoods">Inventory, Finished Goods, Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryFinishedGoods" xlink:to="label_us-gaap_InventoryFinishedGoods" xlink:title="Label : us-gaap_InventoryFinishedGoods to label_us-gaap_InventoryFinishedGoods" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryFinishedGoods" xlink:to="label_us-gaap_InventoryFinishedGoods_1" xlink:title="Label : us-gaap_InventoryFinishedGoods to label_us-gaap_InventoryFinishedGoods_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InventoryDisclosureTextBlock" xlink:label="us-gaap_InventoryDisclosureTextBlock" xlink:title="us-gaap_InventoryDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_InventoryDisclosureTextBlock" xml:lang="en-US" id="label_us-gaap_InventoryDisclosureTextBlock">Inventory Disclosure [Text Block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_InventoryDisclosureTextBlock_1" xml:lang="en-US" id="label_us-gaap_InventoryDisclosureTextBlock_1">INVENTORIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryDisclosureTextBlock" xlink:to="label_us-gaap_InventoryDisclosureTextBlock_1" xlink:title="Label : us-gaap_InventoryDisclosureTextBlock to label_us-gaap_InventoryDisclosureTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InventoryNet" xlink:label="us-gaap_InventoryNet" xlink:title="us-gaap_InventoryNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_InventoryNet" xml:lang="en-US" id="label_us-gaap_InventoryNet">Inventory, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="label_us-gaap_InventoryNet" xlink:title="Label : us-gaap_InventoryNet to label_us-gaap_InventoryNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryNet_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_InventoryNet_1" xml:lang="en-US" id="label_us-gaap_InventoryNet_1">Inventories (Note 3)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="label_us-gaap_InventoryNet_1" xlink:title="Label : us-gaap_InventoryNet to label_us-gaap_InventoryNet_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryNet_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_InventoryNet_2" xml:lang="en-US" id="label_us-gaap_InventoryNet_2">Inventory, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="label_us-gaap_InventoryNet_2" xlink:title="Label : us-gaap_InventoryNet to label_us-gaap_InventoryNet_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InventoryDisclosureAbstract" xlink:label="us-gaap_InventoryDisclosureAbstract" xlink:title="us-gaap_InventoryDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_InventoryDisclosureAbstract" xml:lang="en-US" id="label_us-gaap_InventoryDisclosureAbstract">INVENTORIES [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryDisclosureAbstract" xlink:to="label_us-gaap_InventoryDisclosureAbstract" xlink:title="Label : us-gaap_InventoryDisclosureAbstract to label_us-gaap_InventoryDisclosureAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InventoryWorkInProcess" xlink:label="us-gaap_InventoryWorkInProcess" xlink:title="us-gaap_InventoryWorkInProcess" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryWorkInProcess" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_InventoryWorkInProcess" xml:lang="en-US" id="label_us-gaap_InventoryWorkInProcess">Inventory, Work in Process, Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryWorkInProcess" xlink:to="label_us-gaap_InventoryWorkInProcess" xlink:title="Label : us-gaap_InventoryWorkInProcess to label_us-gaap_InventoryWorkInProcess" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryWorkInProcess_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_InventoryWorkInProcess_1" xml:lang="en-US" id="label_us-gaap_InventoryWorkInProcess_1">Work in progress</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryWorkInProcess" xlink:to="label_us-gaap_InventoryWorkInProcess_1" xlink:title="Label : us-gaap_InventoryWorkInProcess to label_us-gaap_InventoryWorkInProcess_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InventoryRawMaterials" xlink:label="us-gaap_InventoryRawMaterials" xlink:title="us-gaap_InventoryRawMaterials" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryRawMaterials" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_InventoryRawMaterials" xml:lang="en-US" id="label_us-gaap_InventoryRawMaterials">Inventory, Raw Materials, Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryRawMaterials" xlink:to="label_us-gaap_InventoryRawMaterials" xlink:title="Label : us-gaap_InventoryRawMaterials to label_us-gaap_InventoryRawMaterials" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryRawMaterials_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_InventoryRawMaterials_1" xml:lang="en-US" id="label_us-gaap_InventoryRawMaterials_1">Raw materials</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryRawMaterials" xlink:to="label_us-gaap_InventoryRawMaterials_1" xlink:title="Label : us-gaap_InventoryRawMaterials to label_us-gaap_InventoryRawMaterials_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:title="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xml:lang="en-US" id="label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:title="Label : us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures to label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_1" xml:lang="en-US" id="label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_1">Investments in affiliated company (Note 4A)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_1" xlink:title="Label : us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures to label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_2" xml:lang="en-US" id="label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_2">Investments in affiliated company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_2" xlink:title="Label : us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures to label_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:title="us-gaap_LondonInterbankOfferedRateLIBORMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LondonInterbankOfferedRateLIBORMember" xml:lang="en-US" id="label_us-gaap_LondonInterbankOfferedRateLIBORMember">London Interbank Offered Rate (LIBOR) [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="label_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:title="Label : us-gaap_LondonInterbankOfferedRateLIBORMember to label_us-gaap_LondonInterbankOfferedRateLIBORMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LondonInterbankOfferedRateLIBORMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LondonInterbankOfferedRateLIBORMember_1" xml:lang="en-US" id="label_us-gaap_LondonInterbankOfferedRateLIBORMember_1">Libor [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="label_us-gaap_LondonInterbankOfferedRateLIBORMember_1" xlink:title="Label : us-gaap_LondonInterbankOfferedRateLIBORMember to label_us-gaap_LondonInterbankOfferedRateLIBORMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LandMember" xlink:label="us-gaap_LandMember" xlink:title="us-gaap_LandMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LandMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LandMember" xml:lang="en-US" id="label_us-gaap_LandMember">Land [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LandMember" xlink:to="label_us-gaap_LandMember" xlink:title="Label : us-gaap_LandMember to label_us-gaap_LandMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LandMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LandMember_1" xml:lang="en-US" id="label_us-gaap_LandMember_1">Land [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LandMember" xlink:to="label_us-gaap_LandMember_1" xlink:title="Label : us-gaap_LandMember to label_us-gaap_LandMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LeaseAndRentalExpense" xlink:label="us-gaap_LeaseAndRentalExpense" xlink:title="us-gaap_LeaseAndRentalExpense" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LeaseAndRentalExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LeaseAndRentalExpense" xml:lang="en-US" id="label_us-gaap_LeaseAndRentalExpense">Operating Leases, Rent Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseAndRentalExpense" xlink:to="label_us-gaap_LeaseAndRentalExpense" xlink:title="Label : us-gaap_LeaseAndRentalExpense to label_us-gaap_LeaseAndRentalExpense" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LeaseAndRentalExpense_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_LeaseAndRentalExpense_1" xml:lang="en-US" id="label_us-gaap_LeaseAndRentalExpense_1">Leasing fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseAndRentalExpense" xlink:to="label_us-gaap_LeaseAndRentalExpense_1" xlink:title="Label : us-gaap_LeaseAndRentalExpense to label_us-gaap_LeaseAndRentalExpense_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LeaseholdImprovementsMember" xlink:label="us-gaap_LeaseholdImprovementsMember" xlink:title="us-gaap_LeaseholdImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LeaseholdImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LeaseholdImprovementsMember" xml:lang="en-US" id="label_us-gaap_LeaseholdImprovementsMember">Leasehold Improvements [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseholdImprovementsMember" xlink:to="label_us-gaap_LeaseholdImprovementsMember" xlink:title="Label : us-gaap_LeaseholdImprovementsMember to label_us-gaap_LeaseholdImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LeaseholdImprovementsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LeaseholdImprovementsMember_1" xml:lang="en-US" id="label_us-gaap_LeaseholdImprovementsMember_1">Leasehold Improvements [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseholdImprovementsMember" xlink:to="label_us-gaap_LeaseholdImprovementsMember_1" xlink:title="Label : us-gaap_LeaseholdImprovementsMember to label_us-gaap_LeaseholdImprovementsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LegalFees" xlink:label="us-gaap_LegalFees" xlink:title="us-gaap_LegalFees" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LegalFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LegalFees" xml:lang="en-US" id="label_us-gaap_LegalFees">Legal Fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LegalFees" xlink:to="label_us-gaap_LegalFees" xlink:title="Label : us-gaap_LegalFees to label_us-gaap_LegalFees" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LegalFees_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_LegalFees_1" xml:lang="en-US" id="label_us-gaap_LegalFees_1">Legal expenses (3)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LegalFees" xlink:to="label_us-gaap_LegalFees_1" xlink:title="Label : us-gaap_LegalFees to label_us-gaap_LegalFees_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" xlink:title="us-gaap_LiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LiabilitiesCurrent" xml:lang="en-US" id="label_us-gaap_LiabilitiesCurrent">Liabilities, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="label_us-gaap_LiabilitiesCurrent" xlink:title="Label : us-gaap_LiabilitiesCurrent to label_us-gaap_LiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_LiabilitiesCurrent_1" xml:lang="en-US" id="label_us-gaap_LiabilitiesCurrent_1">Total current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="label_us-gaap_LiabilitiesCurrent_1" xlink:title="Label : us-gaap_LiabilitiesCurrent to label_us-gaap_LiabilitiesCurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="us-gaap_LiabilitiesNoncurrent" xlink:title="us-gaap_LiabilitiesNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LiabilitiesNoncurrent" xml:lang="en-US" id="label_us-gaap_LiabilitiesNoncurrent">Liabilities, Noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrent" xlink:to="label_us-gaap_LiabilitiesNoncurrent" xlink:title="Label : us-gaap_LiabilitiesNoncurrent to label_us-gaap_LiabilitiesNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesNoncurrent_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_LiabilitiesNoncurrent_1" xml:lang="en-US" id="label_us-gaap_LiabilitiesNoncurrent_1">Total non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrent" xlink:to="label_us-gaap_LiabilitiesNoncurrent_1" xlink:title="Label : us-gaap_LiabilitiesNoncurrent to label_us-gaap_LiabilitiesNoncurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" xlink:title="us-gaap_LiabilitiesCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LiabilitiesCurrentAbstract" xml:lang="en-US" id="label_us-gaap_LiabilitiesCurrentAbstract">Liabilities, Current [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="label_us-gaap_LiabilitiesCurrentAbstract" xlink:title="Label : us-gaap_LiabilitiesCurrentAbstract to label_us-gaap_LiabilitiesCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesCurrentAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LiabilitiesCurrentAbstract_1" xml:lang="en-US" id="label_us-gaap_LiabilitiesCurrentAbstract_1">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="label_us-gaap_LiabilitiesCurrentAbstract_1" xlink:title="Label : us-gaap_LiabilitiesCurrentAbstract to label_us-gaap_LiabilitiesCurrentAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesNoncurrentAbstract" xlink:label="us-gaap_LiabilitiesNoncurrentAbstract" xlink:title="us-gaap_LiabilitiesNoncurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesNoncurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LiabilitiesNoncurrentAbstract" xml:lang="en-US" id="label_us-gaap_LiabilitiesNoncurrentAbstract">Liabilities, Noncurrent [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrentAbstract" xlink:to="label_us-gaap_LiabilitiesNoncurrentAbstract" xlink:title="Label : us-gaap_LiabilitiesNoncurrentAbstract to label_us-gaap_LiabilitiesNoncurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesNoncurrentAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LiabilitiesNoncurrentAbstract_1" xml:lang="en-US" id="label_us-gaap_LiabilitiesNoncurrentAbstract_1">Long-term liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrentAbstract" xlink:to="label_us-gaap_LiabilitiesNoncurrentAbstract_1" xlink:title="Label : us-gaap_LiabilitiesNoncurrentAbstract to label_us-gaap_LiabilitiesNoncurrentAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:title="us-gaap_LiabilitiesAndStockholdersEquity" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US" id="label_us-gaap_LiabilitiesAndStockholdersEquity">Liabilities and Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="label_us-gaap_LiabilitiesAndStockholdersEquity" xlink:title="Label : us-gaap_LiabilitiesAndStockholdersEquity to label_us-gaap_LiabilitiesAndStockholdersEquity" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesAndStockholdersEquity_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_LiabilitiesAndStockholdersEquity_1" xml:lang="en-US" id="label_us-gaap_LiabilitiesAndStockholdersEquity_1">Total liabilities and equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="label_us-gaap_LiabilitiesAndStockholdersEquity_1" xlink:title="Label : us-gaap_LiabilitiesAndStockholdersEquity to label_us-gaap_LiabilitiesAndStockholdersEquity_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LineOfCredit" xlink:label="us-gaap_LineOfCredit" xlink:title="us-gaap_LineOfCredit" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LineOfCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LineOfCredit" xml:lang="en-US" id="label_us-gaap_LineOfCredit">Long-term Line of Credit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="label_us-gaap_LineOfCredit" xlink:title="Label : us-gaap_LineOfCredit to label_us-gaap_LineOfCredit" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LineOfCredit_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_LineOfCredit_1" xml:lang="en-US" id="label_us-gaap_LineOfCredit_1">Revolving credit - in NIS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="label_us-gaap_LineOfCredit_1" xlink:title="Label : us-gaap_LineOfCredit to label_us-gaap_LineOfCredit_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:title="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xml:lang="en-US" id="label_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity">Line of Credit Facility, Remaining Borrowing Capacity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:to="label_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:title="Label : us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity to label_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_1" xml:lang="en-US" id="label_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_1">Unutilized short-term lines of credit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:to="label_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_1" xlink:title="Label : us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity to label_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LitigationCaseAxis" xlink:label="us-gaap_LitigationCaseAxis" xlink:title="us-gaap_LitigationCaseAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LitigationCaseAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LitigationCaseAxis" xml:lang="en-US" id="label_us-gaap_LitigationCaseAxis">Litigation Case [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationCaseAxis" xlink:to="label_us-gaap_LitigationCaseAxis" xlink:title="Label : us-gaap_LitigationCaseAxis to label_us-gaap_LitigationCaseAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoansPayableToBank" xlink:label="us-gaap_LoansPayableToBank" xlink:title="us-gaap_LoansPayableToBank" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LoansPayableToBank" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LoansPayableToBank" xml:lang="en-US" id="label_us-gaap_LoansPayableToBank">Loans Payable to Bank</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansPayableToBank" xlink:to="label_us-gaap_LoansPayableToBank" xlink:title="Label : us-gaap_LoansPayableToBank to label_us-gaap_LoansPayableToBank" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LoansPayableToBank_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LoansPayableToBank_1" xml:lang="en-US" id="label_us-gaap_LoansPayableToBank_1">Credit from banking institutions (Note 9)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansPayableToBank" xlink:to="label_us-gaap_LoansPayableToBank_1" xlink:title="Label : us-gaap_LoansPayableToBank to label_us-gaap_LoansPayableToBank_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LoansPayableToBank_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_LoansPayableToBank_2" xml:lang="en-US" id="label_us-gaap_LoansPayableToBank_2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansPayableToBank" xlink:to="label_us-gaap_LoansPayableToBank_2" xlink:title="Label : us-gaap_LoansPayableToBank to label_us-gaap_LoansPayableToBank_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebt" xlink:label="us-gaap_LongTermDebt" xlink:title="us-gaap_LongTermDebt" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LongTermDebt" xml:lang="en-US" id="label_us-gaap_LongTermDebt">Long-term Debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="label_us-gaap_LongTermDebt" xlink:title="Label : us-gaap_LongTermDebt to label_us-gaap_LongTermDebt" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LongTermDebt_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_LongTermDebt_1" xml:lang="en-US" id="label_us-gaap_LongTermDebt_1">In NIS (unlinked)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="label_us-gaap_LongTermDebt_1" xlink:title="Label : us-gaap_LongTermDebt to label_us-gaap_LongTermDebt_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebtAbstract" xlink:label="us-gaap_LongTermDebtAbstract" xlink:title="us-gaap_LongTermDebtAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LongTermDebtAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LongTermDebtAbstract" xml:lang="en-US" id="label_us-gaap_LongTermDebtAbstract">LONG-TERM LOANS FROM BANKING INSTITUTIONS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtAbstract" xlink:to="label_us-gaap_LongTermDebtAbstract" xlink:title="Label : us-gaap_LongTermDebtAbstract to label_us-gaap_LongTermDebtAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebtTextBlock" xlink:label="us-gaap_LongTermDebtTextBlock" xlink:title="us-gaap_LongTermDebtTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LongTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LongTermDebtTextBlock" xml:lang="en-US" id="label_us-gaap_LongTermDebtTextBlock">Long-term Debt [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtTextBlock" xlink:to="label_us-gaap_LongTermDebtTextBlock" xlink:title="Label : us-gaap_LongTermDebtTextBlock to label_us-gaap_LongTermDebtTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LongTermDebtTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LongTermDebtTextBlock_1" xml:lang="en-US" id="label_us-gaap_LongTermDebtTextBlock_1">LONG-TERM LOANS FROM BANKING INSTITUTIONS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtTextBlock" xlink:to="label_us-gaap_LongTermDebtTextBlock_1" xlink:title="Label : us-gaap_LongTermDebtTextBlock to label_us-gaap_LongTermDebtTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="us-gaap_LongTermDebtCurrent" xlink:title="us-gaap_LongTermDebtCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LongTermDebtCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LongTermDebtCurrent" xml:lang="en-US" id="label_us-gaap_LongTermDebtCurrent">Long-term Debt, Current Maturities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="label_us-gaap_LongTermDebtCurrent" xlink:title="Label : us-gaap_LongTermDebtCurrent to label_us-gaap_LongTermDebtCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LongTermDebtCurrent_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_LongTermDebtCurrent_1" xml:lang="en-US" id="label_us-gaap_LongTermDebtCurrent_1">Current maturities of long-term loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="label_us-gaap_LongTermDebtCurrent_1" xlink:title="Label : us-gaap_LongTermDebtCurrent to label_us-gaap_LongTermDebtCurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="us-gaap_LongTermDebtNoncurrent" xlink:title="us-gaap_LongTermDebtNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LongTermDebtNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LongTermDebtNoncurrent" xml:lang="en-US" id="label_us-gaap_LongTermDebtNoncurrent">Long-term Debt, Excluding Current Maturities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="label_us-gaap_LongTermDebtNoncurrent" xlink:title="Label : us-gaap_LongTermDebtNoncurrent to label_us-gaap_LongTermDebtNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LongTermDebtNoncurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LongTermDebtNoncurrent_1" xml:lang="en-US" id="label_us-gaap_LongTermDebtNoncurrent_1">Long term Loans (Note 11)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="label_us-gaap_LongTermDebtNoncurrent_1" xlink:title="Label : us-gaap_LongTermDebtNoncurrent to label_us-gaap_LongTermDebtNoncurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LongTermDebtNoncurrent_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_LongTermDebtNoncurrent_2" xml:lang="en-US" id="label_us-gaap_LongTermDebtNoncurrent_2">Long-term loans, net current maturities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="label_us-gaap_LongTermDebtNoncurrent_2" xlink:title="Label : us-gaap_LongTermDebtNoncurrent to label_us-gaap_LongTermDebtNoncurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LossContingencyAccrualAtCarryingValue" xlink:label="us-gaap_LossContingencyAccrualAtCarryingValue" xlink:title="us-gaap_LossContingencyAccrualAtCarryingValue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LossContingencyAccrualAtCarryingValue" xml:lang="en-US" id="label_us-gaap_LossContingencyAccrualAtCarryingValue">Loss Contingency Accrual, at Carrying Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyAccrualAtCarryingValue" xlink:to="label_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:title="Label : us-gaap_LossContingencyAccrualAtCarryingValue to label_us-gaap_LossContingencyAccrualAtCarryingValue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LossContingencyAccrualAtCarryingValue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LossContingencyAccrualAtCarryingValue_1" xml:lang="en-US" id="label_us-gaap_LossContingencyAccrualAtCarryingValue_1">Provision for contingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyAccrualAtCarryingValue" xlink:to="label_us-gaap_LossContingencyAccrualAtCarryingValue_1" xlink:title="Label : us-gaap_LossContingencyAccrualAtCarryingValue to label_us-gaap_LossContingencyAccrualAtCarryingValue_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LossContingenciesTable" xlink:label="us-gaap_LossContingenciesTable" xlink:title="us-gaap_LossContingenciesTable" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LossContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LossContingenciesTable" xml:lang="en-US" id="label_us-gaap_LossContingenciesTable">Loss Contingencies [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingenciesTable" xlink:to="label_us-gaap_LossContingenciesTable" xlink:title="Label : us-gaap_LossContingenciesTable to label_us-gaap_LossContingenciesTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LossContingencyDamagesPaidValue" xlink:label="us-gaap_LossContingencyDamagesPaidValue" xlink:title="us-gaap_LossContingencyDamagesPaidValue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LossContingencyDamagesPaidValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LossContingencyDamagesPaidValue" xml:lang="en-US" id="label_us-gaap_LossContingencyDamagesPaidValue">Loss Contingency, Damages Paid, Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyDamagesPaidValue" xlink:to="label_us-gaap_LossContingencyDamagesPaidValue" xlink:title="Label : us-gaap_LossContingencyDamagesPaidValue to label_us-gaap_LossContingencyDamagesPaidValue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LossContingencyDamagesPaidValue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LossContingencyDamagesPaidValue_1" xml:lang="en-US" id="label_us-gaap_LossContingencyDamagesPaidValue_1">Amount of compensation to plaintiff</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyDamagesPaidValue" xlink:to="label_us-gaap_LossContingencyDamagesPaidValue_1" xlink:title="Label : us-gaap_LossContingencyDamagesPaidValue to label_us-gaap_LossContingencyDamagesPaidValue_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LossContingencyDamagesSoughtValue" xlink:label="us-gaap_LossContingencyDamagesSoughtValue" xlink:title="us-gaap_LossContingencyDamagesSoughtValue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LossContingencyDamagesSoughtValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LossContingencyDamagesSoughtValue" xml:lang="en-US" id="label_us-gaap_LossContingencyDamagesSoughtValue">Loss Contingency, Damages Sought, Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyDamagesSoughtValue" xlink:to="label_us-gaap_LossContingencyDamagesSoughtValue" xlink:title="Label : us-gaap_LossContingencyDamagesSoughtValue to label_us-gaap_LossContingencyDamagesSoughtValue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LossContingencyDamagesSoughtValue_1" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_us-gaap_LossContingencyDamagesSoughtValue_1" xml:lang="en-US" id="label_us-gaap_LossContingencyDamagesSoughtValue_1">Total amount claimed</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCurrentAssetsTextBlock" xlink:to="label_us-gaap_OtherCurrentAssetsTextBlock" xlink:title="Label : us-gaap_OtherCurrentAssetsTextBlock to label_us-gaap_OtherCurrentAssetsTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCurrentAssetsTextBlock" xlink:to="label_us-gaap_OtherCurrentAssetsTextBlock_1" xlink:title="Label : us-gaap_OtherCurrentAssetsTextBlock to label_us-gaap_OtherCurrentAssetsTextBlock_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherNoncurrentAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherNoncurrentAssetsMember" xml:lang="en-US" id="label_us-gaap_OtherNoncurrentAssetsMember">Other Noncurrent Assets [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncurrentAssetsMember" xlink:to="label_us-gaap_OtherNoncurrentAssetsMember" xlink:title="Label : us-gaap_OtherNoncurrentAssetsMember to label_us-gaap_OtherNoncurrentAssetsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherCurrentAssetsMember" xlink:label="us-gaap_OtherCurrentAssetsMember" xlink:title="us-gaap_OtherCurrentAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherCurrentAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherCurrentAssetsMember" xml:lang="en-US" id="label_us-gaap_OtherCurrentAssetsMember">Other Current Assets [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCurrentAssetsMember" xlink:to="label_us-gaap_OtherCurrentAssetsMember" xlink:title="Label : us-gaap_OtherCurrentAssetsMember to label_us-gaap_OtherCurrentAssetsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:title="us-gaap_OtherComprehensiveIncomeLossNetOfTax" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="label_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:title="Label : us-gaap_OtherComprehensiveIncomeLossNetOfTax to label_us-gaap_OtherComprehensiveIncomeLossNetOfTax" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="label_us-gaap_OtherComprehensiveIncomeLossNetOfTax_1" xlink:title="Label : us-gaap_OtherComprehensiveIncomeLossNetOfTax to label_us-gaap_OtherComprehensiveIncomeLossNetOfTax_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="label_us-gaap_OtherComprehensiveIncomeLossNetOfTax_2" xlink:title="Label : us-gaap_OtherComprehensiveIncomeLossNetOfTax to label_us-gaap_OtherComprehensiveIncomeLossNetOfTax_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:title="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:to="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:title="Label : us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax to label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:to="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_1" xlink:title="Label : us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax to label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_2" xml:lang="en-US" id="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_2" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock" xlink:label="us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock" xlink:title="us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock" xml:lang="en-US" id="label_us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock">Other Nonoperating Income and Expense [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock" xlink:to="label_us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock" xlink:title="Label : us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock to label_us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock_1" xml:lang="en-US" id="label_us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock_1">FINANCING INCOME, NET</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock" xlink:to="label_us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock_1" xlink:title="Label : us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock to label_us-gaap_OtherNonoperatingIncomeAndExpenseTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" xlink:title="us-gaap_OtherAssetsNoncurrent" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="label_us-gaap_OtherAssetsNoncurrent" xlink:title="Label : us-gaap_OtherAssetsNoncurrent to label_us-gaap_OtherAssetsNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsNoncurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherAssetsNoncurrent_1" xml:lang="en-US" id="label_us-gaap_OtherAssetsNoncurrent_1">Other non-current assets (Note 5)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="label_us-gaap_OtherAssetsNoncurrent_1" xlink:title="Label : us-gaap_OtherAssetsNoncurrent to label_us-gaap_OtherAssetsNoncurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsNoncurrent_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_OtherAssetsNoncurrent_2" xml:lang="en-US" id="label_us-gaap_OtherAssetsNoncurrent_2">Other non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="label_us-gaap_OtherAssetsNoncurrent_2" xlink:title="Label : us-gaap_OtherAssetsNoncurrent to label_us-gaap_OtherAssetsNoncurrent_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsMiscellaneous" xlink:to="label_us-gaap_OtherAssetsMiscellaneous" xlink:title="Label : us-gaap_OtherAssetsMiscellaneous to label_us-gaap_OtherAssetsMiscellaneous" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsMiscellaneous_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_OtherAssetsMiscellaneous_1" xml:lang="en-US" id="label_us-gaap_OtherAssetsMiscellaneous_1">Other unallocated amounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsMiscellaneous" xlink:to="label_us-gaap_OtherAssetsMiscellaneous_1" xlink:title="Label : us-gaap_OtherAssetsMiscellaneous to label_us-gaap_OtherAssetsMiscellaneous_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsMiscellaneousCurrent" xlink:to="label_us-gaap_OtherAssetsMiscellaneousCurrent" xlink:title="Label : us-gaap_OtherAssetsMiscellaneousCurrent to label_us-gaap_OtherAssetsMiscellaneousCurrent" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="label_us-gaap_OtherAssets_1" xlink:title="Label : us-gaap_OtherAssets to label_us-gaap_OtherAssets_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesDisclosureAbstract" xlink:to="label_us-gaap_OtherLiabilitiesDisclosureAbstract" xlink:title="Label : us-gaap_OtherLiabilitiesDisclosureAbstract to label_us-gaap_OtherLiabilitiesDisclosureAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherOperatingIncomeExpenseNet" xlink:to="label_us-gaap_OtherOperatingIncomeExpenseNet_1" xlink:title="Label : us-gaap_OtherOperatingIncomeExpenseNet to label_us-gaap_OtherOperatingIncomeExpenseNet_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherOperatingIncomeExpenseNet_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_OtherOperatingIncomeExpenseNet_2" xml:lang="en-US" id="label_us-gaap_OtherOperatingIncomeExpenseNet_2">Other (income) expenses, net (Note 13)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherOperatingIncomeExpenseNet" xlink:to="label_us-gaap_OtherOperatingIncomeExpenseNet_2" xlink:title="Label : us-gaap_OtherOperatingIncomeExpenseNet to label_us-gaap_OtherOperatingIncomeExpenseNet_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherOperatingIncomeExpenseNet_3" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_us-gaap_OtherOperatingIncomeExpenseNet_3" xml:lang="en-US" id="label_us-gaap_OtherOperatingIncomeExpenseNet_3">Other expenses, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherOperatingIncomeExpenseNet" xlink:to="label_us-gaap_OtherOperatingIncomeExpenseNet_3" xlink:title="Label : us-gaap_OtherOperatingIncomeExpenseNet to label_us-gaap_OtherOperatingIncomeExpenseNet_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="us-gaap_OtherAssetsCurrent" xlink:title="us-gaap_OtherAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherAssetsCurrent" xml:lang="en-US" id="label_us-gaap_OtherAssetsCurrent">Other Assets, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsCurrent" xlink:to="label_us-gaap_OtherAssetsCurrent" xlink:title="Label : us-gaap_OtherAssetsCurrent to label_us-gaap_OtherAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherAssetsCurrent_1" xml:lang="en-US" id="label_us-gaap_OtherAssetsCurrent_1">Other current assets (Note 2)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsCurrent" xlink:to="label_us-gaap_OtherAssetsCurrent_1" xlink:title="Label : us-gaap_OtherAssetsCurrent to label_us-gaap_OtherAssetsCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsCurrent_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_OtherAssetsCurrent_2" xml:lang="en-US" id="label_us-gaap_OtherAssetsCurrent_2">Other current assets, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsCurrent" xlink:to="label_us-gaap_OtherAssetsCurrent_2" xlink:title="Label : us-gaap_OtherAssetsCurrent to label_us-gaap_OtherAssetsCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherDeferredCostsNet" xlink:label="us-gaap_OtherDeferredCostsNet" xlink:title="us-gaap_OtherDeferredCostsNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherDeferredCostsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherDeferredCostsNet" xml:lang="en-US" id="label_us-gaap_OtherDeferredCostsNet">Deferred Installation Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherDeferredCostsNet" xlink:to="label_us-gaap_OtherDeferredCostsNet" xlink:title="Label : us-gaap_OtherDeferredCostsNet to label_us-gaap_OtherDeferredCostsNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherDeferredCostsNet_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherDeferredCostsNet_1" xml:lang="en-US" id="label_us-gaap_OtherDeferredCostsNet_1">Deferred installation expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherDeferredCostsNet" xlink:to="label_us-gaap_OtherDeferredCostsNet_1" xlink:title="Label : us-gaap_OtherDeferredCostsNet to label_us-gaap_OtherDeferredCostsNet_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:title="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xml:lang="en-US" id="label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax">Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:to="label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:title="Label : us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax to label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_1" xml:lang="en-US" id="label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_1">Unrealized gains (losses) in respect of derivative financial instruments designated for cash flow hedge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:to="label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_1" xlink:title="Label : us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax to label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_2" xml:lang="en-US" id="label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_2" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:to="label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_2" xlink:title="Label : us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax to label_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherLiabilitiesCurrent" xlink:label="us-gaap_OtherLiabilitiesCurrent" xlink:title="us-gaap_OtherLiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherLiabilitiesCurrent" xml:lang="en-US" id="label_us-gaap_OtherLiabilitiesCurrent">Other Liabilities, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesCurrent" xlink:to="label_us-gaap_OtherLiabilitiesCurrent" xlink:title="Label : us-gaap_OtherLiabilitiesCurrent to label_us-gaap_OtherLiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherLiabilitiesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherLiabilitiesCurrent_1" xml:lang="en-US" id="label_us-gaap_OtherLiabilitiesCurrent_1">Other current liabilities (Note 10)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesCurrent" xlink:to="label_us-gaap_OtherLiabilitiesCurrent_1" xlink:title="Label : us-gaap_OtherLiabilitiesCurrent to label_us-gaap_OtherLiabilitiesCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherLiabilitiesCurrent_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_OtherLiabilitiesCurrent_2" xml:lang="en-US" id="label_us-gaap_OtherLiabilitiesCurrent_2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesCurrent" xlink:to="label_us-gaap_OtherLiabilitiesCurrent_2" xlink:title="Label : us-gaap_OtherLiabilitiesCurrent to label_us-gaap_OtherLiabilitiesCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xlink:label="us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xlink:title="us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xml:lang="en-US" id="label_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock">Other Income and Other Expense Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xlink:to="label_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xlink:title="Label : us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock to label_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock_1" xml:lang="en-US" id="label_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock_1">OTHER (INCOME) EXPENSES, NET</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xlink:to="label_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock_1" xlink:title="Label : us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock to label_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:label="us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:title="us-gaap_OtherLiabilitiesDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherLiabilitiesDisclosureTextBlock" xml:lang="en-US" id="label_us-gaap_OtherLiabilitiesDisclosureTextBlock">Other Liabilities Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:to="label_us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:title="Label : us-gaap_OtherLiabilitiesDisclosureTextBlock to label_us-gaap_OtherLiabilitiesDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherLiabilitiesDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherLiabilitiesDisclosureTextBlock_1" xml:lang="en-US" id="label_us-gaap_OtherLiabilitiesDisclosureTextBlock_1">OTHER CURRENT LIABILITIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:to="label_us-gaap_OtherLiabilitiesDisclosureTextBlock_1" xlink:title="Label : us-gaap_OtherLiabilitiesDisclosureTextBlock to label_us-gaap_OtherLiabilitiesDisclosureTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="us-gaap_OtherLiabilitiesNoncurrent" xlink:title="us-gaap_OtherLiabilitiesNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherLiabilitiesNoncurrent" xml:lang="en-US" id="label_us-gaap_OtherLiabilitiesNoncurrent">Other Liabilities, Noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesNoncurrent" xlink:to="label_us-gaap_OtherLiabilitiesNoncurrent" xlink:title="Label : us-gaap_OtherLiabilitiesNoncurrent to label_us-gaap_OtherLiabilitiesNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherLiabilitiesNoncurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherLiabilitiesNoncurrent_1" xml:lang="en-US" id="label_us-gaap_OtherLiabilitiesNoncurrent_1">Other non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesNoncurrent" xlink:to="label_us-gaap_OtherLiabilitiesNoncurrent_1" xlink:title="Label : us-gaap_OtherLiabilitiesNoncurrent to label_us-gaap_OtherLiabilitiesNoncurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherIncomeDisclosureNonoperatingAbstract" xlink:label="us-gaap_OtherIncomeDisclosureNonoperatingAbstract" xlink:title="us-gaap_OtherIncomeDisclosureNonoperatingAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherIncomeDisclosureNonoperatingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherIncomeDisclosureNonoperatingAbstract" xml:lang="en-US" id="label_us-gaap_OtherIncomeDisclosureNonoperatingAbstract">FINANCING INCOME, NET [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIncomeDisclosureNonoperatingAbstract" xlink:to="label_us-gaap_OtherIncomeDisclosureNonoperatingAbstract" xlink:title="Label : us-gaap_OtherIncomeDisclosureNonoperatingAbstract to label_us-gaap_OtherIncomeDisclosureNonoperatingAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="us-gaap_OtherNonoperatingIncomeExpense" xlink:title="us-gaap_OtherNonoperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherNonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherNonoperatingIncomeExpense" xml:lang="en-US" id="label_us-gaap_OtherNonoperatingIncomeExpense">Other Nonoperating Income (Expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncomeExpense" xlink:to="label_us-gaap_OtherNonoperatingIncomeExpense" xlink:title="Label : us-gaap_OtherNonoperatingIncomeExpense to label_us-gaap_OtherNonoperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherNonoperatingIncomeExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherNonoperatingIncomeExpense_1" xml:lang="en-US" id="label_us-gaap_OtherNonoperatingIncomeExpense_1">Other (expenses) income, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncomeExpense" xlink:to="label_us-gaap_OtherNonoperatingIncomeExpense_1" xlink:title="Label : us-gaap_OtherNonoperatingIncomeExpense to label_us-gaap_OtherNonoperatingIncomeExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherNonoperatingIncomeExpense_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_OtherNonoperatingIncomeExpense_2" xml:lang="en-US" id="label_us-gaap_OtherNonoperatingIncomeExpense_2">Financing income, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncomeExpense" xlink:to="label_us-gaap_OtherNonoperatingIncomeExpense_2" xlink:title="Label : us-gaap_OtherNonoperatingIncomeExpense to label_us-gaap_OtherNonoperatingIncomeExpense_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherNonoperatingIncomeExpense_3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_us-gaap_OtherNonoperatingIncomeExpense_3" xml:lang="en-US" id="label_us-gaap_OtherNonoperatingIncomeExpense_3">Other non-operating income, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncomeExpense" xlink:to="label_us-gaap_OtherNonoperatingIncomeExpense_3" xlink:title="Label : us-gaap_OtherNonoperatingIncomeExpense to label_us-gaap_OtherNonoperatingIncomeExpense_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherLiabilitiesMember" xlink:label="us-gaap_OtherLiabilitiesMember" xlink:title="us-gaap_OtherLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherLiabilitiesMember" xml:lang="en-US" id="label_us-gaap_OtherLiabilitiesMember">Other Liabilities [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesMember" xlink:to="label_us-gaap_OtherLiabilitiesMember" xlink:title="Label : us-gaap_OtherLiabilitiesMember to label_us-gaap_OtherLiabilitiesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherSundryLiabilitiesCurrent" xlink:label="us-gaap_OtherSundryLiabilitiesCurrent" xlink:title="us-gaap_OtherSundryLiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherSundryLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherSundryLiabilitiesCurrent" xml:lang="en-US" id="label_us-gaap_OtherSundryLiabilitiesCurrent">Other Sundry Liabilities, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherSundryLiabilitiesCurrent" xlink:to="label_us-gaap_OtherSundryLiabilitiesCurrent" xlink:title="Label : us-gaap_OtherSundryLiabilitiesCurrent to label_us-gaap_OtherSundryLiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherSundryLiabilitiesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_OtherSundryLiabilitiesCurrent_1" xml:lang="en-US" id="label_us-gaap_OtherSundryLiabilitiesCurrent_1">Others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherSundryLiabilitiesCurrent" xlink:to="label_us-gaap_OtherSundryLiabilitiesCurrent_1" xlink:title="Label : us-gaap_OtherSundryLiabilitiesCurrent to label_us-gaap_OtherSundryLiabilitiesCurrent_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherAssetsMember" xml:lang="en-US" id="label_us-gaap_OtherAssetsMember">Other Assets [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertySubjectToOperatingLeaseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertySubjectToOperatingLeaseMember" xml:lang="en-US" id="label_us-gaap_PropertySubjectToOperatingLeaseMember">Property Subject To Operating Lease [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertySubjectToOperatingLeaseMember" xlink:to="label_us-gaap_PropertySubjectToOperatingLeaseMember" xlink:title="Label : us-gaap_PropertySubjectToOperatingLeaseMember to label_us-gaap_PropertySubjectToOperatingLeaseMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertySubjectToOperatingLeaseMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PropertySubjectToOperatingLeaseMember_1" xml:lang="en-US" id="label_us-gaap_PropertySubjectToOperatingLeaseMember_1">Property Subject To Operating Lease [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertySubjectToOperatingLeaseMember" xlink:to="label_us-gaap_PropertySubjectToOperatingLeaseMember_1" xlink:title="Label : us-gaap_PropertySubjectToOperatingLeaseMember to label_us-gaap_PropertySubjectToOperatingLeaseMember_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain" xml:lang="en-US" id="label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain">Property Subject To Or Available For Operating Lease [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain" xlink:to="label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain" xlink:title="Label : us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain to label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain_1" xml:lang="en-US" id="label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain_1">Property Subject to or Available for Operating Lease [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain" xlink:to="label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain_1" xlink:title="Label : us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain to label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseDomain_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:title="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock">Property, Plant and Equipment, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentPolicyTextBlock to label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_1">Property and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_1" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentPolicyTextBlock to label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAdditions" xlink:label="us-gaap_PropertyPlantAndEquipmentAdditions" xlink:title="us-gaap_PropertyPlantAndEquipmentAdditions" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentAdditions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentAdditions" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentAdditions">Property, Plant and Equipment, Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentAdditions" xlink:to="label_us-gaap_PropertyPlantAndEquipmentAdditions" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentAdditions to label_us-gaap_PropertyPlantAndEquipmentAdditions" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentAdditions_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentAdditions_1" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentAdditions_1">Additional equipment purchased</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentAdditions" xlink:to="label_us-gaap_PropertyPlantAndEquipmentAdditions_1" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentAdditions to label_us-gaap_PropertyPlantAndEquipmentAdditions_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="us-gaap_PropertyPlantAndEquipmentAbstract" xlink:title="us-gaap_PropertyPlantAndEquipmentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentAbstract" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentAbstract">PROPERTY AND EQUIPMENT, NET [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertySubjectToOrAvailableForOperatingLeaseAxis" xlink:label="us-gaap_PropertySubjectToOrAvailableForOperatingLeaseAxis" xlink:title="us-gaap_PropertySubjectToOrAvailableForOperatingLeaseAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseAxis" xml:lang="en-US" id="label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseAxis">Property Subject to or Available for Operating Lease [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertySubjectToOrAvailableForOperatingLeaseAxis" xlink:to="label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseAxis" xlink:title="Label : us-gaap_PropertySubjectToOrAvailableForOperatingLeaseAxis to label_us-gaap_PropertySubjectToOrAvailableForOperatingLeaseAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:title="us-gaap_PropertyPlantAndEquipmentTypeDomain" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentTypeDomain" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentTypeDomain">Property Plant And Equipment Type [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="label_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentTypeDomain to label_us-gaap_PropertyPlantAndEquipmentTypeDomain" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentTypeDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentTypeDomain_1" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentTypeDomain_1">Property Plant And Equipment Type [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="label_us-gaap_PropertyPlantAndEquipmentTypeDomain_1" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentTypeDomain to label_us-gaap_PropertyPlantAndEquipmentTypeDomain_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" xlink:title="us-gaap_PropertyPlantAndEquipmentNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentNet">Property, Plant and Equipment, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="label_us-gaap_PropertyPlantAndEquipmentNet" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentNet to label_us-gaap_PropertyPlantAndEquipmentNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentNet_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentNet_1" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentNet_1">Property and equipment, net (Note 6)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="label_us-gaap_PropertyPlantAndEquipmentNet_1" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentNet to label_us-gaap_PropertyPlantAndEquipmentNet_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentNet_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentNet_2" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentNet_2">Total property and equipment, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="label_us-gaap_PropertyPlantAndEquipmentNet_2" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentNet to label_us-gaap_PropertyPlantAndEquipmentNet_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentNet_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentNet_3" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentNet_3">Property and equipment, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="label_us-gaap_PropertyPlantAndEquipmentNet_3" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentNet to label_us-gaap_PropertyPlantAndEquipmentNet_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="us-gaap_PropertyPlantAndEquipmentGross" xlink:title="us-gaap_PropertyPlantAndEquipmentGross" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentGross" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentGross">Property, Plant and Equipment, Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="label_us-gaap_PropertyPlantAndEquipmentGross" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentGross to label_us-gaap_PropertyPlantAndEquipmentGross" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentGross_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentGross_1" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentGross_1">Cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="label_us-gaap_PropertyPlantAndEquipmentGross_1" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentGross to label_us-gaap_PropertyPlantAndEquipmentGross_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentGross_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentGross_2" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentGross_2">Property and equipment, gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="label_us-gaap_PropertyPlantAndEquipmentGross_2" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentGross to label_us-gaap_PropertyPlantAndEquipmentGross_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:title="Label : us-gaap_RelatedPartyTransactionsDisclosureTextBlock to label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_1" xlink:title="Label : us-gaap_RelatedPartyTransactionsDisclosureTextBlock to label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="label_us-gaap_SegmentReportingDisclosureTextBlock_1" xlink:title="Label : us-gaap_SegmentReportingDisclosureTextBlock to label_us-gaap_SegmentReportingDisclosureTextBlock_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_SegmentGeographicalDomain" xml:lang="en-US" id="label_us-gaap_SegmentGeographicalDomain">Segment Geographical [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentGeographicalDomain" xlink:to="label_us-gaap_SegmentGeographicalDomain" xlink:title="Label : us-gaap_SegmentGeographicalDomain to label_us-gaap_SegmentGeographicalDomain" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_SegmentGeographicalDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_SegmentGeographicalDomain_1" xml:lang="en-US" id="label_us-gaap_SegmentGeographicalDomain_1">Segment, Geographical [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentGeographicalDomain" xlink:to="label_us-gaap_SegmentGeographicalDomain_1" xlink:title="Label : us-gaap_SegmentGeographicalDomain to label_us-gaap_SegmentGeographicalDomain_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_SellingAndMarketingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_SellingAndMarketingExpense" xml:lang="en-US" id="label_us-gaap_SellingAndMarketingExpense">Selling and Marketing Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingAndMarketingExpense" xlink:to="label_us-gaap_SellingAndMarketingExpense" xlink:title="Label : us-gaap_SellingAndMarketingExpense to label_us-gaap_SellingAndMarketingExpense" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_SellingAndMarketingExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_SellingAndMarketingExpense_1" xml:lang="en-US" id="label_us-gaap_SellingAndMarketingExpense_1">Selling and marketing expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingAndMarketingExpense" xlink:to="label_us-gaap_SellingAndMarketingExpense_1" xlink:title="Label : us-gaap_SellingAndMarketingExpense to label_us-gaap_SellingAndMarketingExpense_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SeveranceCosts1" xlink:label="us-gaap_SeveranceCosts1" xlink:title="us-gaap_SeveranceCosts1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_SeveranceCosts1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_SeveranceCosts1" xml:lang="en-US" id="label_us-gaap_SeveranceCosts1">Severance Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeveranceCosts1" xlink:to="label_us-gaap_SeveranceCosts1" xlink:title="Label : us-gaap_SeveranceCosts1 to label_us-gaap_SeveranceCosts1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_SeveranceCosts1_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_SeveranceCosts1_1" xml:lang="en-US" id="label_us-gaap_SeveranceCosts1_1">Severance expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeveranceCosts1" xlink:to="label_us-gaap_SeveranceCosts1_1" xlink:title="Label : us-gaap_SeveranceCosts1 to label_us-gaap_SeveranceCosts1_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:to="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:title="Label : us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross to label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_1" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_1">Shares granted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:to="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_1" xlink:title="Label : us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross to label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:title="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="label_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:title="Label : us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy to label_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_1" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_1">Stock-based compensation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="label_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_1" xlink:title="Label : us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy to label_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding" xlink:title="us-gaap_SharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_SharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_SharesOutstanding" xml:lang="en-US" id="label_us-gaap_SharesOutstanding">Shares, Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="label_us-gaap_SharesOutstanding" xlink:title="Label : us-gaap_SharesOutstanding to label_us-gaap_SharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_SharesOutstanding_1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_us-gaap_SharesOutstanding_1" xml:lang="en-US" id="label_us-gaap_SharesOutstanding_1">Balance, shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="label_us-gaap_SharesOutstanding_1" xlink:title="Label : us-gaap_SharesOutstanding to label_us-gaap_SharesOutstanding_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_SharesOutstanding_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_us-gaap_SharesOutstanding_2" xml:lang="en-US" id="label_us-gaap_SharesOutstanding_2">Balance, shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="label_us-gaap_SharesOutstanding_2" xlink:title="Label : us-gaap_SharesOutstanding to label_us-gaap_SharesOutstanding_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:title="us-gaap_SignificantAccountingPoliciesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US" id="label_us-gaap_SignificantAccountingPoliciesTextBlock">Significant Accounting Policies [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="label_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:title="Label : us-gaap_SignificantAccountingPoliciesTextBlock to label_us-gaap_SignificantAccountingPoliciesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_SignificantAccountingPoliciesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_SignificantAccountingPoliciesTextBlock_1" xml:lang="en-US" id="label_us-gaap_SignificantAccountingPoliciesTextBlock_1">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="label_us-gaap_SignificantAccountingPoliciesTextBlock_1" xlink:title="Label : us-gaap_SignificantAccountingPoliciesTextBlock to label_us-gaap_SignificantAccountingPoliciesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StandardProductWarrantyPolicy" xlink:label="us-gaap_StandardProductWarrantyPolicy" xlink:title="us-gaap_StandardProductWarrantyPolicy" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_StandardProductWarrantyPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_StandardProductWarrantyPolicy" xml:lang="en-US" id="label_us-gaap_StandardProductWarrantyPolicy">Standard Product Warranty, Policy [Policy Text Block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_StandardProductWarrantyPolicy_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_StandardProductWarrantyPolicy_1" xml:lang="en-US" id="label_us-gaap_StandardProductWarrantyPolicy_1">Warranty costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StandardProductWarrantyPolicy" xlink:to="label_us-gaap_StandardProductWarrantyPolicy_1" xlink:title="Label : us-gaap_StandardProductWarrantyPolicy to label_us-gaap_StandardProductWarrantyPolicy_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_StatementLineItems" xml:lang="en-US" id="label_us-gaap_StatementLineItems">Statement [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="label_us-gaap_StatementLineItems" xlink:title="Label : us-gaap_StatementLineItems to label_us-gaap_StatementLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="label_us-gaap_StatementOfStockholdersEquityAbstract" xlink:title="Label : us-gaap_StatementOfStockholdersEquityAbstract to label_us-gaap_StatementOfStockholdersEquityAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" xlink:title="us-gaap_StatementOfCashFlowsAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="label_us-gaap_StatementOfCashFlowsAbstract" xlink:title="Label : us-gaap_StatementOfCashFlowsAbstract to label_us-gaap_StatementOfCashFlowsAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="label_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:title="Label : us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract to label_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_StatementEquityComponentsAxis" xml:lang="en-US" id="label_us-gaap_StatementEquityComponentsAxis">Statement, Equity Components [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="label_us-gaap_StatementEquityComponentsAxis" xlink:title="Label : us-gaap_StatementEquityComponentsAxis to label_us-gaap_StatementEquityComponentsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" xlink:title="us-gaap_StatementTable" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_StatementTable" xml:lang="en-US" id="label_us-gaap_StatementTable">Statement [Table]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementBusinessSegmentsAxis" xlink:to="label_us-gaap_StatementBusinessSegmentsAxis" xlink:title="Label : us-gaap_StatementBusinessSegmentsAxis to label_us-gaap_StatementBusinessSegmentsAxis" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xml:lang="en-US" id="label_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary">Unrecorded Unconditional Purchase Obligation, Due within Three Years</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xlink:title="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>18
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<DESCRIPTION>TAXONOMY EXTENSION PRESENTATION LINKBASE
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6815206256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2015 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DocumentAndEntityInformationAbstract', window );"><strong>Document And Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2015<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2015<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Ituran Location & Control Ltd.<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001337117<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">No<span></span>
</td>
</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Document and entity information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6820975808">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 27,016<span></span>
</td>
<td class="nump">$ 38,418<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesCurrent', window );">Investment in marketable securities</a></td>
<td class="nump">2,035<span></span>
</td>
<td class="nump">2,362<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable (net of allowance for doubtful accounts)</a></td>
<td class="nump">27,436<span></span>
</td>
<td class="nump">27,960<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other current assets (Note 2)</a></td>
<td class="nump">22,437<span></span>
</td>
<td class="nump">22,318<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories (Note 3)</a></td>
<td class="nump">12,781<span></span>
</td>
<td class="nump">12,164<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">91,705<span></span>
</td>
<td class="nump">103,222<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Long-term investments and other assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures', window );">Investments in affiliated company (Note 4A)</a></td>
<td class="nump">4,705<span></span>
</td>
<td class="nump">1,016<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Investments in other company (Note 4B)</a></td>
<td class="nump">78<span></span>
</td>
<td class="nump">79<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other non-current assets (Note 5)</a></td>
<td class="nump">1,166<span></span>
</td>
<td class="nump">2,091<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetNoncurrent', window );">Deferred income taxes (Note 15)</a></td>
<td class="nump">2,279<span></span>
</td>
<td class="nump">2,886<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent', window );">Funds in respect of employee rights upon retirement</a></td>
<td class="nump">7,174<span></span>
</td>
<td class="nump">6,642<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total non-current assets</a></td>
<td class="nump">15,402<span></span>
</td>
<td class="nump">12,714<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net (Note 6)</a></td>
<td class="nump">31,514<span></span>
</td>
<td class="nump">31,908<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets, net (Note 7)</a></td>
<td class="nump">26<span></span>
</td>
<td class="nump">452<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill (Note 8)</a></td>
<td class="nump">3,356<span></span>
</td>
<td class="nump">4,041<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">142,003<span></span>
</td>
<td class="nump">$ 152,337<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansPayableToBank', window );">Credit from banking institutions (Note 9)</a></td>
<td class="nump">155<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">10,466<span></span>
</td>
<td class="nump">$ 11,658<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenues</a></td>
<td class="nump">9,210<span></span>
</td>
<td class="nump">9,401<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesCurrent', window );">Other current liabilities (Note 10)</a></td>
<td class="nump">21,750<span></span>
</td>
<td class="nump">25,253<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">41,581<span></span>
</td>
<td class="nump">46,312<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>Long-term liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent', window );">Liability for employee rights upon retirement</a></td>
<td class="nump">10,637<span></span>
</td>
<td class="nump">$ 10,229<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyAccrualAtCarryingValue', window );">Provision for contingencies</a></td>
<td class="nump">622<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Deferred revenues</a></td>
<td class="nump">$ 973<span></span>
</td>
<td class="nump">$ 1,063<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesGrossNoncurrent', window );">Deferred income taxes (Note 15)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 150<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other non-current</a></td>
<td class="nump">$ 369<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total non-current liabilities</a></td>
<td class="nump">$ 12,601<span></span>
</td>
<td class="nump">$ 11,442<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Contingent liabilities (Note 11)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity (Note 12)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Share capital - ordinary shares of NIS 0.3333 par value: Authorized - December 31, 2015 and 2014 - 60,000,000 shares Issued and outstanding - December 31, 2015 and 2014 - 23,475,431 shares respectively</a></td>
<td class="nump">$ 1,983<span></span>
</td>
<td class="nump">$ 1,983<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid- in capital</a></td>
<td class="nump">71,550<span></span>
</td>
<td class="nump">71,550<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income</a></td>
<td class="num">(17,520)<span></span>
</td>
<td class="num">(1,850)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="nump">57,739<span></span>
</td>
<td class="nump">49,067<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock at cost - December 31, 2015 and 2014 - 2,507,314 shares</a></td>
<td class="num">(30,054)<span></span>
</td>
<td class="num">(30,054)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Stockholders' equity</a></td>
<td class="nump">83,698<span></span>
</td>
<td class="nump">90,696<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterest', window );">Non-controlling interests</a></td>
<td class="nump">4,123<span></span>
</td>
<td class="nump">3,887<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
<td class="nump">87,821<span></span>
</td>
<td class="nump">94,583<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and equity</a></td>
<td class="nump">$ 142,003<span></span>
</td>
<td class="nump">$ 152,337<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3-4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 3<br> -Subparagraph a(1)<br> -Article 5<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 4<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e681-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669686-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 31<br> -Article 5<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.30(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 31<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
</tr>
<tr>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 12<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.10-17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 18<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrentAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesGrossNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross amount of noncurrent deferred tax liabilities, which result from applying the applicable tax rate to taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesGrossNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount for overfunded plans recognized in the balance sheet as a noncurrent asset associated with a defined benefit pension plan or other postretirement defined benefit plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=58740216&amp;loc=d3e1928-114920<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=21915240&amp;loc=d3e1703-114919<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph ((a)(1),(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IntangibleAssetsNetExcludingGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=51655945&amp;loc=d3e3927-108312<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.32)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 25<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 22, 23, 24, 25, 26, 27<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoansPayableToBank">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Including the current and noncurrent portions, carrying value as of the balance sheet date of loans from a bank with maturities initially due after one year or beyond the normal operating cycle if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.16)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.16(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 19, 20, 22<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LoansPayableToBank</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyAccrualAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss contingency liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyAccrualAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketableSecuritiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investments in debt and equity securities, including, but not limited to, held-to-maturity, trading and available-for-sale expected to be converted to cash, sold or exchanged within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26626-111562<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MarketableSecuritiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 27<br> -Article 5<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 20<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount of current liabilities (due within one year or within the normal operating cycle if longer) not separately disclosed in the balance sheet. Includes costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6904-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This represents the noncurrent liability for underfunded plans recognized in the balance sheet that is associated with the defined benefit pension plans and other postretirement defined benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=58740216&amp;loc=d3e2417-114920<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=21915240&amp;loc=d3e1703-114919<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=58740216&amp;loc=d3e1928-114920<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=58740216&amp;loc=d3e2410-114920<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 13<br> -Subparagraph a<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 8<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.31(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB TOPIC 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 4<br> -Section E<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4590271-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568740-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568447-111683<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805975584">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical) - &#8362; / shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfFinancialPositionAbstract', window );"><strong>CONSOLIDATED BALANCE SHEETS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
<td class="nump">&#8362; 0.3333<span></span>
</td>
<td class="nump">&#8362; 0.3333<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
<td class="nump">60,000,000<span></span>
</td>
<td class="nump">60,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="nump">23,475,431<span></span>
</td>
<td class="nump">23,475,431<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="nump">23,475,431<span></span>
</td>
<td class="nump">23,475,431<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury stock, shares</a></td>
<td class="nump">2,507,314<span></span>
</td>
<td class="nump">2,507,314<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfFinancialPositionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfFinancialPositionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28,29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6815509776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF INCOME - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LocationBasedServicesRevenue', window );">Location based services</a></td>
<td class="nump">$ 127,683<span></span>
</td>
<td class="nump">$ 133,692<span></span>
</td>
<td class="nump">$ 126,951<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_WirelessCommunicationsProductsRevenue', window );">Wireless communications products</a></td>
<td class="nump">47,945<span></span>
</td>
<td class="nump">48,435<span></span>
</td>
<td class="nump">43,216<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenues</a></td>
<td class="nump">175,628<span></span>
</td>
<td class="nump">182,127<span></span>
</td>
<td class="nump">170,167<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenueAbstract', window );"><strong>Cost of revenues:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LocationBasedServicesCosts', window );">Location based services</a></td>
<td class="nump">46,823<span></span>
</td>
<td class="nump">46,852<span></span>
</td>
<td class="nump">44,850<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_WirelessCommunicationsProductsCosts', window );">Wireless communications products</a></td>
<td class="nump">38,924<span></span>
</td>
<td class="nump">38,142<span></span>
</td>
<td class="nump">36,015<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenue', window );">Total cost of revenues</a></td>
<td class="nump">85,747<span></span>
</td>
<td class="nump">84,994<span></span>
</td>
<td class="nump">80,865<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
<td class="nump">89,881<span></span>
</td>
<td class="nump">97,133<span></span>
</td>
<td class="nump">89,302<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
<td class="nump">2,401<span></span>
</td>
<td class="nump">2,526<span></span>
</td>
<td class="nump">2,414<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingAndMarketingExpense', window );">Selling and marketing expenses</a></td>
<td class="nump">9,303<span></span>
</td>
<td class="nump">9,264<span></span>
</td>
<td class="nump">9,715<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="nump">37,801<span></span>
</td>
<td class="nump">38,617<span></span>
</td>
<td class="nump">34,483<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOperatingIncomeExpenseNet', window );">Other (income) expenses, net (Note 13)</a></td>
<td class="num">(268)<span></span>
</td>
<td class="nump">856<span></span>
</td>
<td class="nump">4,760<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td>
<td class="nump">$ 40,644<span></span>
</td>
<td class="nump">$ 45,870<span></span>
</td>
<td class="nump">37,930<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other (expenses) income, net</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(166)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Financing income, net (Note 14)</a></td>
<td class="nump">$ 1,189<span></span>
</td>
<td class="nump">$ 1,704<span></span>
</td>
<td class="nump">238<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before income tax</a></td>
<td class="nump">41,833<span></span>
</td>
<td class="nump">47,574<span></span>
</td>
<td class="nump">38,002<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expenses (Note 15)</a></td>
<td class="num">(12,822)<span></span>
</td>
<td class="num">(14,246)<span></span>
</td>
<td class="num">(12,447)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Share in losses of affiliated companies, net (Note 4A)</a></td>
<td class="num">(2,439)<span></span>
</td>
<td class="num">(421)<span></span>
</td>
<td class="num">(1)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income for the year</a></td>
<td class="nump">26,572<span></span>
</td>
<td class="nump">32,907<span></span>
</td>
<td class="nump">25,554<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Less: Net income attributable to non-controlling interest</a></td>
<td class="num">(1,601)<span></span>
</td>
<td class="num">(2,478)<span></span>
</td>
<td class="num">(1,792)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income attributable to the Company</a></td>
<td class="nump">$ 24,971<span></span>
</td>
<td class="nump">$ 30,429<span></span>
</td>
<td class="nump">$ 23,762<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted earnings per share attributable to Company's stockholders (Note 16)</a></td>
<td class="nump">$ 1.19<span></span>
</td>
<td class="nump">$ 1.45<span></span>
</td>
<td class="nump">$ 1.13<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Basic and diluted weighted average number of shares outstanding</a></td>
<td class="nump">20,968<span></span>
</td>
<td class="nump">20,968<span></span>
</td>
<td class="nump">20,968<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_LocationBasedServicesCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Location based services costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_LocationBasedServicesCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_LocationBasedServicesRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Location based services revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_LocationBasedServicesRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_WirelessCommunicationsProductsCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Wireless communications products costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_WirelessCommunicationsProductsCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_WirelessCommunicationsProductsRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Wireless communications products revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_WirelessCommunicationsProductsRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate cost of goods produced and sold and services rendered during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfRevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfRevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1,2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51673353&amp;loc=d3e41242-110953<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 10<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 9<br> -Article 5<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 11<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of Net Income (Loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherOperatingIncomeExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of other operating income and expenses, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherOperatingIncomeExpenseNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 985<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenuesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SellingAndMarketingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total amount of expenses directly related to the marketing or selling of products or services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SellingAndMarketingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<td>na</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6815247632">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income for the year</a></td>
<td class="nump">$ 26,572<span></span>
</td>
<td class="nump">$ 32,907<span></span>
</td>
<td class="nump">$ 25,554<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract', window );"><strong>Other comprehensive loss, net of tax:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax', window );">Foreign currency translation adjustments</a></td>
<td class="num">(14,703)<span></span>
</td>
<td class="num">(13,354)<span></span>
</td>
<td class="num">(2,754)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax', window );">Unrealized gains (losses) in respect of derivative financial instruments designated for cash flow hedge</a></td>
<td class="nump">85<span></span>
</td>
<td class="nump">2,331<span></span>
</td>
<td class="num">(635)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax', window );">Reclassification of net gains realized to net income</a></td>
<td class="num">(1,188)<span></span>
</td>
<td class="num">(29)<span></span>
</td>
<td class="nump">217<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive loss, net of tax</a></td>
<td class="num">(15,806)<span></span>
</td>
<td class="num">(11,052)<span></span>
</td>
<td class="num">(3,172)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income</a></td>
<td class="nump">10,766<span></span>
</td>
<td class="nump">21,855<span></span>
</td>
<td class="nump">22,382<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest', window );">Less: comprehensive income attributable to non-controlling interests</a></td>
<td class="num">(1,465)<span></span>
</td>
<td class="num">(1,884)<span></span>
</td>
<td class="num">(1,996)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income attributable to the Company</a></td>
<td class="nump">$ 9,301<span></span>
</td>
<td class="nump">$ 19,971<span></span>
</td>
<td class="nump">$ 20,386<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831223<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e557-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4613674-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 45<br> -Paragraph 20<br> -Subparagraph (b,c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6915805&amp;loc=d3e32211-110900<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669646-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669619-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669625-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 55<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=51821188&amp;loc=d3e1436-108581<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669646-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6441202&amp;loc=d3e80720-113993<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=SL5624171-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of reclassification adjustments of other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669686-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 55<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=51821188&amp;loc=d3e1436-108581<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6821694944">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Ordinary shares [Member]</div></th>
<th class="th"><div>Additional paid in capital [Member]</div></th>
<th class="th"><div>Accumulated other comprehensive income [Member]</div></th>
<th class="th"><div>Retained earnings [Member]</div></th>
<th class="th"><div>Treasury stock [Member]</div></th>
<th class="th"><div>Non-controlling interests [Member]</div></th>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Dec. 31, 2012</a></td>
<td class="nump">$ 92,007<span></span>
</td>
<td class="nump">$ 1,983<span></span>
</td>
<td class="nump">$ 71,927<span></span>
</td>
<td class="nump">$ 11,984<span></span>
</td>
<td class="nump">$ 32,187<span></span>
</td>
<td class="num">$ (30,054)<span></span>
</td>
<td class="nump">$ 3,980<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, shares at Dec. 31, 2012</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,476<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Changes during period:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="nump">25,554<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 23,762<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,792<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income (loss)</a></td>
<td class="num">(3,172)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (3,376)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">204<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestDecreaseFromRedemptions', window );">Acquisition of non-controlling interests</a></td>
<td class="num">(500)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (377)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(123)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders', window );">Dividend paid to non-controlling interests</a></td>
<td class="num">(1,286)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (1,286)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Dividend paid</a></td>
<td class="num">(13,502)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (13,502)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockStock', window );">Dividend declared</a></td>
<td class="num">(3,616)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(3,616)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Dec. 31, 2013</a></td>
<td class="nump">95,485<span></span>
</td>
<td class="nump">$ 1,983<span></span>
</td>
<td class="nump">$ 71,550<span></span>
</td>
<td class="nump">$ 8,608<span></span>
</td>
<td class="nump">38,831<span></span>
</td>
<td class="num">$ (30,054)<span></span>
</td>
<td class="nump">$ 4,567<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, shares at Dec. 31, 2013</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,476<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Changes during period:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="nump">32,907<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 30,429<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">2,478<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income (loss)</a></td>
<td class="num">(11,052)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (10,458)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(594)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders', window );">Dividend paid to non-controlling interests</a></td>
<td class="num">(2,564)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (2,564)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Dividend paid</a></td>
<td class="num">(15,697)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (15,697)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockStock', window );">Dividend declared</a></td>
<td class="num">(4,496)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(4,496)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Dec. 31, 2014</a></td>
<td class="nump">94,583<span></span>
</td>
<td class="nump">$ 1,983<span></span>
</td>
<td class="nump">$ 71,550<span></span>
</td>
<td class="num">$ (1,850)<span></span>
</td>
<td class="nump">49,067<span></span>
</td>
<td class="num">$ (30,054)<span></span>
</td>
<td class="nump">$ 3,887<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, shares at Dec. 31, 2014</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,476<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Changes during period:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="nump">26,572<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 24,971<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,601<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income (loss)</a></td>
<td class="num">(15,806)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (15,670)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(136)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders', window );">Dividend paid to non-controlling interests</a></td>
<td class="num">(1,229)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (1,229)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Dividend paid</a></td>
<td class="num">(13,171)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (13,171)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockStock', window );">Dividend declared</a></td>
<td class="num">(3,128)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(3,128)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Dec. 31, 2015</a></td>
<td class="nump">$ 87,821<span></span>
</td>
<td class="nump">$ 1,983<span></span>
</td>
<td class="nump">$ 71,550<span></span>
</td>
<td class="num">$ (17,520)<span></span>
</td>
<td class="nump">$ 57,739<span></span>
</td>
<td class="num">$ (30,054)<span></span>
</td>
<td class="nump">$ 4,123<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, shares at Dec. 31, 2015</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,476<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStockCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStockCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStockStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStockStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInStockholdersEquityRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestDecreaseFromRedemptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Decrease in noncontrolling interest (for example, but not limited to, redeeming or purchasing the interests of noncontrolling shareholders, issuance of shares (interests) by the non-wholly owned subsidiary to the parent entity for other than cash, and a buyback of shares (interest) by the non-wholly owned subsidiary from the noncontrolling interests).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 23<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569655-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4616395-111683<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterestDecreaseFromRedemptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669619-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669625-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 55<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=51821188&amp;loc=d3e1436-108581<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4590271-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568740-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568447-111683<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_NoncontrollingInterestMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_NoncontrollingInterestMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
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<td></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6820818672">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
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<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income for the year</a></td>
<td class="nump">$ 26,572<span></span>
</td>
<td class="nump">$ 32,907<span></span>
</td>
<td class="nump">$ 25,554<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DepreciationAmortizationAndImpairmentOfGoodwill', window );">Depreciation, amortization and impairment of goodwill and other intangibles</a></td>
<td class="nump">11,962<span></span>
</td>
<td class="nump">$ 12,219<span></span>
</td>
<td class="nump">$ 16,196<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainOrLossOnSaleOfStockInSubsidiary', window );">Gain from sale of subsidiary, net (Appendix A)</a></td>
<td class="num">$ (951)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfEquityInvestments', window );">Losses of sale affiliated company</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 166<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ExchangeDifferencesOnPrincipalOfDepositAndLoansNet', window );">Exchange differences on principal of deposit and loans, net</a></td>
<td class="text"> <span></span>
</td>
<td class="num">$ (23)<span></span>
</td>
<td class="nump">$ 317<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments', window );">Gains in respect of trading marketable securities</a></td>
<td class="num">$ (666)<span></span>
</td>
<td class="num">(133)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability', window );">Increase in liability for employee rights upon retirement</a></td>
<td class="nump">717<span></span>
</td>
<td class="nump">1,655<span></span>
</td>
<td class="nump">$ 1,095<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Share in losses of affiliated companies, net</a></td>
<td class="nump">2,439<span></span>
</td>
<td class="nump">421<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredIncomeTaxes', window );">Deferred income taxes</a></td>
<td class="num">(85)<span></span>
</td>
<td class="num">(737)<span></span>
</td>
<td class="num">(1,812)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Capital (gain) losses on sale of property and equipment, net</a></td>
<td class="num">(31)<span></span>
</td>
<td class="num">(270)<span></span>
</td>
<td class="nump">19<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Decrease (increase) in accounts receivable</a></td>
<td class="nump">117<span></span>
</td>
<td class="num">(1,864)<span></span>
</td>
<td class="num">(609)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets', window );">Decrease (increase) in other current and non-current assets</a></td>
<td class="num">(879)<span></span>
</td>
<td class="num">(4,749)<span></span>
</td>
<td class="nump">580<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Decrease (increase) in inventories</a></td>
<td class="num">(658)<span></span>
</td>
<td class="nump">783<span></span>
</td>
<td class="nump">1,354<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayable', window );">Increase (decrease) in accounts payable</a></td>
<td class="num">(1,176)<span></span>
</td>
<td class="nump">927<span></span>
</td>
<td class="nump">1,446<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Increase (decrease) in deferred revenues</a></td>
<td class="num">(246)<span></span>
</td>
<td class="nump">749<span></span>
</td>
<td class="num">(227)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities', window );">Increase (decrease) in other current and non-current liabilities</a></td>
<td class="num">(1,201)<span></span>
</td>
<td class="num">(4,154)<span></span>
</td>
<td class="nump">2,617<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash provided by operating activities</a></td>
<td class="nump">35,914<span></span>
</td>
<td class="nump">37,731<span></span>
</td>
<td class="nump">46,697<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investment activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals', window );">Increase in funds in respect of employee rights upon retirement, net of withdrawals</a></td>
<td class="num">(804)<span></span>
</td>
<td class="num">(708)<span></span>
</td>
<td class="num">(718)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireProductiveAssets', window );">Capital expenditures</a></td>
<td class="num">(18,724)<span></span>
</td>
<td class="num">$ (14,976)<span></span>
</td>
<td class="num">(14,216)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForProceedsFromBusinessesAndInterestInAffiliates', window );">Investment in affiliated company</a></td>
<td class="num">(5,966)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (1,400)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireMarketableSecurities', window );">Investment in marketable securities</a></td>
<td class="num">$ (11)<span></span>
</td>
<td class="num">$ (2,771)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfRestrictedInvestments', window );">Deposit in escrow</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">5,005<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit', window );">Proceeds from (Investment in) long - term deposit</a></td>
<td class="num">$ (341)<span></span>
</td>
<td class="num">(283)<span></span>
</td>
<td class="nump">$ 217<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from sale of property and equipment</a></td>
<td class="nump">406<span></span>
</td>
<td class="nump">$ 489<span></span>
</td>
<td class="nump">$ 651<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashDivestedFromDeconsolidation', window );">Sale of subsidiary (Appendix A)</a></td>
<td class="num">(266)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash used in investment activities</a></td>
<td class="num">(25,706)<span></span>
</td>
<td class="num">$ (13,244)<span></span>
</td>
<td class="num">$ (15,466)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfBankOverdrafts', window );">Short term credit from banking institutions, net</a></td>
<td class="nump">$ 160<span></span>
</td>
<td class="num">$ (38)<span></span>
</td>
<td class="num">(7)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Repayment of long term loans</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (182)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToMinorityShareholders', window );">Acquisition of non-controlling interests</a></td>
<td class="text"> <span></span>
</td>
<td class="num">$ (500)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Dividend paid</a></td>
<td class="num">$ (17,590)<span></span>
</td>
<td class="num">(19,324)<span></span>
</td>
<td class="num">$ (16,072)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsMinorityInterest', window );">Dividend paid to non-controlling interests</a></td>
<td class="num">(1,229)<span></span>
</td>
<td class="num">(2,564)<span></span>
</td>
<td class="num">(1,286)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash used in financing activities</a></td>
<td class="num">(18,659)<span></span>
</td>
<td class="num">(22,426)<span></span>
</td>
<td class="num">(17,547)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents', window );">Effect of exchange rate changes on cash and cash equivalents</a></td>
<td class="num">(2,951)<span></span>
</td>
<td class="num">(5,340)<span></span>
</td>
<td class="num">(1,440)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase (decrease) in cash and cash equivalents</a></td>
<td class="num">(11,402)<span></span>
</td>
<td class="num">(3,279)<span></span>
</td>
<td class="nump">12,244<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Balance of cash and cash equivalents at beginning of year</a></td>
<td class="nump">38,418<span></span>
</td>
<td class="nump">41,697<span></span>
</td>
<td class="nump">29,453<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Balance of cash and cash equivalents at end of year</a></td>
<td class="nump">27,016<span></span>
</td>
<td class="nump">38,418<span></span>
</td>
<td class="nump">41,697<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Supplementary information on investing and financing activities not involving cash flows:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfAssetsAcquired', window );">Purchasing of property and equipment using a directly related liability</a></td>
<td class="nump">40<span></span>
</td>
<td class="nump">217<span></span>
</td>
<td class="nump">104<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockStock', window );">Dividends declared</a></td>
<td class="nump">3,128<span></span>
</td>
<td class="nump">$ 4,496<span></span>
</td>
<td class="nump">$ 3,616<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_MinorityInterestAcquisitionPercentage', window );">Non-controlling interest purchased</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.50%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates', window );">Payment to purchase non-controlling interests</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet', window );">Working capital (excluding cash and cash equivalents), net</a></td>
<td class="num">(1,797)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ReceivablesFromSaleOfSubsidiary', window );">Receivables from Sale of Subsidiary</a></td>
<td class="nump">582<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FundsInRespectOfEmployeeRightsUponRetirement', window );">Funds in respect of employee rights upon retirement</a></td>
<td class="nump">250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_PropertyAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">23<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LiabilityForEmployeeRightsUponRetirement', window );">Liability for employee rights upon retirement</a></td>
<td class="num">(275)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainOrLossOnSaleOfStockInSubsidiary', window );">Gain from sale of subsidiary</a></td>
<td class="nump">951<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashDivestedFromDeconsolidation', window );">Sale of subsidiary</a></td>
<td class="num">(266)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplementary disclosure of cash flow information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Interest paid</a></td>
<td class="nump">203<span></span>
</td>
<td class="nump">$ 397<span></span>
</td>
<td class="nump">$ 254<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaidNet', window );">Income taxes paid, net of refunds</a></td>
<td class="nump">$ 10,181<span></span>
</td>
<td class="nump">$ 15,078<span></span>
</td>
<td class="nump">$ 9,280<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_DepreciationAmortizationAndImpairmentOfGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets and the impairment of goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_DepreciationAmortizationAndImpairmentOfGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_ExchangeDifferencesOnPrincipalOfDepositAndLoansNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of exchange differences on principal of deposit and loans, net.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_ExchangeDifferencesOnPrincipalOfDepositAndLoansNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_FundsInRespectOfEmployeeRightsUponRetirement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of funds in respect of employee rights upon retirement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_FundsInRespectOfEmployeeRightsUponRetirement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liability increase in employee rights upon retirement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_IncreaseDecreaseInEmployeeRightsUponRetirementLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase decrease in funds in respect of employee rights upon retirement net of withdrawals.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_IncreaseDecreaseInFundsInRespectOfEmployeeRightsUponRetirementNetOfWithdrawals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_LiabilityForEmployeeRightsUponRetirement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liability for employee rights upon retirement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_LiabilityForEmployeeRightsUponRetirement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_MinorityInterestAcquisitionPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the acquisition percentage of non-controlling interest during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_MinorityInterestAcquisitionPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash outflow or inflow from investments in long term investments during the period, which are classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_PaymentsForProceedsFromInvestmentsInLongTermDeposit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_PropertyAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_PropertyAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_ReceivablesFromSaleOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amoutn of receivables from sale of subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_ReceivablesFromSaleOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Current assets less current liabilties excluding cash and equivalents and inventory, net.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_WorkingCapitalExcludingCashAndEquivalentsAndInventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashDivestedFromDeconsolidation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reduction in cash due to no longer including the former subsidiary's cash in the consolidated entity's cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashDivestedFromDeconsolidation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStockStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStockStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOfAssetsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of assets acquired in noncash investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueOfAssetsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfEquityInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The difference between the carrying value and the sale price of equity securities, not separately or otherwise categorized as trading or available-for-sale. This element includes investments in which the entity holds a small ownership stake (generally, less than 20% of the shares outstanding) and cannot exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.13(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfEquityInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainOrLossOnSaleOfStockInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of equity in securities of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (13)(g)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainOrLossOnSaleOfStockInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 9<br> -Article 5<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 11<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxesPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredIncomeTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherOperatingAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherOperatingLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid for interest during the period net of cash paid for interest that is capitalized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27357-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 7<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForProceedsFromBusinessesAndInterestInAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash outflow or inflow associated with the acquisition or sale of a business segment during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForProceedsFromBusinessesAndInterestInAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsMinorityInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends provided by the non-wholly owned subsidiary to noncontrolling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsMinorityInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of or advances to an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, and joint venture or equity method investment) or the acquisition of an additional interest in a subsidiary (controlled entity).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireMarketableSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow for purchase of trading, available-for-sale securities and held-to-maturity securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26853-111562<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireMarketableSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireProductiveAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireProductiveAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToMinorityShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToMinorityShareholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfBankOverdrafts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash inflow or outflow from the excess drawing from an existing cash balance, which will be honored by the bank but reflected as a loan to the drawer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3095-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3098-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromRepaymentsOfBankOverdrafts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfRestrictedInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the sale of investments that are pledged or subject to withdrawal restrictions during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfRestrictedInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6810707680">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<h4 style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>NOTE 1</strong><strong>&#160; </strong><strong>-</strong><strong>&#160; &#160; &#160; &#160; &#160; &#160;</strong><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</strong></font></h4>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>A.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160; </strong><strong>General</strong></font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>1.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Operations<br/><br/></strong>Ituran Location and Control Ltd. (the &#147;Company&#148;) commenced operations in 1994. The Company and its subsidiaries (the &#147;Group&#148;) are engaged in the provision of Location based services and machine-to-machine Wireless communications products for use in stolen vehicle recovery, fleet management and other applications.</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;The Group operates through subsidiaries in Brazil and Argentina, which generates revenues in their respective local currencies. The local currencies of such countries have been subject to significant fluctuations in recent years and the exchange rate of the Brazilian Real to the US Dollar (the presentation currency of the Group) was decreased significantly during fiscal year 2015.</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The functional currency of the Company and its subsidiaries located in Israel is the New Israeli Shekel (&#147;NIS&#148;), which is the local currency in which those entities operate.&#160; The functional currency of the foreign subsidiaries of the Group is their respective local currency.</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The consolidated financial statements of the Company and all of its subsidiaries were translated into U.S. dollars in accordance with the standards of the Financial Accounting Standards Board ("FASB").&#160; Accordingly, assets and liabilities were translated from local currencies to U.S. dollars using yearend exchange rates, and income and expense items were translated at average exchange rates during the year.</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gains or losses resulting from translation adjustments (which result from translating an entity's financial statements into U.S. dollars if its functional currency is different than the U.S. dollar) are reported in other comprehensive income and are reflected in equity, under &#147;accumulated other comprehensive income (loss)&#148;.<br/><br/>Translation gains and losses resulting from changes in exchange rates used in the translation of inter company balances that are long term investment nature (i.e. which their settlement is not planned or anticipated) are also included in other comprehensive income (loss).<br/></font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balances denominated in, or linked to foreign currency are stated on the basis of the exchange rates prevailing at the balance sheet date.&#160; For foreign currency transactions included in the statement of income, the exchange rates applicable on the relevant transaction dates are used.&#160; Transaction gains or losses arising from changes in the exchange rates used in the translation of such balances are carried to financing income or expenses as applicable.</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The following table presents data regarding the dollar exchange rate of relevant currencies and the Israeli CPI:</font></p>
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<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center">&#160;</td>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.9048</font></font></td>
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2014 </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3.889</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2.6562</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2013 </font></p>
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<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; text-align: center; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3.471</font></font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2.3426</font></font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>114.18&#160;</font></font>points</font></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>&#160;</font></font></font></td>
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<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Increase (decrease) during the year:</strong></font></p>
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<td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2015 </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.33</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">47.01</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1.0)</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2014 </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>12.04</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>13.39</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(0.2)</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2013 </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(<font>7.02</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(<font>14.63</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1.8</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
</tr>

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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
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<td style="width: 3%; vertical-align: top;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: -30.2666664123535px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(*) &#160;&#160;</font></td>
<td style="width: 97%;">
<div><font style="font-family: 'times new roman', times; font-size: 10pt;"> Based on the Index for the month ending on each balance sheet date, on the basis of 2008 average 100.</font></div>
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<p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.4pt; orphans: 0; text-align: justify; text-indent: -22.7pt; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>3.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Basis of presentation</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (&#147;US GAAP&#148;).</font></p>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.4pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>4.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Use of estimates in the preparation of financial statements</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods.&#160; Actual results could differ from the estimates.</font></p>
<p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">As applicable to these consolidated financial statements, the most significant estimates and assumptions relate to legal contingencies, revenue recognition and related deferred expenses, goodwill impairment assessment, deferred taxes and tax liabilities and uncertainties.</font></p>
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<h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;">&#160;</font></h4>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>B.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Principles of consolidation</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The consolidated financial statements include the accounts of the Company and all of its subsidiaries.&#160; In these financial statements, the term &#147;subsidiary&#148; refers to a company over which the Company exerts control (ownership interest of more than <font>50</font>%), and the financial statements of which are consolidated with those of the Company.&#160; Significant intercompany transactions and balances are eliminated upon consolidation; profits from intercompany sales, not yet realized outside of the Group, are also eliminated.&#160; Non-controlling interests are presented in equity.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Changes in the Company ownership interest in a subsidiary while the control is retained are accounted for as equity transactions and accordingly no gain or loss is recognized in consolidated net income or comprehensive income. Upon such transaction, the carrying amount of the noncontrolling interest is adjusted to reflect the change in its ownership interest in the subsidiary and any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest was adjusted is recognized in additional paid-in capital.</font></p>
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<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font><br/></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>C.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Cash </strong><strong>and</strong><strong> cash equivalents</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group considers all highly liquid investments, which include short-term bank deposits that are not restricted as to withdrawal or use, and short-term debentures, with original periods to maturity not exceeding three months, to be cash equivalents.</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>D.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Marketable securities</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company accounts for investments in marketable securities in accordance with ASC Topic 320-10, <font style="font-style: italic;">"Investments - Debt and Equity Securities"</font> (&#147;ASC Topic 320-10&#148;). Management determines the appropriate classification of its investments in marketable securities at the time of purchase and reassesses such determination at each balance sheet date. </font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The investments in marketable securities covered by ASC Topic 320-10 that were held by the Company during the reported periods were designated by management as trading securities. </font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trading securities are stated at market value. The changes in market value are charged to financing income or expenses.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trading gains for the years 2015 and 2014 amounted to approximately US$ <font>666,000</font> and US$ <font>133,000</font>&#160;respectively. Trading gains for the&#160;year 2013 were&#160;insignificant.</font></p>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>E.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>T</strong><strong>reasury stock</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Company shares held by the Company and its subsidiary are presented as a reduction of equity, at their cost, under the caption &#147;Treasury Stock&#148;. Gains and losses upon sale of these shares, net of related income taxes, are recorded as additional paid in capital.</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>F.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Allowance for doubtful accounts</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The allowance for doubtful accounts is determined with respect to amounts the Group has determined to be doubtful of collection. In determining the allowance for doubtful accounts, the Company considers, among other things, its past experience with customers, the length of time that the balance is post due, the customer's current ability to pay and available information about the credit risk on such customers.&#160; See also Note&#160;19A.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The allowance in respect of accounts receivable at December 31, 2015 and 2014 was US$ <font>2,063,000</font> and US$&#160;<font>2,391,000</font>, respectively.</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>G.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Inventories</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inventories are stated at the lower of cost or market.&#160; Cost is determined as follows: raw materials and finished products &#150; mainly on the basis of first-in, first-out (FIFO).</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>H.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Investment in affiliated companies</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investments in companies in which the Group has significant influence (ownership interest of between <font>20</font>% and <font>50</font>%) but less than controlling interests, are accounted for by the equity method.&#160; Income on intercompany sales, not yet realized outside of the Group, was eliminated.&#160; The Company also reviews these investments for impairment whenever events indicate the carrying amount may not be recoverable.</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">In accordance with ASC Topic 323-10-40-1, a change in the Company's proportionate share of an investee's equity, resulting from issuance of shares by the investee to third parties, is accounted for as if the Company had sold a proportionate share of its investment. Any gain or loss resulting from an investee's share issuance is recognized in earnings.</font></font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Management evaluates investments in affiliated companies, for evidence of other-than-temporary declines in value. Such evaluation is dependent on the specific facts and circumstances and includes analysis of relevant financial information (e.g. budgets, business plans, financial statements, etc.). During&#160;2015&#160;and&#160;2014,&#160;no&#160;impairment was identified.</font></font></p>
<p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investments in companies in which the company no longer has significant influence, are classified as "investments in other companies".&#160; See I. below.</font></p>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-marketable investment in other company in which the Company does not have a controlling interest nor significant influence are accounted for at cost, net of write down for any permanent decrease in value.</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>J.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Derivatives</strong></font></p>
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<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The group applies the provisions of ASC Topic 815, <font style="font-style: italic;">"Derivatives and Hedging"</font>.&#160; In accordance with ASC Topic 815, all the derivative financial instruments are recognized as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value of a derivative financial instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For derivative financial instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">From time to time the Company carries out transactions involving foreign exchange derivative financial instruments (mainly forward exchange contracts) which are designed to hedge the cash flows expected to be paid with respect to forecasted&#160;monthly purchases of inventory, denominated in currencies other than the functional currency of the Company. Such transactions were designated as hedging instruments on the date that the Company entered into such derivative contracts, and qualify as cash flow hedges under ASC Topic 815. </font></p>
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<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The effective portion of the changes in fair value of the derivative instruments designated for hedging purposes are reported as other comprehensive income (loss), net of tax under the caption "unrealized gains (losses) in respect of derivative financial instruments designated for cash flow hedge" and are reclassified to the statements of income when the hedged transaction realizes. During the reporting periods, the gains or losses that were recognized in earnings for hedge ineffectiveness were insignificant. </font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">All other derivatives which do not qualify for hedge accounting, or which have not been designated as hedging instruments, are recognized in the balance sheet at their fair value, with changes in the fair value carried to the statements of income as incurred in financing income (expenses), net.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">See also Note 19B for further information.</font></p>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.&#160; Leasehold improvements are depreciated on the straight-line method over the shorter of the estimated useful life of the property or the duration of the lease.</font></p>
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 113.4pt; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;Rates of depreciation:</font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>6.5</font>-<font>33</font> </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Office&#160;furniture,&#160;equipment&#160;and&#160;computers </font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>7</font>-<font>33</font> </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Buildings </font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>2.5</font> </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Vehicles </font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>15</font> </font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Duration&#160;of&#160;the&#160;lease&#160;which</font><br/><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">is&#160;less&#160;or&#160;equal&#160;to&#160;useful&#160;life.</font></font></font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>L.</strong><strong>&#160;&#160;&#160;&#160;</strong><strong>Impairment of long-lived assets</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;The Group's long-lived assets (including finite-lived intangible assets)&#160;are reviewed for impairment, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.&#160; Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset.&#160; If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value (see also Note 1N and Note 7).</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>M.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Income taxes</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group accounts for income taxes in accordance with ASC Topic 740-10,<font style="font-style: italic;"> "Income Taxes"</font>. According to this guidance, deferred income taxes are determined utilizing the asset and liability method based on the estimated future tax effects of differences between the financial accounting and the tax bases of assets and liabilities under the applicable tax law.&#160; Deferred tax balances are computed using the tax rates expected to be in effect at the time when these differences reverse. Valuation allowances in respect of the deferred tax assets are provided for if, based upon the weight of available evidence, it is more likely than not that all or a portion of the deferred income tax assets will not be realized.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">US GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is "more-likely-than-not" to be sustained were to be challenged by a taxing authority.&#160; The assessment of a tax position is based solely on the technical merits of the position, without regard the likelihood that the tax position may be challenged.&#160; If an uncertain tax position meets the "more-likely-than-not" threshold, the largest amount of tax benefit that is greater than 50% likely to be recognized upon ultimate settlement with the taxing authority is recorded.&#160; See also Note&#160;15L.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company recognizes interest as interest expenses (among financing expenses) and penalties, if any, related to unrecognized tax benefits in its provision for income tax.</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>N.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Goodwill and intangible assets</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.&#160;&#160;&#160;&#160;&#160;Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in business combinations accounted for in accordance with the "purchase method" and is allocated to reporting units at acquisition. Goodwill is not amortized but rather tested for impairment at least annually in accordance with the provisions of ASC Topic 350, "Intangibles - Goodwill and Other". The Company performs its goodwill annual impairment test for the reporting units at December 31 of each year, or more often if indicators of impairment are present.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">As required by ASC Topic 350, the Company chooses either to perform a qualitative assessment whether the two-step goodwill impairment test is necessary or proceeds directly to the two-step goodwill impairment test. Such determination is made for each reporting unit on a stand-alone basis.&#160; The qualitative assessment includes various factors such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, earnings multiples, gross margin and cash flows from operating activities and other relevant factors. When the Company chooses to perform a qualitative assessment and determines that it is more likely than not (more than 50 percent likelihood) that the fair value of the reporting unit is less than its carrying value, then the Company proceeds to the two-step goodwill impairment test. If the Company determines Otherwise, no further evaluation is necessary.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">When the Company decides or is required to perform the two-step goodwill impairment test, the Company compares the fair value of the reporting unit to its carrying value ("step 1"). If the fair value of the reporting unit exceeds the carrying value of the reporting unit net assets (including the goodwill allocated to such reporting unit), goodwill is considered not to be impaired, and no further testing is required. If the carrying value exceeds the fair value of the reporting unit, then the implied fair value of goodwill is determined by subtracting the fair value of all the identifiable net assets from the fair value of the reporting unit. An impairment loss is recorded for the excess, if any, of the carrying value of the goodwill allocated to the reporting unit over its implied fair value ("step 2").</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">There are a number of generally accepted methods used for valuing a reporting unit: </font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The &#145;income approach' utilizes discounted forecasted cash flows, the &#145;Market &#150; approach which utilize pricing multiples of business entities with publicly traded securities whose business and financial risks are comparable to those of the reporting unit being valued and the &#145;Asset - based approach'&#160; which establishes a value based on the cost of reproducing or replacing the asset being valued. These methods described may be used alone or in combination with one another.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company applies assumptions that market participants would consider in determining the fair value of each reporting unit and the fair value of the identifiable assets and liabilities of the reporting units, as applicable.</font></p>

<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company performed a qualitative assessment for two reporting units as of December 31, 2015 and 2014, and concluded that the qualitative assessment did not result in a more likely than not indication of impairment, and therefore no further impairment testing was required, with respect to such units.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">For other reporting units (two in 2014, one in 2015), operating in Israel, the Company elected to bypass the qualitative assessment and proceeded directly to performing the first step of the goodwill impairment test.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In order to determine the fair value of such&#160;reporting units, the Company utilized the "income approach". According to the income approach expected future cash flows are discounted to their present value using an appropriate rate of return. Judgments and assumptions related to future cash flows (projected revenues, operating expenses, and capital expenditures), future short-term and long-term growth rates, and weighted average cost of capital, which are based on management's internal assumptions, and believed to be similar to those that would be utilized by market participants under the circumstances and to represent both the specific risks associated with the business, and capital market conditions, are inherent in developing the discounted cash flow model.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">During 2015, 2014 and 2013, the Company recorded a goodwill impairment loss in an amount of US$&#160;<font>674,000</font>, US$&#160;<font>879,000</font> and US$&#160;<font>3,093,000</font>, respectively.&#160; See Note 8.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.&#160;&#160;&#160;&#160;&#160;Intangible assets with finite lives are amortized using the straight-line basis over their useful lives, to reflect the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up, as follows</font></p>
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<p style="margin: 0pt 0pt 0pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recoverability of intangible assets is measured as described in Note&#160;1L above.&#160; During 2015, the Company recorded an intangible assets impairment loss in an amount of US$&#160;<font>255,000</font>.&#160; See Note 7.</font></p>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company and its subsidiaries are involved in certain legal proceedings that arise from time to time in the ordinary course of their business and in connection with certain agreements with third parties.&#160; Except for income tax contingencies, the Company records accruals for contingencies to the extent that the management concludes that the occurrence is probable and that the related liabilities are estimable. Legal expenses associated with contingencies are expensed as incurred.</font></p>
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<h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></h4>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>P.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Funds in respect of, and liability for employee rights upon retirement</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company's liability for employee rights upon retirement with respect to its Israeli employees is calculated, pursuant to Israeli severance pay law, based on the most recent salary of each employee multiplied by the number of years of employment, as of the balance sheet date. Employees are entitled to one month's salary for each year of employment, or a portion thereof. The Company makes monthly deposits to insurance policies and severance pay funds. The liability of the Company is fully provided for.</font></p>
<p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The deposited funds include profits or losses accumulated up to the balance sheet date. The deposited funds may be withdrawn upon the fulfillment of the obligation pursuant to Israeli severance pay laws or labor agreements. The value of the deposited funds is based on the cash surrender value of these policies, and includes profits or losses.</font></p>
<p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The liability for employee rights upon retirement in respect of the employees of the non-Israeli subsidiaries of the Company, is calculated on the basis of the labor laws of the country in which the subsidiary is located and is covered by an appropriate accrual.</font></p>
<p style="text-align: justify; font-family: 'times new roman'; margin: 0pt 0pt 11pt 90.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Severance expenses for the years ended December 31, 2015, 2014 and 2013, amounted to US$ <font>1,386,000</font> US$&#160;<font>1,460,000</font> and US$&#160;<font>882,000</font>, respectively.</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Q.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Revenue recognition</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Revenues are recognized when delivery has occurred and, where applicable, after installation has been completed, there is persuasive evidence of an arrangement, the fee is fixed or determinable and collection of the related receivable is reasonably assured and no further obligations exist. In cases where delivery has occurred but the required installation has not been performed, the company does not recognize the revenues until the installation is completed.</font></p>
<p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company's revenues are recognized as follows:</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;Revenues from sales are recognized when title and risk of loss of the product pass to the customer (usually upon delivery).</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;The Company applies the provisions of ASC Topic 605-25, "Revenue Recognition - Multiple-Element Arrangements", as amended. ASC Topic 605-25 provides guidance on how to account for arrangements that involve the delivery or performance of multiple products, services and/or rights to use assets. For such arrangements, each element of the contract is accounted for as a separate unit when it provides the customer value on a stand-alone basis and if an arrangement includes a right of return relative to a delivered item, delivery or performance of the undelivered item or items is considered probable and substantially in the control of the Company. According to ASC 605-25, as amended, when neither "vendor specific objective evidence" of selling price, nor third party price exists, the Company is required to develop a best estimate of the selling price of the deliverables and the entire arrangement consideration is allocated to the deliverables based on the relative selling prices.</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Revenues from SVR services subscription fees and from installation services, sold to customers within a single contractually binding arrangement were accounted for revenue recognition purposes as a single unit of accounting in accordance with ASC Topic 605-25, since the installation services element was determined not to have a value on a stand-alone basis to the customer. Accordingly, the entire contract fee for the two deliverables&#160;is recognized ratably on a straight-line basis over the subscription period.</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">3. &#160; &#160;&#160;Amounts earned by the Brazilian subsidiary for arranging a bundle transaction of SVR services subscription and installation services together with insurance services to be supplied by a third party insurance company, are recognized ratably on a straight-line basis over the subscription period, since the amount allocated to the company, is contingent upon the delivery of the SVR services. As the insurance company is the primary obligor of the insurance component, the company recognizes only the net amounts as revenues, after deduction of amounts related to the insurance component.<br/></font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">4. &#160; &#160; Deferred revenues include unearned amounts received from customers (mostly for the provision of installation and subscription services) but not yet recognized as revenues.&#160; Such deferred revenues are recognized as described in paragraph 2, above.<br/></font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">5. &#160; &#160; &#160;Extended warranty<br/><br/>Revenues from extended warranty which are provided for a monthly fee and are sold separately are recognized over the duration of the warranty periods.<br/></font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>R.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Warranty costs</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company provides a standard warranty for its products to end-users at no extra charge. The Company estimates the costs that may be incurred under its warranty obligation and records a liability at the time the related revenues are recognized.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Among the factors affecting the warranty liability are the number of installed units and historical percentages of warranty claims. The Company periodically assesses the adequacy of the recorded warranty liability and adjusts the amount to the extent necessary. To date, warranty costs and the related liabilities have not been material.</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>S.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Research and development costs</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;Research and development costs (other than computer software related expenses) are expensed as incurred.</font></p>
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;Software Development Costs</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>T.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Advertising costs</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advertising costs are expensed as incurred.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advertising expenses for the years ended December 31, 2015, 2014 and 2013 amounted to US$ <font>6.8</font> million, US$&#160;<font>6.7</font> million and US$&#160;<font>7.6</font> million, respectively.&#160; Advertising expenses are presented among "selling and marketing expenses".</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>U.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Earnings per share</strong></font></p>
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<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Basic earnings per share are computed by dividing net income attributable to the common shares, by the weighted average number of shares outstanding during the year, net of the weighted average number of treasury stock.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">In computing diluted earnings per share, basic earnings per share are adjusted to reflect the effect of any potential dilutive ordinary shares. During the reporting periods there were no such potential shares.</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>V</strong><strong>.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Fair value measurements</strong></font></p>
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<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">The Company measures fair value and discloses fair value measurements for financial and non-financial assets and liabilities. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.</font><br/></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman'; margin-bottom: 0pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">As such, fair value is a market based measurement that is required to be determined based on the assumptions that market participants would use to determine the price of an asset or a liability.</font></p>
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<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">As a basis for considering such assumptions, the fair value accounting standard establishes the following fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Level 1 - Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. </font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Level 2 - Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. </font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Level 3 - Unobservable inputs are used when little or no market data is available. Level 3 inputs are considered as the lowest priority under the fair value hierarchy.</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In determining fair value, companies are required to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as to consider counterparty credit risk in the assessment of fair value.</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Regarding the fair value measurements of financial assets and liabilities and the fair value hierarchy of such measurements, see Note 19C.</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company also measures certain non-financial assets, consisting mainly goodwill and intangible assets at fair value on a nonrecurring basis. These assets are adjusted to fair value when they are considered to be impaired (see 1N and 1L above). As of December 31, 2015, the Company measured the fair value of goodwill with a total carrying amount of US$ <font>0.7</font>&#160;million (before the recognition of an impairment loss) that is allocated to one reporting unit.&#160; As a result of the above impairment test, the Company recorded an impairment loss of goodwill in an&#160;amount of US$ <font>0.7</font>&#160;million, to its implied fair value of &#160;US$&#160;<font>0</font>&#160;million.&#160; The fair value measurement of the non-financial assets is classified as level 3.</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-size: 10pt;">As of December 31, 2014, the Company measured the fair value of goodwill with a total carrying amount of US$ <font>1.5</font> million (before the recognition of an impairment loss) that was allocated to two&#160;reporting units. As a result of the above impairment test, the Company recorded an impairment loss of goodwill in&#160;amount of US$ <font>0.9</font>&#160;million, to its implied fair value of US$ <font>0.7</font> million. The fair value measurement of the non-financial assets is classified as level 3.</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>W</strong><strong>.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Deferred installation expenses&#160;and prepaid expenses</strong></font></p>
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<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Direct installation expenses incurred at the inception of specific subscription arrangements in Brazil with specific customers, to enable the Company's subsidiary in Brazil to perform under the terms of the arrangement (i.e. directly attributable to obtaining a specific subscriber), which their costs can be measured reliably, are capitalized and presented as "Deferred installation expenses" within the balances "Other current assets" and "Other non-current assets", as applicable. </font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Such installation activities has determined not to represent separate earnings process for revenue recognition purposes in accordance with the principles of ASC Topic 605-25, "Multiple-Element Arrangements" as they&#160;has been determined&#160;not to have a value on a stand-alone basis to the customer.</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The deferred expenses that are capitalized are limited to the higher of value of the amount of nonrefundable deferred revenue, if any or to the amount of the minimum contractual subscription revenue, net of direct costs.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The deferred expenses are amortized over the estimated&#160;life of the related subscription arrangements by the straight-line method (usually <font>20</font> months). Costs that do not meet the aforementioned criteria, are recognized immediately as expenses.<br/><br/>Prepaid expenses, consist of amounts paid by the Brazilian subsidiary to insurance companies as a prepaid insurance on behalf of its customers as part of bundle transactions of SVR services together with insurance services to be supplied by a third party insurance company. Under such transactions, the customers are required accordingly to pay the Brazilian subsidiary a monthly fee for all the bundled services (see Note 1R regarding the revenue recognition of bundle transactions). The insurance companies are obligated to refund any unearned insurance amounts to the Brazilian subsidiary in the event of cancelation by the customers. The prepaid expenses are amortized over the contractual life of the insurance service with the insurance company (usually 12 months) by the straight-line method. The amortization is netted against the monthly receipts from customers for the bundled services.<br/></font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>X.</strong><strong>&#160;&#160;&#160;&#160;</strong><strong>Stock-based compensation</strong></font>&#160;</p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br/>The Company measures and recognizes compensation expense for cash bonuses to senior employees, which are based, or partly based, on the price of the Company's shares in accordance with ASC 718 -30, "Compensation-Stock Compensation - Awards Classified as Liabilities" (See Note 17 F regarding "Excess Return Cash Incentives").<br/><br/>The awards are measured at the grant date at their fair value and remeasured at the end of each reporting period through settlement, with changes in the fair value recognized as compensation cost over the requisite service period. Compensation cost for awards that are subject to market conditions are be attributed separately for each vesting tranche of the award (generally calendar year).<br/><br/>The fair value of the award is estimated using the Monte-Carlo-pricing model. The effect of market conditions is reflected in the fair value measurements.</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Y.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Reclassification</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Certain comparative figures have been reclassified to conform to the current year presentation.&#160; Such reclassifications did not have any significant impact on the Company's equity, net income or cash flows.</font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Z.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Recently issued accounting pronouncements</strong></font></p>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>1.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Accounting </strong><strong>pronouncements</strong><strong> not yet effective</strong></font></p>
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<p style="margin: 0pt 0pt 6pt 135.1pt; text-align: justify; text-indent: -22.55pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160; &#160; &#160; &#160; &#160; A<b><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;">ccounting Standard Update 2014-09, "Revenue from Contracts with Customers"</font></b> </strong></font></p>
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<p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In May 2014, the FASB issued Accounting Standard Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09").</font></p>
<p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">ASU 2014-09 outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 also requires entities to disclose sufficient information, both quantitative and qualitative, to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.</font></p>
<p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">An entity should apply the amendments in this ASU using one of the following two methods: 1. Retrospectively to each prior reporting period presented with a possibility to elect certain practical expedients, or, 2. Retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. If an entity elects the latter transition method, it also should provide certain additional disclosures.</font></p>
<p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-size: 10pt;">An entity should apply the amendments in this ASU using one of the following two methods: 1. Retrospectively to each prior reporting period presented with a possibility to elect certain practical expedients, or, 2. Retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. If an entity elects the latter transition method, it also should provide certain additional disclosures.</font></p>
<p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In accordance with a recent amendment to ASU 2014-09, introduced by Accounting Standards Update 2015-11, "Revenue from Contracts with Customers - Deferral of the Effective Date", for a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period (the first quarter of fiscal year 2018 for the Company). Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period.</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company is in the process of assessing the impact, if any, of ASU 2014-09 on its consolidated financial statements.</font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounting Standard Update 2015-11, "Simplifying the Measurement of Inventory"</font></strong></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In July, 2015, The FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330) ("ASU 2015-11").</font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">ASU 2015-11 outlines that inventory within the scope of its guidance be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and the retail inventory method (RIM) are not impacted by the new guidance. Prior to the issuance of ASU 2015-11, inventory was measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin).</font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">For a public entity, the amendments in ASU 2015-11 are effective, in a prospective manner, for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period (the first quarter of fiscal year 2017 for the Company). Early adoption is permitted as of the beginning of an interim or annual reporting period.</font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company is in the process of assessing the impact, if any, of ASU 2015-11 on its consolidated financial statements.</font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounting Standards Update 2015-17, "Income Taxes: Balance Sheet Classification of Deferred Taxes"</font></strong></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In November 2015, the FASB has issued Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which changes how deferred taxes are classified on organizations' balance sheet.</font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The ASU eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, all deferred tax assets and liabilities will be required to be classified as noncurrent.</font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The amendments apply to all organizations that present a classified balance sheet. For public companies, the amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods (i.e., in the first quarter of 2017 for calendar year-end companies).</font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;">Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheet). If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods.</font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company does not believe this ASU will have a significant impact on its consolidated financial statements.</font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounting Standards Update 2016-02, "Leases"</font></strong></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In February, 2016, the FASB issued its new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842).</font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1. A lease liability, which is a lessee&#145;s obligation to make lease payments arising from a lease, measured on a discounted basis; and, 2. A right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.</font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing.</font></p>
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<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e., January 1, 2019, for a calendar year Company). Early application is permitted for all public business entities upon issuance.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;">The Company is in the process of assessing the impact, if any, of ASU 2016-02 on its consolidated financial statements.</font> </font></p>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER CURRENT ASSETS<br></strong></div></th>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">US dollars</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">December 31,</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(in &#160;thousands)</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Prepaid expenses and others </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>10,960</font></font></p>
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<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 9,779 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
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<tr>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Government institutions </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,910</font></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 2,694 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
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<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Deferred installation expenses </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,403</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 2,485 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Deferred income taxes (*) </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,752</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 3,649 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Advances to suppliers </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>84</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 324 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Employees </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>389</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 343 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Forward Exchange Contracts</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,063</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 1,580 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,876</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 1,464 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>22,437</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 22,318 </font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><br/></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;">&#160;</td>
</tr>

</table>
</div>
<div style="/* margin-left: 71pt;" align="right">
<table width="92%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.1px;">

<tr>
<td style="width: 5%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(*)</font></td>
<td style="width: 95%;">
<div>See Note 15.</div>
</td>
</tr>

</table>
</div>
<font style="font-family: 'times new roman', times; font-size: 10pt;"></font></div>
</div>
</div>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCurrentAssetsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for other current assets.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6804305536">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVENTORIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Finished products </font></p>
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<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 8,845 </font> </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Raw materials </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,948</font></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 3,319 </font> </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>12,781</font></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 12,164 </font> </font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 6<br> -Subparagraph a, b, c<br> -Article 5<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805959216">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENTS IN AFFILIATED AND OTHER COMPANY<br></strong></div></th>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsDisclosureTextBlock', window );">INVESTMENTS IN AFFILIATED AND OTHER COMPANY</a></td>
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<h4 style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>NOTE 4</strong><strong>&#160;&#160;</strong><strong>-</strong><strong>&#160; &#160; &#160; &#160; &#160; &#160;</strong><strong>INVESTMENTS IN AFFILIATED AND OTHER COMPANY</strong></font></h4>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>A.</strong><strong>&#160; &#160; &#160; &#160;&#160;</strong><strong>Investment in affiliated compan</strong><strong>ies</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">US dollars</font></div>
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<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">&#160;</font></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">December 31,</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">(in thousands)</font></div>
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<td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">&#160;</font></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">2015</font></div>
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<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">&#160;</font></td>
<td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">&#160;</font></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">2014</font></div>
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<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">&#160;</font></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investment in Bringg (see 1 below)</font></div>
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<td align="left" valign="bottom" width="1%" style="background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>3,082</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>1,016</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;">IRT (see 2 below)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>1,662</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>-</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Other</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>(39</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td>
<td align="left" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>-</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
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<td valign="bottom" width="76%" style="padding-bottom: 4px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="border-bottom: black 4px double; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="border-bottom: black 4px double; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>4,705</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="border-bottom: black 4px double; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="border-bottom: black 4px double; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>1,016</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -18pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>1.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>BRINGG Delivery Technologies Ltd.</strong><strong> </strong><strong>("BRINGG") Formerly </strong><strong>Overvyoo</strong><strong> Ltd</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 121pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In December 2013, <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">the Company invested</font><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">&#160;</font>$<font>1.4</font> <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"> million in Bringg delivery technologies Ltd. (formerly Overvyoo Ltd.), an Israeli start-up company developing solutions for the management of mobile/field workforce. In January and July, 2015 the Company invested additional amounts of</font>&#160;$<font>1.1</font> million <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">and</font>&#160;US$ <font>2</font> million,&#160;<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">respectively.</font>&#160;<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">During November 2015, additional investors which are not related to Ituran, invested in Bringg, which reduced the percentage of our Bringg capital we own.&#160;</font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Following such investment, the Company now holds</font>&#160;<font>41.18</font>%&#160;<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">of Bringg's share capital. Management has determined that the difference between the cost of the investment and the Company's share in the net assets of the investee relates to in process R&amp;D of the investee.</font><br/></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -18pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>TURAN ROAD TRACK MONITORAMENTO De Veiculos Ltda. ("IRT")</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 121pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In February 2015 IRT was established and is held <font>50</font>% by the company.<br/><br/><font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">In September 2015, one of the largest global road vehicles manufacturers signed a&#160;</font>four</font> <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">years agreement (which may be extended by the manufacturer for additional two years) with IRT to offer Ituran's services in the Brazilian market (such as vehicle security, personal safety, remote diagnostic, Web and App application and Concierge). The service was launched through a joint venture with Road Track, called IRT (Ituran Road Track).</font><br/><br/><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">As of December 31, 2015, the Company's investment included long-term loans in the amount of</font>&#160;US$ <font>2.3</font> million.&#160;<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">The loan bears an annual interest of <font>Libor</font> plus <font>3.5</font>%. The maturity of the loan has not been determined.</font></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>B.</strong><strong>&#160; &#160; &#160; &#160;&#160;</strong><strong>Investment in other compan</strong><strong>y</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160; Locationet Systems Ltd. (&#147;Locationet&#148;)</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;The Company holds <font>10.64</font>% of the shares of Locationet. </font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> The balance of the Company's investment in Locationet as of December 31, 2015 and 2014 was US$ <font>78,000</font> and US$&#160;<font>79,000</font> respectively.</font></p>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 35<br> -Paragraph 35<br> -URI http://asc.fasb.org/extlink&amp;oid=49116238&amp;loc=d3e32847-111569<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 35<br> -Paragraph 32<br> -URI http://asc.fasb.org/extlink&amp;oid=49116238&amp;loc=d3e32787-111569<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER NON-CURRENT ASSETS<br></strong></div></th>
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<![endif]--> <b><font style="font-size: 10pt; font-family: 'Times New Roman', serif;">US dollars</font></b></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="border-top-color: #000000 !important; border-top-style: solid !important; border-top-width: 1pt !important; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';" colspan="6">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>December 31,</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom-style: solid !important; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="border-bottom-color: #000000 !important; border-bottom-style: solid !important; border-bottom: black 2px solid; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom-style: solid !important; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="border-bottom-color: #000000 !important; border-bottom-style: solid !important; border-bottom: black 2px solid; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; &#160; &#160; </font></p>
</td>
<td style="padding: 0px; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; &#160; &#160; </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; &#160; &#160; </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Forward Exchange Contracts</font></p>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>-</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font> 984 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Government institutions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>-</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font> 73 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred installation expenses </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>488</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font> 459 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deposits </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>678</font></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font> 575 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
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<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1,166</font></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font> 2,091 </font> </font></p>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROPERTY AND EQUIPMENT, NET<br></strong></div></th>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>US dollars</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1px;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9px;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1px;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9px;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left">&#160;</td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Operating equipment (*) </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font>43,740</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font>46,947</font></td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Office furniture, equipment and computers </font></p>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>24,790</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>23,858</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
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<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Land </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>1,022</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>1,022</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Buildings </font></p>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>1,845</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>1,855</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Vehicles </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>3,810</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>3,412</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leasehold improvements </font></p>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>3,616</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>3,088</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
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<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>78,823</font></td>
<td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>80,182</font></td>
<td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Less &#150; accumulated depreciation and amortization (**) </font></p>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>(47,309</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>(48,274</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font>31,514</font></td>
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<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font>31,908</font></td>
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<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: TOP;">(*)&#160;</font></p>
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<div><font style="font-family: 'Times New Roman'; font-size: 10pt;">As December 31, 2015 and 2014, an amount of US$ </font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">26</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;million and US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">26</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;million is subject to operating lease transactions, respectively.</font></div>
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<font style="font-family: 'Times New Roman'; font-size: 10pt;"></font> <font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(**)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font></p>
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<div><font style="font-family: 'Times New Roman'; font-size: 10pt;">As at December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2015</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2014</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, an amount of US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">10.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;million and US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">10.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;million is subject to operating lease transactions, respectively.</font></div>
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<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.8pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>C.</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">After deduction of the cost and the accumulated depreciation of items fully depreciated.</font>&#160;</p>

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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805864512">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS, NET<br></strong></div></th>
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<h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>NOTE 7</strong><strong>&#160;&#160;</strong><strong>-</strong><strong>&#160; &#160; &#160; &#160; &#160;&#160;</strong><strong>INTANGIBLE ASSETS, NET</strong></font></h4>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>US dollars</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> December&#160;31,</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>December&#160;31,</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Original&#160;</strong><strong>amount</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Accumulated amortization&#160;</strong><strong>and<br/>impairment charges</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Unamortized balance</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Unamortized balance</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 52%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> GIS database </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,876</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,876</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 295 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Brand name </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,177</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,177</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 132 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5,472</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5,446</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>26</font></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 25 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>10,525</font></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>10,499</font></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>26</font></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 452 </font> </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -0.05pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -0.05pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization and impairment&#160;of intangible assets amounted to US$&#160;<font>430,000</font>, US$&#160;<font>231,000</font> and US$ <font>367,000</font> for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, the estimated aggregate amortization of intangible assets for the next five years is as follows: 2016-<font>26,000</font>&#160;and thereafter &#150; <font>0</font>.</font></p>
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; text-align: justify; text-indent: -68.05pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>B.</strong>&#160; &#160; &#160;Due to the deteriorating results of a certain Israeli subsidiary and the current expectation of management for further decrease its anticipated performance, during 2015 and 2014, the Company recorded an impairment charge for its intangible assets which directly relate to the operations of the subsidiary (which represent a reporting unit).</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In order to determine the fair value of such intangible assets, the Company, based on a valuation performed by the management, with the assistance of a third party appraiser, utilized the "Relief from Royalties" valuation method.&#160; Accordingly, certain assumptions and judgments were made in order to determine the future income from which royalties will be derived from and in order to determine the appropriate rate of royalties and rate of discount.<br/><br/>For further details regarding the activities of such subsidiary see note 8B regarding the goodwill impairment recognized in 2015.<br/></font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">As a result of the above, the Company recorded in 2015 and 2014, an impairment loss in an amount of US$&#160;<font>236,000</font>&#160;and US$&#160;<font>33,500</font>, respectively,&#160;with respect to the GIS database and in 2015 and 2014, an amount of US$&#160;<font>19,000</font>&#160;and US$ <font>9,500</font>, respectively, with respect to the Brand name totaling an aggregate impairment charge of US$&#160;<font>255,000</font>&#160;in 2015&#160;<font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;">and an aggregate impairment charge of US$&#160;<font>43,000</font>&#160;in 2014.</font></font></p>
<p style="margin: 0pt 0pt 6pt 90.7pt; text-align: justify; font-family: 'times new roman'; margin-top: 0px; margin-bottom: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The impairment was included in "other expenses, net" (see Note 13).</font></p>

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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>GOODWILL<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>NOTE 8</strong><strong>&#160;&#160;</strong><strong>-</strong><strong>&#160; &#160; &#160; &#160; &#160;&#160;</strong><strong>GOODWILL</strong></font></h4>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.8pt; orphans: 0; text-align: justify; text-indent: -25pt; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>A.</strong><font style="font-weight: normal;">&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-weight: normal;">The changes in the carrying amount of goodwill for the years ended December</font><font style="font-weight: normal;">&#160;</font><font style="font-weight: normal;">31, 201</font><font style="font-weight: normal;">5</font><font style="font-weight: normal;"> and 201</font><font style="font-weight: normal;">4</font><font style="font-weight: normal;"> are as follows:</font></font></p>
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<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>US dollars</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Location&#160;</strong><strong>b</strong><strong>ased </strong><strong>s</strong><strong>ervices</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Wireless<br/></strong><strong>c</strong><strong>ommunications</strong></font></p>
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>p</strong><strong>roducts</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Total</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%;">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Balance as of January 1, 2014 (*)</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,730</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,703</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,433</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Changes during 2014:</strong></font></p>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Impairment (see B. below) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(879</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(879</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(186</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(327</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(513</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Balance as of December 31, 2014</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,544</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,497</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,041</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><strong><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Changes during 2015:</font></strong></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Impairment (See B. below)</font><br/></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(674</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(674</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Translation differences</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(5</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(6</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(11</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)&#160;</td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Balance as of December 31, 2015</font><br/></p>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,539</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,817</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,356</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
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<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="width: 90.75pt;"><br/></td>
<td style="width: 27pt; vertical-align: top;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: -30.2667px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(*)</font><br/></td>
<td>
<div><font style="font-size: 10pt;">The accumulated amount of impairment loss as of <font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">December 31, 2013, December 31, 2014 and December 31, 2015&#160;</font>was US$ <font>5,545,000</font>, US$&#160;<font>6,424,000</font> and US$&#160;<font>7,098,000</font>, respectively.</font></div>
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<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;B. &#160; &#160; &#160;&#160;</font></b><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">During&#160;2015,&#160;2014&#160;and&#160;2013,&#160;the&#160;Company recorded&#160;an&#160;amount&#160;of US$&#160;<font>674,000</font>&#160;US$&#160;<font>879,000</font>&#160;and&#160;US$&#160;<font>3,093,000</font>,&#160;respectively,&#160;as&#160;impairment&#160;with&#160;respect&#160;to&#160;goodwill.</font></font><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;"> </font></font></p>
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<p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">The Company performed its annual impairment test as of December&#160;31, 2014 and recorded goodwill impairment in the total amount of US$</font>&#160;<font>0.9</font> <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">million in connection with two reporting units within the Location based services segment operating in the internet portal in the field of local travel and recreation. The impairment was based on valuation performed by the management using the assistance of a third party appraiser in accordance with the income approach.&#160;&#160;The significant assumptions used for the assessment were</font>&#160;<font>3</font>&#160;<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">years of projected net cash flows, a discount rate of&#160;</font><font>16.9</font>% <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">and a long-term growth rate of</font>&#160;<font>0</font>% (See <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Note&#160;1V regarding fair value measurements).</font></font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for goodwill.</p></div>
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<h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>NOTE 9</strong><strong>&#160;&#160;</strong><strong>-</strong><strong>&#160; &#160; &#160; &#160; &#160;&#160;</strong><strong>CREDIT FROM BANKING INSTITUTIONS</strong></font></h4>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805986464">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER CURRENT LIABILITIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesDisclosureAbstract', window );"><strong>OTHER CURRENT LIABILITIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesDisclosureTextBlock', window );">OTHER CURRENT LIABILITIES</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<h4 style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; text-align: justify; text-indent: -68.05pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>NOTE 10</strong><strong>&#160;&#160;</strong><strong>-</strong><strong>&#160; &#160; &#160;&#160;&#160;&#160;</strong><strong>OTHER CURRENT LIABILITIES</strong></font></h4>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Composition:</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>US dollars</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-top: #000000 1pt solid !important; font-family: 'Times New Roman';" colspan="6">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>December 31,</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding: 0px 3px 0px 0px; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding: 0px; vertical-align: top; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Accrued expenses</font></p>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>7,439</font></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 7,919 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
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<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Accrued payroll and related taxes</font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,255</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 5,692 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
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<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Government institutions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5,742</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 6,009 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
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<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Related party </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2</font></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 98 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
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<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Accrued dividend&#160; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,128</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 4,639 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Others </font></p>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,184</font></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 896 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>21,750</font></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 25,253 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
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<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><br/></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><br/></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805962624">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONTINGENT LIABILITIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; text-indent: -68.05pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>NOTE </strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>11</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;&#160;&#160;&#160;&#160;</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>-</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>CONTINGENT LIABILITIES<br/><br/></strong></font></p>
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>A.</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Claims<br/><br/></strong></font></p>
<p style="margin: 0pt 0pt 6pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">1.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">On July 13, 2010 the State Revenue Services of S&#227;o Paulo issued a tax deficiency notice against our</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;subsidiary in Brazil, Ituran Sistemas de Monitoramento Ltda., claiming that the vehicle tracking and monitoring services provided by our</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;subsidiary should be classified as telecommunication services and therefore subject to the imposition of State Value Added Tax &#150; ICMS, resulting in an imposition of <font>25</font>% state value added tax on all revenues of our</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;subsidiary during the period between August 2005 and December 2007. At the time of serving the notice upon us, the tax deficiency notice was in the amount of R$<font>36,499,984</font> (approximately US$<font>22.1</font> million at the time) plus interest in the amount of R$<font>30,282,420</font> (approximately US$<font>18.2</font> million at the time) and penalties in the amount of R$<font>66,143,446</font> (approximately US$<font>40.0</font> million at the time). As of December 31, 2014, the aggregate sum claimed pursuant to the tax deficiency notice (principal amount, interest and penalties) was estimated on December 2014, at R$<font>220,000,000</font>&#160;(approximately US$<font>82.7</font>&#160;million). The decision of the administration first level was unfavorable to us and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">we have</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;filed an appeal to the Administrative Court of Appeals in S&#227;o Paulo. On March 2, 2012 the Administrative Court of the State of S&#227;o Paulo dismissed the State Revenue Services of S&#227;o Paulo's claims and resolved in our</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;favor. The State of S&#227;o Paulo filed an administrative appeal to a full bench session at the Administrative Court which has been dismissed on December 20, 2014 and such a decision is non-appealable. </font></p>
<p style="margin: 0pt 0pt 6pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Furthermore, it is noted that the effect of aforesaid decision is limited to the period of August 2005 up to December 2007. It is possible that the State of S&#227;o Paulo may issue us additional tax deficiency notices regarding the past 5 year period. However, we</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;maintain our</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;position, based among other things on the results of the aforesaid legal proceedings, that if such tax deficiency notices are issued in future, our</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;chances of success in defending its position are overwhelmingly favorable.</font></p>

<p style="margin: 0pt 0pt 6pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">On June 24, 2010 the Brazilian Internal Revenue Service issued a tax assessment that claimed the payment, at the time of filing the tax assessment, of R$<font>5,567,032</font>&#160;(approximately US$&#160;<font>3,120,000</font>&#160;at the time) including interest and penalties, following the offsetting on October 1, 2005 of an amount of approximately US$ <font>2.1</font> million of a receivable held by Ituran Beheer BV, a Dutch legal entity held by us, against accumulated losses of our subsidiary Ituran Sistemas de Monitamento Ltda, which originated from a technology transfer agreement executed by and between Ituran Brazil and OGM Investments B.V. (also a Dutch company held by us). The decision of the administrative court of the first level was unfavourable to us and therefore we&#160;have filed an appeal to the Administrative Court of Appeals in S&#227;o Paulo.<br/><br/>In October 2013, we&#160;were notified that the Administrative Court of Appeal has partially accepted our administrative defense in order to reduce the percentage of penalty imposed on us. Subsequently, Ituran Brazil filed a Special Appeal to the Superior Court of Tax Appeals, an administrative venue. The Special Appeal lodged by Ituran Brazil was not accepted by the Superior Court of Tax Appeals. Ituran Brazil will have</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;to challenge the tax assessment before a Federal Court of Law</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.&#160;Based on the legal opinion of the subsidiary's Brazilian legal counsel, the company believes that such claim is without merit and the company will continue to vigorously defend ourselves in the appeal proceedings and accordingly no provision has been made. As of December 31, 2015, the aggregate sum claimed pursuant to the tax assessment (principal amount, interest and penalties) is estimated at&#160;R$<font>11.3</font> million (approximately $<font>2.89</font> million which amount is considered as the reasonable possible loss).</font></p>
<p style="margin: 0pt 0pt 6pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">3.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">On July 22, 2015, Brazilian Federal Communication Agency &#150; Anatel issued an additional tax assessment for FUST contribution (contribution on telecommunication services) levied on the monitoring services rendered by us</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;regarding the year of 2011 and January 2012 in amount of R$ </font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2,888,677</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;(approximately US$ <font>760,000</font>) including interest and penalties. This amount added up to the previous FUST&#160;tax assessments for the years 2007 and 2008 which was issued on October 20, 2011, and including interest and penalties, on December 31, 2015 amounts to R$ <font>3,936,339</font> (approximately US$ <font>1</font> million) and to FUST tax assessment for the year 2010 which including interest and penalties, on December 31, 2015&#160;amounts to R$ <font>2,950,417</font>&#160;(approximately US$ <font>700,000</font>). Due to the such last tax assessment, on December 31, 2015, the aggregate amount claimed by Anatel increased to approximately R$ <font>9.8</font>&#160;million (approximately US$ <font>2.6</font>&#160;million). The reason Anatel demand the payment of FUST from us</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;is the fact that in order to provide monitoring services we</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;need</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;to operate telecommunication equipment in a given radio frequency. We</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;hold a telecommunication license from Anatel&#160;(for information on our licenses see item 4B. "Information on the company" &#150; "Business overview" under the caption "Regulatory Environment"). The authorities have construed that&#160;we</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;render telecommunication services and FUST should be levied in relation to Net Revenues. Based on the legal opinion of the subsidiary's Brazilian legal counsel we</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;believe</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;that such claim is without merit, the interpretation of the legislation is mistaken, given that we</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;do</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">'t render telecommunication services, but rather services of monitoring goods and persons for security purposes<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">, accordingly no provision has been made.</font>&#160;We have</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;filed our</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;defense for the years 2007 and 2008 on December 2011.&#160;Our Defense for the year 2010 was filed on November 2014 and our defense for the year 2011 (and January 2012) was filed on February 2016. We are currently awaiting the Lower Court decision on all the aforementioned FUST claims.</font></p>
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<p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">5.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">On July 13, 2015 we received a purported class action lawsuit which was filed against the Company in the District Court of Central Region in Tel-Aviv, by <font>one</font> plaintiff who is a subscriber of the Company, alleging that the Company, which was declared a monopoly under the Israeli Restrictive Trade Practices Law, 1988, unlawfully abused its power as a monopoly and discriminated between its customers. The plaintiff claims that the alleged discrimination resulted from the Company charging higher monthly subscription fees from customers who are obliged by insurance company requirements to install location and recovery systems in their vehicles than the monthly subscription fees that are charged from customers who are not required by insurance companies to install location and recovery systems in their vehicles. In addition the plaintiff claims that the Company offers to customers who are not required by insurance companies to install location and recovery systems in their vehicles, a discounted warrantee service to their location and recovery systems. The plaintiff claims in addition to the above, that such actions raise additional claims against the Company such as negotiations without good faith, executing contract without good faith, breach of contract, unjust enrichment, breach of consumer protection laws, tort laws, and breach of statutory duty. The lawsuit is yet to be approved as a class action. The total amount claimed if the lawsuit is approved as a class action was estimated by the plaintiff to be approximately NIS <font>300</font> million (approximately USD <font>77</font> million). Our defense against the approval of the class action lawsuit was file on January 3rd, 2016. The plaintiff has responded to the company's&#160;defense on&#160;February 29, 2016.</font></p>
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<p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160;Based on an opinion of its legal counsels, at this preliminary stage, the Company is unable to assess the lawsuit's chances of success and / or and reasonably possible range of loss, if any. However, according to the legal counsel opinion, based on the documents of the claim, the Company has good defense arguments in respect of claims made by the plaintiff and the chances that the suit will not be approved as a class action suit are higher than it will be approved. Therefore, the Company has not made any provision in its consolidated financial statements in respect to this claim. A class action lawsuit based on similar claims, against the Company, which was filed on form 6-K on March 22, 2011, was dismissed by the court on the request of both parties, on March 5, 2012 for a small compensation to the plaintiff and his attorneys, in a total amount of NIS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;<font>30,000</font> (approximately USD <font>7,900</font>).&#160;Such dismissal of a similar class action lawsuit may have a positive effect on the Company ability in its defense against the current lawsuit. That being said, if the Company's efforts are unsuccessful this could result in a very significant costs to the Company and could adversely affect its financial position and the results of its operations.</font></p>
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<p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">6. &#160; &#160;<font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: HE; mso-bidi-language: HE;">Claims are filed against the Company and its subsidiaries from time to time during the ordinary course of business, usually with respect to civil, labor and commercial matters.<font style="mso-spacerun: yes;">&#160; </font>The Company's management believes, based on its legal counsels' assessment, that the provision for contingencies recognized in the balance sheet is sufficient and that currently there are no claims (other than those described in this Note above) that are material, individually or in the aggregate, to the consolidated financial statements as a whole.</font></font></p><p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>

<p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>B.</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company was declared a monopoly under the Israeli Restrictive Trade Practices Law, 1988, in the market for the provision of systems for the location of vehicles in Israel.&#160; Under Israeli law, a monopoly is prohibited from taking certain actions, such as predatory pricing and the provision of loyalty discounts, which prohibitions do not apply to other companies.&#160; The Israeli Antitrust Authority may further declare that the Company has abused its position in the market.&#160; Any such declaration in any suit in which it is claimed that the Company engages in anticompetitive conduct may serve as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">prima facie</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> evidence that the Company is either a monopoly or that it has engaged in anticompetitive behavior.&#160; Furthermore, it may be ordered to take or refrain from taking certain actions, such as setting maximum prices, in order to protect against unfair competition.</font></p>
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>C</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>.</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;&#160;&#160;&#160;&#160;</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Commitments<br/><br/></strong></font></p>
<p style="margin: 0pt 0pt 6pt 113.45pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">1.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2015</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, minimum future rentals under operating leases of buildings and base station sites for periods in excess of one year were as follows:&#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2016&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#150; US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million,&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2017&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#150; US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million,&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2018&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#150; US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million,&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2019&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#150; US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>0.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;million and 2020 &#150; US$ <font>0.4</font> million.</font></p>
<p style="margin: 0pt 0pt 6pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The leasing fees expensed in each of the years ended December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2015</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2014</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2013</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, were </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2.5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million, respectively.</font></p>
<p style="margin: 0pt 0pt 6pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">In </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">January 2008</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the Company entered into a <font>10</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year Frame Product and Service Purchase Agreement with Telematics, pursuant to which (after the completion of the sale of Telematics</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), the Company and Telematics shall purchase from each other certain products and services as detailed in the agreement for a price and subject to other conditions as detailed in the agreement.&#160; In addition, each of the Company and Telematics undertook toward one another not to compete in each other's exclusive markets in the area of RF vehicle location and tracking RF technology or similar RF terrestrial location systems and technology.&#160; The agreement was for a term of 10</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">years, following which it shall be renewed automatically for additional consecutive <font>12</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">month periods, unless nonrenewal notice is sent by one of the parties to the other.&#160; Pursuant to the agreement, each of Telematics and Ituran granted the other party a license to use certain technology in connection with the products and services purchased from each other, which license survives the termination or expiration of the agreement.</font></p>
<p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2015</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company is obliged to purchase from Telematics products in an aggregate amount of approximately US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>19.5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million&#160;(2016 &#150; US$ <font>7</font> million, 2017 &#150; US$ <font>6.5</font> million and 2018 &#150; US$ <font>6</font> million).</font></p>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6815257200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>STOCKHOLDERS' EQUITY<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>STOCKHOLDERS' EQUITY [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">STOCKHOLDERS' EQUITY</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTE 12</font></div>
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<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">STOCKHOLDERS' EQUITY</font></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">A.</font></div>
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<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Share capital</font></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">1.</font></div>
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<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">Composition:</font></div>
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<div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">December 31, 2015 and 2014</font></div>
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<div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">Registered</font></div>
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<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">&#160;</font></td>
<td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black;">
<div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">Issued and fully paid</font></div>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">&#160;</font></td>
</tr>
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<td align="left" valign="bottom" width="76%" style="padding-bottom: 4px; background-color: rgb(204, 238, 255);">
<div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Ordinary&#160;shares&#160;of&#160;NIS&#160;0.33&#8531;&#160;each</font></div>
</td>
<td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: rgb(204, 238, 255);"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: rgb(204, 238, 255);"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: rgb(204, 238, 255);"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">60,000,000</font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: rgb(204, 238, 255);"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: rgb(204, 238, 255);"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: rgb(204, 238, 255);"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">23,475,431</font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">&#160;</font></td>
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<div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; background-color: #ffffff;"><br/></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">2.</font></div>
</td>
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<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">Since May&#160;1998, the Company has been trading its shares on the Tel-Aviv Stock Exchange (&#147;TASE&#148;).&#160;&#160;On September&#160;2005, the Company registered its Ordinary shares for trade in the United States.</font></div>
</td>
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</table>
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<div align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; background-color: #ffffff;">&#160;</div>
<div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;">
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">3.</font></div>
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<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">The Ordinary shares of the Company confer upon their holders the right to receive notice to participate and vote in general meetings of the Company and the right to receive dividends, if and when, declared.</font></div>
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<div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;">
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">4.</font></div>
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<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">As of December&#160;31, 2015, 2014 and 2013, 2,507,314 ordinary shares representing 10.7% of the share capital of the Company is held by the Group as treasury shares.</font></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">5.</font></div>
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<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">Shares of the Company held by the Group have no voting rights.</font></div>
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<div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;">
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<td style="width: 90.7pt;">
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">6.</font></div>
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<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">On February 24, 2015 the company issued a press release announcing that its Board of Directors has resolved to act to voluntarily delist it's ordinary shares from trading on the Tel Aviv Stock Exchange. The Company was informed that such delisting will be effective as of May 25, 2016 with the last trading date on the Tel Aviv Stock Exchange being May 23, 2016.</font></div>
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<div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;">
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">B.</font></div>
</td>
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<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Retained earnings</font></div>
</td>
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<div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;">&#160;</div>
<div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;">
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-family: 'times new roman';">

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<td style="width: 90.7pt;">
<div><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">1.</font></div>
</td>
<td>
<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">In determining the amount of retained earnings available for distribution as a dividend, the Israeli Companies Law stipulates that the cost of the Company's shares acquired by the Company and its subsidiaries (presented as a separate item in the statement of changes in equity) must be deducted from the amount of retained earnings.</font></div>
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<div style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff;">
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<td style="width: 90.7pt;">
<div><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">2.</font></div>
</td>
<td>
<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">On February 21, 2012, the board of directors of the Company revised its dividend policy so that dividends will be declared and distributed on a quarterly basis in an amount not less than 50% of its net profits, calculated on the basis of the interim financial statements.</font></div>
</td>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">3.</font></div>
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<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">Dividends are declared and paid in NIS. Dividends paid to stockholders outside Israel are converted into dollars on the basis of the exchange rate prevailing at the date of declaration.&#160;&#160;See also B1, above.</font></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">4.</font></div>
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<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">During 2012, the Company declared dividends totaling an amount of approximately US$&#160;36.1 million (NIS&#160;135.4 million).&#160;&#160;These dividends were paid during 2012 and January 2013.</font></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">5.</font></div>
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<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">During 2013, the Company declared dividends totaling an amount of approximately US$&#160;17.2 million (NIS&#160;61.1 million).&#160;&#160;These dividends were paid during 2013 and January 2014.</font></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">6.</font></div>
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<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">During 2014, the Company declared dividends totaling an amount of approximately US$&#160;20.5 million (NIS&#160;72.4 million).&#160;&#160;These dividends were paid during 2014 and January 2015.</font></div>
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<td style="width: 90.7pt;">
<div><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">7.</font></div>
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<td>
<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">During 2015, the Company declared dividends in an amount of approximately US$ 16.5 million (NIS&#160;63.4 million).&#160;&#160;These dividends were paid during 2015 and January 2016.</font></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">8.</font></div>
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<td>
<div align="justify"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt;">In February 2016, the Company declared a dividend in the amount of US&#160;0.31 dollar per share, totaling approximately US$&#160;6.5 million (NIS&#160;25.4. million).&#160;&#160;The dividend was paid in April 2016.</font></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER (INCOME) EXPENSES, NET<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Year ended December 31,</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><br/></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2013</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Adjustment of purchase price of subsidiary sold</font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(101)</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">200</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Impairment of goodwill and intangible assets (2) </font></p>
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<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">929</font></font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">922</font></font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,620</font></font></td>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font lang="EN-US" style="font-size: 10pt; font-family: 'times new roman', times;">Gain on sale of subsidiary (1)</font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(951)</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Other </font></p>
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<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(145</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px 0px 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(66</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px 0px 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(60</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(268)</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">856</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,760</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="vertical-align: top; width: 4%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; orphans: auto; text-align: justify; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(1)</font></td>
<td style="vertical-align: top; width: 96%;">
<div><font style="font-family: 'times new roman', times; font-size: 10pt;">On December 31, 2015, the Company sold its entire holding in the subsidiary Mapa Internet Ltd. for a total consideration of NIS&#160;<font>2.3</font> million (approximately US$&#160;<font>600,000</font>).<br/>Management does not believe that the sale of Mapa internet Ltd represents a strategic shift for the company. As a result, the above transaction has not been reflected in the accompanying consolidated financial statements as discontinued operations<br/></font></div>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<div><font style="font-family: 'times new roman', times; font-size: 10pt;">See Notes 7, 8 and 1N.</font></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCING INCOME, NET<br></strong></div></th>
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<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 68.05pt; text-align: justify; text-indent: -68.05pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>NOTE </strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>14</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;&#160;&#160;&#160;&#160;</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>-</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;&#160;&#160;&#160;&#160;</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>FINANCING INCOME, NET</strong></font></p>
<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><strong>US dollars</strong></font><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<tr>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"></td>
<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center">&#160;</td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" colspan="2" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"><font style="font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" colspan="2" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"><font style="font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt;"><strong>2013</strong></font><br/></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: top; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px; text-align: left;"></td>
<td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" colspan="2" align="center"></td>
<td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" colspan="2" align="center"></td>
<td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" align="center"></td>
<td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" align="center">&#160;</td>
<td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; padding: 0px;" align="center">&#160;</td>
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</td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font>(64)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font>309</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font>(1,201</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left">)</td>
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<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Gains&#160;in&#160;respect&#160;of&#160;marketable&#160;securities </font></p>
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<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>666</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>133</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>-</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest&#160;expenses&#160;in&#160;respect&#160;of&#160;long-term&#160;loans </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>-</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>-</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(4</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
</tr>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest&#160;income&#160;in&#160;respect&#160;of&#160;deposits</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>773</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>982</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>1,998</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Exchange&#160;rate&#160;differences&#160;and&#160;others,&#160;net </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="right"><font>(186)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="right"><font>280</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="right"><font>(555</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>1,189</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>1,704</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>238</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">NOTE 15</font></div>
</td>
<td style="padding: 0px 5px 0px 0px; width: 2%;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; text-align: center;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">-</font></div>
</td>
<td style="width: 92%;">
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">INCOME TAX</font></div>
</td>
</tr>

</table>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<div>
<table border="0" cellpadding="0" cellspacing="0" width="93%" style="font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;">

<tr valign="top">
<td style="width: 8%;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; text-align: left;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">&#160;</font></div>
</td>
<td style="padding: 0px 0px 0px 5px; width: 4%;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; text-align: left;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">A.</font></div>
</td>
<td style="width: 88%;">
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Taxes on income included in the statements of income:</font></div>
</td>
</tr>

</table>
</div>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<div>
<div style="display: block;">
<div style="display: block;">
<div style="display: block;">
<div align="right">
<table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></strong></p>
</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"><strong>&#160;</strong></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160; &#160; US dollars</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></strong></p>
</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"><strong>&#160;</strong></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> Year ended December 31,</strong></font><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
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<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px;">
<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left; border-bottom: black 2px solid;"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">(in thousands)</font></strong></p>
</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: center;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: center;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"><br/></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2013 &#160;&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
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<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Income taxes (tax benefit):</font></p>
</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current taxes: </font></p>
</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In Israel </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font>6,279</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font><font>7,564</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font><font>6,060</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Outside Israel </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>6,089</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>7,630</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>8,194</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>12,368</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>15,194</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>14,254</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 10px;">
<p style="font-family: 'times new roman'; margin: 0pt 0pt 0pt 3pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred taxes:</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In Israel </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(121</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(471</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(<font>503</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Outside Israel </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>206</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>(<font>432</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>(1,309</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>85</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>(<font>903</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>(1,812</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px;">
<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;Taxes in respect of prior years:</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In Israel </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>369</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>-</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>-</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><br/></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Outside Israel </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>-</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>(45</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>5</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><br/></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>369</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font>(45</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font>5</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><br/></td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>12,822</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font>14,246</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font>12,447</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
</tr>

</table>
</div>
</div>
</div>
</div>
</div>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;">

<tr valign="top">
<td style="width: 8%;">
<div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">&#160; </font></div>
</td>
<td style="width: 3%;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">B.</font></div>
</td>
<td style="width: 89%;">
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Measurement of results for tax purposes under the Income Tax (Inflationary Adjustments) Law, 1985 (the &#147;Inflationary Adjustment Law&#148;)</font></div>
</td>
</tr>

</table>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">

<tr>
<td style="width: 8%;"><br/></td>
<td style="width: 3%;"><br/></td>
<td style="width: 89%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Until December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, 2007, the Company and its Israeli subsidiaries reported income for tax purposes in accordance with the provisions of the Inflationary Adjustments Law, whereby taxable income was measured in NIS, adjusted for changes in the Israeli Consumer Price Index where results of operations for tax purposes were measured in terms of earnings in NIS after adjustments for changes in the Israeli Consumer Price Index ("CPI").&#160; Commencing January</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1, 2008, this law became void and in its place there are transition provisions, whereby the results of operations for tax purposes are measured on a nominal basis.</font></td>
</tr>

</table>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';">&#160;<br/></p>

<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;">

<tr valign="top">
<td style="width: 8%;">
<div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">&#160; </font></div>
</td>
<td style="width: 3%;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">C.</font></div>
</td>
<td style="width: 89%;">
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">The Law for the Encouragement of Capital Investments, 1959 (the "Investment Law") </font></div>
</td>
</tr>

</table>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">

<tr>
<td style="width: 10%;"><br/></td>
<td style="vertical-align: top; text-align: left; width: 5%;" valign="top"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">1</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">.</font></td>
<td style="width: 85%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">On December, 2010, the Israeli parliament approved an amendment to the Investments Law, effective as of January 1, 2011, which introduces a new status of "Preferred Company" and "Preferred Enterprise". The amendment allows enterprises meeting certain required criteria to enjoy grants as well as tax benefits. The amendment also introduces certain changes to the map of geographic development areas for purposes of the Investments Law, which will take effect in future years. The amendment generally abolishes the previous tax benefit routes that were afforded under the Investment Law, specifically the tax-exemption periods previously allowed, and introduces new tax benefits for industrial enterprises meeting the criteria of the law, which include among others the following:</font></td>
</tr>

</table>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">

<tr>
<td style="width: 10%;"><br/></td>
<td style="width: 5%;"><br/></td>
<td style="width: 85%;">
<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">A reduced corporate tax rate for industrial enterprises, provided that more than <font>25</font>% of their annual income is derived from export, which will apply to the enterprise's entire preferred income so that in the tax years 2011-2012 the reduced tax rate will be <font>15</font>% for preferred income derived from industrial facilities located in located in areas which are not classifies as area A. In the tax years 2013</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">the reduced tax rate was <font>12.5</font>%.</font></p>
<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"></font><br/></p>
<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">On August 5, 2013 the Israeli Parliament amended the Investments Law, by which, inter alia, it canceled the scheduled progressive reduction in the corporate tax rate for Preferred Enterprises and set it at <font>9</font>% for enterprises located in zone A and&#160;<font>16</font>%&#160;<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">for enterprises located elsewhere, as of January 1, 2014.</font></font></font></p>
<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"></font></font><br/></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">The reduced tax rates will no longer be contingent upon making a minimum qualifying investment in productive assets.</font></p>
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<td style="text-align: left; width: 5%;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">2</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">.</font></td>
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<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">As of December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">2015</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">, only one Israeli subsidiary is entitled to a "Preferred Company" status pursuant to the investment law.</font></p>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">D.</font></div>
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<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Israeli corporate tax rates</font></div>
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<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On December 6, 2011, the Law for the Change in the Tax Burden (Legislative Amendments) &#150; 2011 was publi</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">sh</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed.&#160; As part of this law, among other things, commencing from 2012 the Israeli corporate income tax rate was increased to <font>25</font>%.&#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n addition, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ommencing in 2012, the tax rate on capital gains in real terms and the tax rate applicable to betterment in real terms were increased to <font>25</font>%.</font></p>
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<p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On July 30, 2013, the Israeli parliament approved the Law for the Change in National Priorities (Legislative Amendments to Achieve Budgetary Goals for 2013 and 2014) &#150; 2013 (hereinafter &#150; the &#147;Law for the Change in National Priorities&#148;), which, among other</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> things increased</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the standard corporate income tax rate from <font>25</font>% to <font>26.5</font>% effective as of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">January</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2014. </font></p>
<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> On January 4, 2016, the plenary Knesset passed the Law for Amendment of the Income Tax Ordinance No. 216 which provides, inter alia, for a reduction of the corporate tax rate commencing from 2016 and thereafter by the rate of <font>1.5</font>% such that the rate will be <font>25</font>%.<br/><br/>This change of tax rate did not have material effect on the deferred tax assets of the Company and its Israeli subsidiaries.</font></p>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">E.</font></div>
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<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Non-Israeli subsidiaries are taxed according to the tax laws and rates in their country of residence.</font></p>
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<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">&#160;</font></p>
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<td valign="top" style="vertical-align: top;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #fffff0;">F.</font></td>
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<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">Use of assumptions and <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">judgments</font></font></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">&#160;</font></font></p>
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<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and can be ambiguous; the Company is, therefore, obliged to make many subjective assumptions and judgments regarding the application of such laws and regulations to its facts and circumstances. In addition, interpretations of and guidance surrounding income tax laws and regulations are subject to changes over time. Any changes in the Company's subjective assumptions and judgments could materially affect amounts recognized in its consolidated balance sheets and statements of income.</font></p>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>G.</strong></font></div>
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<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Tax assessments</font></div>
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<p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">The Company has received final tax assessments through the 2009 tax year. <br/></font></p>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">On August 4, 2014, the Company announced that it received from the Israeli tax authority ("ITA") tax assessments for the years 2010-2012 amounting to NIS <font>36</font> million (approximately US$ <font>10.5</font> million). Approximately <font>50</font>% is due to disallowance of various deductions and the remaining balance is due to timing differences of the deduction of certain expenses, which will be deducted in the coming years.<br/></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">The Company filed an objection with the ITA for the above tax assessments. In July 2015, the Company reached an agreement with the ITA in respect of the above tax assessment according to which there was no significant impact on the Company's provision with respect to prior years.<br/></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">The Company and a certain Israeli subsidiary have received final tax assessments through the 2012 tax year. One of the subsidiaries in Brazil has received final tax assessments through the 2010 tax year. The other subsidiaries have not yet been assessed since incorporation.<br/></font></p>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">H.</font></div>
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<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"> Carry forward foreign tax credits and tax losses</font></div>
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<p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-size: 10pt;">As of December 31, 2015, the Company's non-Israeli subsidiary in the United States has available carry forward foreign tax credits in an amount of approximately US$ <font style="font-family: 'Times New Roman';"><font>3.9</font></font>&#160;million. Most of such carry forward tax credits may be utilized until 2022. In addition the subsidiary has carry forward tax losses of approximately US$ <font>1.2</font> million.</font><br/></p>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">I.</font></div>
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<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: normal;">The following is a reconciliation between the theoretical tax on pretax income, at the applicable Israeli tax rate, and the tax expense reported in the financial statements:</font></div>
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<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-top: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;" align="right" colspan="8"><strong>Year ended December 31,</strong></td>
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<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center;" align="left"><strong>&#160;</strong></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><strong>2014&#160;</strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center;" align="left"><strong>&#160;</strong></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; text-align: center;"><strong>&#160;</strong></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><strong>2013&#160;</strong></td>
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<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Pretax income </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"><font>41,833</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"><font><font>47,574</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"><font><font>38,002</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Statutory tax rate </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>26.5</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">%</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>26.5</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">%</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>25</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">%</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tax computed at the ordinary tax rate </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>11,086</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>12,607</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>9,500</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">Nondeductible expenses (income)</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>526</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>10</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>1,365</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Losses in respect of which no deferred taxes were generated (including changes in valuation allowance)</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>831</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>(304</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>137</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deductible financial expenses recorded to&#160;other comprehensive income</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>(439</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>(<font>365</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>(<font>312</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tax adjustment in respect of different tax rates </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>1,411</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>1,662</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>1,877</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Taxes in respect of withholding at the source from royalties and dividends </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>78</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>615</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>817</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Adjustment in respect of tax rate deriving from &#147;approved enterprises&#148; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(405</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(<font>558</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(<font>467</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>(266</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>579</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>(470</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font>12,822</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font>14,246</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font>12,447</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>

</table>
</div>
</div>
</div>
</div>
</div>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;">

<tr valign="top">
<td style="width: 8%;">
<div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">&#160; </font></div>
</td>
<td style="width: 3%;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">J.</font></div>
</td>
<td style="width: 89%;">
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Summary of deferred taxes</font></div>
</td>
</tr>

</table>
<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div>
<div style="display: block;">
<div style="display: block;">
<table width="100%" cellpadding="0" border="0" cellspacing="0">

<tr>
<td style="width: 8%;"><br/></td>
<td style="width: 3%;"><br/></td>
<td style="width: 89%;"><strong style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; /* background-color: #fffff0;"><font style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;">Composition:</font></strong></td>
</tr>

</table>
<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div align="right">
<table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-bottom: 0pt; margin-top: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3">
<p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">US dollars</font></strong></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;" colspan="3">
<p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Year ended</strong></font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>December 31,</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 0pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;2015</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-bottom: 0pt; margin-top: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Deferred taxes included in other current assets:</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 3pt 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 3pt 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 3pt 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 3pt 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 77%;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for employee related obligations </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 10%;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt;">145</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 10%;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>130</font></font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for legal obligation and other </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt;">2,607</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>3,519</font></font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt;">2,752</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>3,649</font></font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>

</table>
</div>

<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">

<tr>
<td style="width: 8%;"><br/></td>
<td style="width: 3%;"><br/></td>
<td style="width: 89%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Composition:</strong></font></td>
</tr>

</table>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; font-family: 'times new roman';"><br/></p>
<div align="right">
<table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px;">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right" colspan="3"><strong>US dollars</strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px;">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;" align="right" colspan="3"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">Year ended</font><br/><font style="font-family: 'Times New Roman'; font-size: 10pt;">December 31,</font></strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><strong>2015&#160;</strong><strong>&#160;</strong></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; text-align: center;"><strong>&#160;</strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"><strong>2014 &#160;</strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">Long-term deferred income taxes:</font></strong></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80%;">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for employee related obligations </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"><font>718</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"><font><font>678</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Carry forward tax losses and foreign tax credit</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>4,321</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>4,321</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Temporary differences, net </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>1,237</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>1,010</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>6,276</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>6,009</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Valuation allowance </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>(3,997</font></td>
<td style="vertical-align: bottom; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">)&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>(<font>3,273</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font>2,279</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font>2,736</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>

</table>
</div>
<p style="margin: 0pt 0pt 0pt 90.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; font-family: 'times new roman';"><br/></p>
<div align="right">
<table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>US dollars</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"></td>
<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended</strong></font><br/><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>December 31,</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><br/></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred income taxes included in long-term investments and other assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"><font>2,279</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"><font><font>2,886</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred income taxes included in long-term liabilities </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>-</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>(<font>150</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font>2,279</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font>2,736</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>

</table>
</div>
</div>
</div>
</div>
<p style="margin: 0pt 0pt 0pt 68.05pt; text-indent: -68.05pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;">

<tr valign="top">
<td style="width: 8%;">
<div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">&#160; </font></div>
</td>
<td style="width: 3%;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">K.</font></div>
</td>
<td style="width: 89%;">
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Income before income taxes is composed as follows:</font></div>
</td>
</tr>

</table>
<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div>
<div style="display: block;">
<div align="right">
<table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>US dollars</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; width: 20px;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31,</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2013</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 68%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> The Company and its Israeli subsidiaries </font></p>
</td>
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<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;">
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>26,021</font></font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>17,296</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10px; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
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<tr>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-Israeli subsidiaries </font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt;">17,846</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>21,553</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>20,706</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; width: 20px; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt;">41,833</font></font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>47,574</font></font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>38,002</font></font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
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<p style="margin: 0pt 0pt 0pt 90.7pt; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;">

<tr valign="top">
<td style="width: 8%;">
<div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">&#160; </font></div>
</td>
<td style="width: 3%;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">L.</font></div>
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<td style="width: 89%;">
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Uncertain tax positions</font></div>
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"></font><br/></div>
<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: normal;">The Company and its subsidiaries files income tax returns in Israel, US, Argentina and Brazil.</font></div>
<div align="justify"><strong><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;"></font></strong><br/></div>
<div align="justify"><strong><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: normal;">Reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:</font></strong></div>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 88%;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 12px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><strong>US dollars</strong>&#160;&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left">&#160;</td>
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<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">(in thousands)</font></strong></p>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left">&#160;</td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 88%;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance at January 1, 2014</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 12%;" align="right"><font><font>472</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translations differences related to the current year </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font>(51</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance at December 31, 2014</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>421</font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">Decrease related tax positions of prior years</font> <br/></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="right"><font><font>(419</font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;)</font></td>
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<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translations differences related to the current year </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font>(2</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)&#160;</font></td>
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<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance at December 31, 2015 </font></p>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
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<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>EARNINGS PER SHARE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">EARNINGS PER SHARE</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;">

<tr valign="top">
<td align="right" style="width: 63pt;">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">NOTE 16 - </font></div>
</td>
<td align="left">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">EARNINGS PER SHARE</font></div>
</td>
</tr>

</table>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">

<tr>
<td style="width: 8%;"><br/></td>
<td style="width: 92%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">During the periods, there were no potential instruments that could be exercised or converted to ordinary shares. The net income and the weighted average number of shares used in computing basic and diluted earnings per share for the years ended December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2015</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2014</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2013</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, are as follows:</font></td>
</tr>

</table>
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
<div>
<div align="right">
<table style="border-collapse: collapse; margin-left: 0.1px;" cellspacing="0" cellpadding="0" width="92%">

<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>US dollars</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31,</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2013</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 0pt; /* text-indent: -11.35pt; */ font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income attributable to stockholder's used for the computation of basic and diluted earnings per share </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">24,971</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>30,429</font></font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>23,762</font></font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
<div>
<div align="right">
<table style="border-collapse: collapse; margin-left: 0.1px;" cellspacing="0" cellpadding="0" width="92%">

<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Number of shares</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31,</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2013</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 0pt; /* text-indent: -11.35pt; */ font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Weighted average number of shares used in the computation of basic and diluted earnings per share </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">20,968</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,968</font> </font></p>
</td>
<td style="padding-left: 2.85pt; /* padding-right: 2.85pt; */ vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,968</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805845504">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>RELATED PARTIES [Abstract]</strong></a></td>
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<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">NOTE 17 - </font></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">A.</font></div>
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<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: normal;">The Tzivtit Insurance Ltd. (&#147;Tzivtit Insurance&#148;), owned by a director of the Company, serves as the Company's insurance agent and provides the Company with elementary insurance and managers insurance.</font></div>
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<p style="text-align: justify; text-indent: 0px; font-family: 'times new roman'; margin-top: 0px; margin-bottom: 0px; /* margin-left: 76pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n respect of these insurance services, Tzivtit Insurance is entitled to receive commissions at various rates, paid by the insurance company (which is not considered a related party).</font></p>
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<td style="width: 88%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">With respect to basic insurance policies, and directors and offices insurance policies, the Company paid to the insurance company in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2015</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">304</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;thousand and US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">168</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;thousand</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (In&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2014</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">3</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">24</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> thousand and US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">89</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> thousand</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.)</font></td>
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<td style="width: 88%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tzivtit Insurance is entitled to commissions in an aggregate amount of NIS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>309</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;thousand (US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>79</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;thousand) to be paid to Tzivtit Insurance by the insurance company on account of these policies.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font><font>52</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> thousand and US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font><font>80</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> thousand in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2014</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2013</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, respectively.)</font></td>
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<td style="width: 4%; vertical-align: top;" valign="top"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>B.</strong></font></td>
<td style="width: 88%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In February 2003, an agreement was signed between the Company and A. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sheratzky</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holdings Ltd., a wholly-owned and controlled company belonging to Mr.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Izzy </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sheratzky, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">President</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and Director</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.&#160; The agreement includes, among other things, the cost of Mr.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Izzy Sheratzky's monthly employment in an amount of NIS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">98</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">25,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), entertainment expenses, car maintenance expenses, cellular phone, and entitlement to participate in the profits of the Company in an amount equal to <font>5</font>% of the pretax income of the Company, plus the share of the Company in the income or losses of affiliated companies, on the basis of the audited consolidated financial statements.</font></td>
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<p style="margin: 0px 0px 0px 101.300003051758px; text-align: justify; text-indent: 0px; font-family: 'times new roman';">&#160;</p>
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<p style="text-align: justify; font-family: 'times new roman'; margin: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The agreement is for a <font>two</font>-year period, with automatic <font>two</font>-year extensions, unless either of the parties gives <font>180</font> day advance notice of its intention to terminate the agreement.</font></p>
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<td style="width: 88%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Whereas the term of the agreement exceeded&#160;<font>three</font> years, under recent amendments to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Israeli Companies Law</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the Company's audit committee, board of directors and shareholders have ratified and approved&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the agreement with A.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sheratzky, which according to current Israeli law remained in force and effect until May 11, 2014.</font></td>
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<p style="/* margin: 0pt 0pt 0pt 90.75pt; */ text-align: justify; /* text-indent: -22.7pt; */ font-family: 'times new roman'; margin-top: 0px; margin-bottom: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">See </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">section F below</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> with respect to the approval of a new service agreement with A.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sheratzky Holdings during February 2014.</font></p>
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<td style="width: 4%; vertical-align: top;" valign="top"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>C.</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="width: 88%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On September</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">5, 2002, the Company entered into independent contractor agreements with A.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sheratzky Holdings Ltd. and each of Eyal Sheratzky and Nir Sheratzky (the Co-CEO's of the Company), pursuance to which A.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sheratzky Holdings will provide management services to the Company through Eyal Sheratzky and Nir Sheratzky in consideration of monthly payments in the amount of NIS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>48,892</font> and NIS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>49,307</font> (US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">12,500</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">12,600</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), respectively, in addition to providing each of them a company car and reimbursement of certain business expenses.&#160; In January 2004, changes in the employment terms of the two Co-CEOs of the Company were approved, whereby in addition to the agreement detailed above, each would be entitled to an annual bonus equal to <font>1</font>% of the pretax income of the Company, plus the share of the Company in the income or losses of affiliated companies, on the basis of the audited consolidated financial statements.</font></td>
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<td style="width: 90%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Whereas the term of the agreement exceeded&#160;<font>three</font> years, under recent amendments to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Israeli Companies Law</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the Company's audit committee, board of directors and shareholders have ratified and approved the agreement with A. Sheratzky (including third addendum thereto that clarifies the nature of its role and services), which according to current Israeli law remained in force and effect until May 11, 2014.</font></td>
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<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">See </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">section F below </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">with respect to the approval of a new service agreement with A.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sheratzky Holdings during February 2014.</font></p>
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<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The aggregate amounts paid&#160;to A.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sheratzky Holdings in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2015</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2014</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2013</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(including with respect to B. above but excluding amounts paid to A. Sheratzky Holdings under the new service agreement, described in F. below), were approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">793</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">3,470</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, respectively (all numbers include value added tax).</font></p>
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<td style="width: 4%; vertical-align: top;" valign="top"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>D.</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></td>
<td style="width: 90%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In accordance with an agreement with a related party (as amended), Prof. Yehuda Kahane, for financial consulting, the Company is required to pay the consultant monthly consulting fees of NIS <font>15,000</font> (US$ </font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">3,900</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) a month, linked to the Israeli Consumer Price Index.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> The aggregate amount paid to Professor Kahane in each of the years 2015</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, 2014</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;and 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">13</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;was approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">US$ </font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">57,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">US$ </font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">62</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">US$ </font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">59</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, respectively.</font></td>
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<td style="width: 4%; vertical-align: top;" valign="top"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>E.</strong></font></td>
<td style="width: 90%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On January</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">23, 2007, the Company's subsidiary, E-Com Global Electronic Commerce Ltd.&#160; ("E-Com "), signed an agreement with Gil Sheratzky for the employment of Mr. Gil</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sheratzky as CEO of that company, in consideration of monthly payments in the amount of NIS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>25,000</font> (US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">6,400</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), in addition to providing him a company car, managers insurance and education fund contribution (as customary in Israel) and reimbursement of certain business expenses.&#160; In his position, Mr. Gil</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sheratzky will report to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Co-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">CEO</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.&#160; The compensation paid to Gil Sheratzky includes a bonus in an amount equal to <font>2</font>% of the annual increase in E-COM profits before tax (up to a maximum amount of <font>1</font>% of that company's profits before tax), based on its audited consolidated financial statements for the relevant year, beginning January</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1, 2007.</font></td>
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<p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The aggregate amount paid to Mr.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Gil Sheratzky in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2015</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2014</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2013</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;was approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">29,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">145</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, respectively.</font></p>
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<td style="width: 90%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Whereas the term of the agreement exceeded&#160;<font>three</font> years, under recent amendments to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Israeli Companies Law</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the Company's audit committee, board of directors and shareholders have ratified and approved the agreement with Gil Sheratzky, which according to current Israeli law remained in force and effect until May 11, 2014.</font></td>
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<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">See </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">section F below </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">with respect to the approval of a new service agreement with A.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sheratzky Holdings during February 2014.</font></p>
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<td style="width: 4%; vertical-align: top;" valign="top"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>F.</strong></font></td>
<td style="width: 90%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">In February 2014, following the approval of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany's general meeting of shareholders on January 28, 2014, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany entered into new service agreements, setting forth the terms of service of its President and Co-Chief Executive Officers in compliance with </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company's</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> compensation policy for office holders; and E-Com entered into a service agreement setting forth the terms of service of its Chief Executive Officer in compliance with </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company's</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> compensation policy for officer holders. The principal terms of these agreements are as follows:</font></td>
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<td style="width: 90%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Mr. Izzy Sheratzky shall provide his services as an independent contractor through A. Sheratzky Holdings Ltd., which shall be entitled to a monthly payment of NIS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>225,000</font> (or $</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">57,700</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr. Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; The fixed monthly pay shall also include Mr. Sheratzky's entitlement for a <font>25</font> days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses, subsistence allowance abroad and participation in work-related home telephone expenses. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of <font>3</font> years and may be terminated upon <font>180</font> days' advance notice of termination; however, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr. Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has breached his fiduciary duty towards the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany; (c) a final court ruling (without the possibility of appeal) determines that Mr. Sheratzky has materially breached the agreement through the unauthorized disclosure of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany's secrets or competition with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany.</font></td>
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<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The aggregate amounts paid to A. Sheratzky according this new service agreement in 2015 and 2014 were approximately US</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2,249,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;and US$<font>2,387,000</font>, respectively&#160;</font><font style="font-size: 10pt;">(includes value added tax).</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font></p>
<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;</font></p>
<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Mr. Eyal Sheratzky shall provide his services as an independent contractor through ORAS Capital Ltd. which shall be entitled to a monthly payment of NIS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>175,000</font> (or $</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">45,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr.Eyal Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom.&#160; The fixed monthly pay shall also include Mr. Eyal Sheratzky's entitlement for a <font>25</font> days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses and subsistence allowance abroad. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of <font>3</font> years and may be terminated upon <font>180</font> days' advance notice of termination; however, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr.Eyal Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr.Eyal&#160;Sheratzky has breached his fiduciary duty towards the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany; (c) a final court ruling (without the possibility of appeal) determines that Mr. Eyal Sheratzky has materially breached the agreement through the unauthorized disclosure of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany's secrets or competition with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany.</font></p>
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<p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">The aggregate amounts paid to ORAS Capital Ltd in 2015 and 2014 were approximately</font> US</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1,565,000</font>&#160;and&#160;<font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">US$<font>1,552,000</font>,&#160;<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">respectively (include value added tax).</font></font></font></p>
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<td style="width: 90%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Mr. Nir Sheratzky shall provide his services as an independent contractor through Galnir Management and Investments Ltd., which shall be entitled to a monthly payment of NIS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>175,000</font> (or $</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">45,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)&#160; plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr. Nir Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom.&#160; The fixed monthly pay shall also include Mr. Sheratzky's entitlement for a <font>25</font> days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses and subsistence allowance abroad. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of <font>3</font> years and may be terminated upon <font>180</font> days' advance notice of termination; however, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr. Nir&#160;Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr. Nir&#160;Sheratzky has breached his fiduciary duty towards the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany; (c) a final court ruling (without the possibility of appeal) determines that Mr. Nir&#160;Sheratzky has materially breached the agreement through the unauthorized disclosure of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany's secrets or competition with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany.&#160;</font></td>
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<p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The aggregate amounts paid to Galnir Management and Investments Ltd in 2015 and 2014 were approximately US$<font>1,802,000</font>&#160;<font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">and US$<font>1,418,000</font>, respectively (includes value added tax).</font> </font></p>
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<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Mr. Gil Sheratzky shall provide his services as an independent contractor through ZERO-TO-ONE S.B.L. INVESTMENTS LTD., which shall be entitled to a monthly payment of NIS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>125,000</font> (or $</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">32,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) plus VAT, linked to the consumer price index for December 2013. At the request of the service provider, part of the fixed monthly pay may be granted through benefits, such as the provision of a company car for the use of Mr. Gil Sheratzky and the payment of its maintenance costs and the cost of tax resulting therefrom.&#160; The fixed monthly pay shall also include Mr. Gil&#160;Sheratzky's entitlement for a <font>25</font> days' vacation and sick days as provided by law. The service provider shall also be entitled to payment or reimbursement of expenses, including hosting expenses and subsistence allowance abroad. The service provider shall be entitled to Target-based Cash Incentives and Excess Return Cash Incentives as detailed below. The agreement shall be in force for a period of <font>3</font> years and may be terminated upon <font>two</font> months' advance notice of termination; however, E-Com may terminate the agreement without an advance notice and without compensation if the following shall occur: (a) Mr. Gil&#160;Sheratzky is convicted of a criminal offense involving moral turpitude; (b) a final court ruling (without the possibility of appeal) determines that Mr. Gil&#160;Sheratzky has breached his fiduciary duty towards E-Com; (c) a final court ruling (without the possibility of appeal) determines that Mr. Gil&#160;Sheratzky has materially breached the agreement through the unauthorized disclosure of E-Com' and/or </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany's secrets or competition with E-Com and/or the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany.&#160;</font></p>
<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><br/></p>
<p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The aggregate amounts paid to ZERO-TO-ONE S.B.L. INVESTMENTS LTD,&#160; in 2015 and 2014 were approximately US</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1,175,000</font>&#160;&#160;<font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">and US$ <font>948,000</font>, respectively (includes value added tax). </font> </font></p>
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<p style="margin: 0px; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Each of the above agreements also provides that the executives may request to provide their services to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany as an employee, and not through a service provider, and in such event, the they shall execute an employment agreement with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany, in lieu of the above service agreements, which shall also set forth the provisions of social security and other benefits that the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany usually grants its senior executive officers (which may not deviate from the provisions of the Compensation Policy in this respect). In any event, it was agreed that the nature of the agreement pursuant to which the services are provided shall not affect the cost to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of the provision of the services as set forth in the service agreements.</font></p>
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<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The terms of the Cash Incentives applicable to each of Messrs. Izzy Sheratzky, Eyal Sheratzky, Nir Sheratzky and Gil Sheratzky (the "Executive Offices Holders"), as set forth in their agreements referred to above (the "Agreements"), are as follows:</font></p>
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<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">"Target-based Cash Incentives" means a cash incentive awarded to the Executive Office Holders for the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany's achievement of the following Profit-Before-Tax targets in each calendar year following the effective date of the above agreements, in which the Minimum Threshold (as defined below) has been achieved:</font></p>
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<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Company's Profit-Before-Tax Targets</font></p>
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<td style="width: 84%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(in USD thousands)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Level of Incentive - As a Percentage of the Executive Office Holder's Annual Cost of Pay</font></td>
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<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 24,001</font> - <font>27,500</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font>%</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 27,501</font>-<font>31,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>45</font>%</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 31,001</font>-<font>35,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>75</font>%</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 35,001</font>-<font>39,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>110</font>%<br/></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; Above <font>39,001</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>150</font>%</font></p>
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<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">"Minimum Threshold" means, with respect to a particular calendar year, a minimum Company's Return on Equity of</font>&#160;<font>15</font>%, <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">and a minimum company's Profit Before Tax of USD</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>24</font> million.</font></p>
<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><br/></p>
<p style="margin: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">"Excess Return Cash Incentives" means that at the end of each calendar year, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany shall examine the Company's Stock Yield since January 1 of such year or, with respect to the first year of such grant &#150; <font><font><font style="font-size: 10pt;">since the date of its approval (an "Examined Period"), as compared to the TA 100 Index's Yield over such Examined Period; and to the extent that the Company's Stock Yield exceeds the TA 100 Index's Yield for such period, each of the Executive Office Holders shall receive an amount equal to </font>50<font style="font-size: 10pt;">% of his monthly Cost of Pay for each </font>1<font style="font-size: 10pt;">% of excess return (in percentage points' terms), or a relative amount in the event of a partial excess return.</font></font></font> For the avoidance of doubt, in the event that the Company's Stock Yield during such period is negative, no grant shall be awarded.&#160;</font></font></p>
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<td style="width: 8%; vertical-align: top; text-align: center;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #fffff0;">&#149;</font></td>
<td style="width: 84%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In the event that an Agreement is terminated during a calendar year, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany's compensation committee and board of directors shall determine the relative amounts out of the Target-based Cash Incentives and/or Excess Return Cash Incentives to which the relevant Executive Office Holder is entitled for the portion of the year during which the Agreement was in force; and these amounts shall be paid within <font>30</font> days after the termination of service/employment, as the case may be.</font></td>
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<td style="width: 84%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On the date of determination of each Executive Office Holder's entitlement for a Target-based Cash Incentive for a particular year, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany's compensation committee shall examine whether the total amount of grants to which Executive Officers are entitled with respect to such calendar year and which constitute variable components of their terms of services (the "Total Amount of Grants to Executive Officers"), exceed an amount equal to <font>10</font>% of the Company's EBITDA for such year (the "EBITDA's Threshold"), as calculated in accordance with data extracted from the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany's audited consolidated annual financial statements, after taking into account the Executive Officers' fixed compensation but excluding their variable compensation. In such event, the amount by which the Total Amount of Grants to Executive Officers exceeds the EBITDA's Threshold shall be referred to as the "Excess Amount".</font></td>
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<td style="width: 84%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In the event that the Total Amount of Grants to Executive Officers exceeds the EBITDA's Threshold, then the Target-based Cash Incentive and the Excess Return Cash Incentive to which an Executive Office Holder is entitled (together, the "Grants") shall be reduced by an amount equal to the Executive Office Holder's Rate of Grants (as defined below) out of the Excess Amount. The term "Executive Office Holder's Rate of Grants" means, with respect to a particular Executive Office Holder, the percentage which such Executive Office Holder's Grants constitute out of the Total Amount of Grants to Executive Officers.</font></td>
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<td style="width: 84%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany's board of directors shall have the right, under special circumstances at its discretion, to reduce the amount of Grants to which the Executive Office Holders are entitled, upon a <font>60</font> days prior notice.</font></td>
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<td style="width: 84%;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Executive Office Holder shall be required to return any compensation paid to them on the basis of results included in financial statements that turned out to be erroneous and were subsequently restated in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany's financial statements published during the three year period following publication of the erroneous financial statements; to the extent they would not have been entitled to the compensation actually received had it been determined based on the restated financial statements. In such case, compensation amounts will be returned within <font>60</font> days from the date of publication of the restated financial statements, net of taxes that were withheld thereon. If the Executive Office Holder has a right to reclaim such tax payments with respect to Grants which were paid in excess, from the relevant tax authorities, then the Executive Office Holder shall reasonably act to reclaim such amounts from the tax authorities and upon their receipt, shall remit them to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In 2014 and 2015&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Executive Offices Holders </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">were entitle to Target based cash incentives at the maximum rate of (150%)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></td>
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<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 63.8pt; text-align: justify; text-indent: -63.8pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="width: 4%; vertical-align: top;" valign="top"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>G.</strong></font></td>
<td style="width: 90%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;">On January 28, 2014, the Company's general meeting of the of shareholders re-approved the terms of engagement of Mr. Avner Kurz as a consultant to Ituran Sistemas de Monitoramento Ltda, a Brazilian subsidiary of the Company, in accordance with an agreement dated February 23, 2012. Pursuant to the terms of this agreement, Mr. Kurz provided consultation services to the Brazilian subsidiary as an independent contractor, including services concerning: general strategy of the subsidiary, developing connections with the private market, infrastructure development and in any other area as is required from time to time. In addition, he was in direct contact with the chief executive officer of the subsidiary and its office holders, he was directly reporting to the Company's president and advised him regarding the aforementioned; Mr. Kurz undertook to stay at least eight times per year in Brazil at the subsidiary's offices and to invest no less than twenty monthly hours in providing the services; the term of the agreement automatically renews every <font>two</font> years, although each party may terminate it with a <font>180</font> days prior notice; and in consideration for the services described above, the Brazilian subsidiary paid Mr. Kurz a monthly amount of $<font>8,000</font>, against the receipt of a tax invoice; and Mr. Kurz was entitled to receive a cellular phone and reimbursement of related expenses from the Company, payable against receipts &#160;The aggregate amounts paid to Mr Kurz by virtue of this agreement for each of the years 2014 and 2013 were approximately&#160;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;">$<font><font>80,000</font></font> and $<font><font>81,105</font></font>, respectively. The agreement with Mr. Kurz was terminated on September 15, 2014 as the date of his resignation from the board.</font></font><br/></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805865808">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SEGMENT REPORTING<br></strong></div></th>
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<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">NOTE 18 - </font></div>
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<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">A.</font></div>
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<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">General information:</font></div>
</td>
</tr>

</table>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: HE; mso-bidi-language: HE;">The operations of the Group are conducted through two different core activities: Location based services and Wireless communications products.<font style="mso-spacerun: yes;">&#160;</font>These activities also represent the reportable segments of the Group.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="text-align: justify; font-family: 'times new roman'; margin: 0px 0px 0px 90pt; text-indent: 0px;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: HE; mso-bidi-language: HE;">The reportable segments are viewed and evaluated separately by Company management, since the marketing strategies, processes and expected long term financial performances of the segments are different.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="font-size: 10pt; line-height: 150%; margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">Location based</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> services:</font></strong></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="text-align: justify; font-family: 'times new roman'; margin: 0px 0px 0px 90pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Location based</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> services segment consists predominantly of regionally- based stolen vehicle recovery (SVR) services, fleet management services and value-added services comprised of personal advanced locater services and concierge services.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Group</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> provides </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Location based</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> services in Israel, Brazil, Argentina and the United States.</font></p>
<p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: HE; mso-bidi-language: HE;">The wireless communications product segment consists of short and medium range two-way machine-to-machine wireless communications products that are used for various applications, including automatic vehicle location, and automatic vehicle identification.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;">

<tr valign="top">
<td style="width: 63pt;">&#160;</td>
<td align="right" style="width: 27pt;">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">B.</font></div>
</td>
<td align="left">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Information about reported segment profit or loss and assets:</font></div>
</td>
</tr>

</table>
<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div>
<div style="display: block;">
<div align="right">
<table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><strong><font style="font-size: 10pt;">US dollars</font></strong></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><strong><font style="font-size: 10pt;">&#160;</font></strong></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><strong><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(in thousands)</font></font></strong></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Location&#160;based<br/>services</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Wireless<br/>communications<br/>products</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Total</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"></td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"></td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"></td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<h1 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31, 2015</strong></font></h1>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Revenues </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"><font>127,683</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 2%;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"><font>47,945</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 2%;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"><font>175,628</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Operating income</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>38,328</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>2,316</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>40,644</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>62,236</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>10,463</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>72,699</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>1,539</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>1,817</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>3,356</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Expenditures for assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>14,478</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>393</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>14,871</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>8,636</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>152</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>8,788</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Impairment of goodwill and intangible assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>-</font></td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>929</font></td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>929</font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<h1 style="font-size: 10pt; margin: 0pt 2.55pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31, 2014</strong></font></h1>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Revenues </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>133,692</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>48,435</font></font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>182,127</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Operating income (loss)</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>42,603</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>3,267</font></font></td>
<td style="vertical-align: bottom; /* padding: 0px 5px; */ text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>45,870</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>63,795</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>11,094</font></font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>74,889</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font><font>1,544</font></font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>2,497</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>4,041</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Expenditures for assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font><font>12,574</font></font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>598</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>13,172</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font><font>8,920</font></font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>148</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>9,068</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Impairment of goodwill and intangible assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>34</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>888</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>922</font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<h1 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31, 2013</strong></font></h1>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Revenues </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>126,951</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>43,216</font></font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>170,167</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -17.8px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #cceeff;">Operating income</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>38,470</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>(540</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px 0px 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>37,930</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>66,300</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>10,564</font></font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>76,864</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>1,730</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>3,703</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>5,433</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Expenditures for assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>12,312</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>264</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>12,576</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>9,360</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>358</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>9,718</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -17.8px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;">Impairment of goodwill and intangible assets</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font><font>2,816</font></font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font><font>1,804</font></font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font><font>4,620</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>

</table>
</div>
</div>
</div>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;">

<tr valign="top">
<td style="width: 63pt;">&#160;</td>
<td align="right" style="width: 27pt;">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">C.</font></div>
</td>
<td align="left">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Information about reported segment profit or loss and assets:</font></div>
</td>
</tr>

</table>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The evaluation of performance is based on the operating income of each of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">two </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">reportable segments.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Accounting policies of the segments are the same as those described in the accounting policies applied in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial statements.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Due to the nature of the reportable segments, there have been no inter-segment sales or transfers during the reported periods.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="margin: 0px 0px 0px 90pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financing expenses, net, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">other expenses, net, taxes on income and the share of the Company in losses of affiliated companies were not allocated to the reportable segments, since these items are carried and evaluated on the enterprise level.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;">

<tr valign="top">
<td style="width: 8%;">&#160;</td>
<td align="right" style="width: 3%;">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">D.</font></div>
</td>
<td align="left" style="width: 89%;">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Reconciliations of reportable segment revenues, profit or loss, and assets, to the enterprise's consolidated totals:</font></div>
</td>
</tr>

</table>
<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div>
<div style="display: block;">
<div align="right">
<div>
<table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><strong><font style="font-size: 10pt;">US dollars</font></strong></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><strong><font style="font-size: 10pt;">Year ended December 31,</font></strong></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2013</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap;" align="center">&#160;</td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center">&#160;</td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Total revenues of reportable segment and consolidated revenues</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;" align="right"><font>175,628</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 2%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;" align="right"><font><font>182,127</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;" align="right"><font><font>170,167</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Operating income</strong></font></p>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Total operating income for reportable segments </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>40,644</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>45,870</font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>37,930</font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Unallocated amounts: </font></p>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other income (expenses) income </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>-</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>-</font></td>
<td style="/* padding: 0px; */ font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>(166</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: left;" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;">)&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financing income, net </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font>1,189</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font><font>1,704</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font><font>238</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated income before taxes on income </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font>41,833</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font><font>47,574</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font><font>38,002</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<h4 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Assets</strong></font></h4>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total assets for reportable segments (*) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>76,055</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>78,930</font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>82,297</font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other unallocated amounts: </font></p>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>46,119</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>57,159</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>61,530</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Investments in affiliated and other companies </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>4,783</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>1,095</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>1,511</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property and equipment, net </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>8,730</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>7,786</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>8,644</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other unallocated amounts </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;" align="right"><font>6,316</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;" align="right"><font><font>7,367</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;" align="right"><font><font>6,560</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated total assets (at year end) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;" align="right"><font>142,003</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;" align="right"><font><font>152,337</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;" align="right"><font><font>160,542</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<h4 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Other significant items</strong></font></h4>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total expenditures for assets of reportable segments </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>14,871</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>13,172</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>12,576</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Unallocated amounts </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font>3,676</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font><font>2,021</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font><font>1,387</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated total expenditures for assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font>18,547</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font><font>15,193</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font><font>13,963</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total depreciation, amortization and impairment for reportable segments </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>9,717</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>9,990</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>14,338</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Unallocated amounts </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font>2,245</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font><font>2,229</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font><font>1,858</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated total depreciation and amortization </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font>11,962</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font><font>12,219</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font><font>16,196</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>

</table>
</div>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
</div>
<div align="right">
<table width="100%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 90pt;">

<tr>
<td style="width: 5%; vertical-align: top;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*)</font></td>
<td style="width: 94%;">
<div><font style="font-family: 'Times New Roman'; font-size: 10pt;">Including</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">goodwill</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.<br/></font></div>
</td>
</tr>

</table>
</div>
</div>
</div>
<font style="font-family: 'Times New Roman'; font-size: 10pt;"></font>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;">

<tr valign="top">
<td style="width: 63pt;">&#160;</td>
<td align="right" style="width: 27pt;">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">E.</font></div>
</td>
<td align="left">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Geographic information</font></div>
</td>
</tr>

</table>
<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div>
<div style="display: block;">
<div class="CursorPointer" align="right">
<div align="right">
<table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Revenues</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31,</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2013</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;">
<h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Israel</font></h1>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">&#160;</font></h1>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">88,556</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>90,061</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>83,331</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> United States </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">7,811</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>7,568</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>4,876</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brazil </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">58,403</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>66,462</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>63,454</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentina </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">17,324</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>13,792</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>15,190</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">3,534</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>4,244</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>3,316</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Total</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">175,628</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>182,127</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>170,167</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>

</table>
</div>
</div>
<div style="text-indent: 0pt; display: block;"><br/></div>
<div class="CursorPointer" align="right">
<div align="right">
<table style="border-collapse: collapse; width: 89%; margin-left: 0px;" cellspacing="0" cellpadding="0">

<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Property and equipment, net</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>December 31,</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2013</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;">
<h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Israel</font></h1>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">&#160;</font></h1>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">9,934</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>8,563</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>9,051</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> United States </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">73</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>120</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>155</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brazil </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">17,228</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>17,801</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>19,178</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentina </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">4,279</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>5,424</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>4,162</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Total</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">31,514</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>31,908</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>32,546</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>

</table>
</div>
</div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805845504">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">NOTE 19 - </font></div>
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<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">A.</font></div>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="/* margin: 0pt 0pt 6pt 99pt; */ text-align: justify; /* text-indent: -22.7pt; */ font-family: 'times new roman'; margin-top: 0px; margin-bottom: 0px; margin-left: 90.75pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Most of the Group's cash and cash equivalents, deposits in short-term investments (and investments in trading marketable securities), as of December&#160;31, 2015 and 2014, were deposited with major banks (mostly in Israel) with high credit rating. The Company is of the opinion that the credit risk in respect of these balances is immaterial.</font></font></p>
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<p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Most of the Group's sales are made in Israel, Brazil, Argentina and the United States, to a large number of customers, including insurance companies.&#160;&#160;Management periodically evaluates the collectability of the trade receivables to determine the amounts that are doubtful of collection and determine a proper allowance for doubtful accounts.&#160;&#160;Accordingly, the Group's trade receivables do not represent a substantial concentration of credit risk.</font><br/></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><strong><font style="font-size: 10pt;">As of December 31, 2015</font></strong></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-size: 10pt;"><strong>Thousands of US dollars</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Balance&#160;sheet<br/>location</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Fair<br/></strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>value</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Derivatives&#160;designated&#160;as&#160;hedging&#160;instruments: </font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign&#160;exchange&#160;contracts </font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other current Assets </font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; /* padding-right: 2.85pt; */vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important; width: 14%;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1,063</font></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-size: 10pt;"><strong>Liability derivatives</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2014</font></strong></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><strong><font style="font-size: 10pt;">Thousands of US dollars</font></strong></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Balance&#160;sheet<br/>location</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Fair</strong></font><br/><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>value</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Derivatives&#160;designated&#160;as&#160;hedging&#160;instruments: </font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68%;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign&#160;exchange&#160;contracts </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14%;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;">Other current Assets</font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160;</font></font></p>
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<td style="padding-left: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14%;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font><font>1,580</font></font></font></p>
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<td style="padding: 0px; vertical-align: middle; font-family: 'Times New Roman'; width: 1%;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160;</font></font></p>
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<tr style="background-color: #cceeff;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;">&#160;Other no current Assets</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 2px; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160;</font></font></p>
</td>
<td style="padding-left: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt;"><font>984</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; font-family: 'Times New Roman'; width: 1px; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160;</font></font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68px;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1px;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 2px;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160;</font></font></p>
</td>
<td style="padding-left: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt;"><font>2,564</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; font-family: 'Times New Roman'; width: 1px;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160;</font></font></p>
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<p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Amounts reclassified to statement of income:</font></div>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Derivatives&#160;designated<br/></strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>as&#160;hedging&#160;instruments</strong></font><br/></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Location&#160;of&#160;loss<br/>recognized&#160;in&#160;income</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; /* padding-left: 2.85pt; *//* padding-right: 2.85pt; */border-bottom: black 2px solid; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Amount&#160;of&#160;gain<br/>recognized&#160;in&#160;income</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31, </strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="/* padding-left: 2.85pt; *//* padding-right: 2.85pt; */vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Thousands&#160;of&#160;US&#160;dollars</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; &#160; &#160; </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; &#160; &#160; </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; &#160; &#160; </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign&#160;exchange&#160;contracts </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost of revenues </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 12%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1,616</font></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Derivatives designated</strong></font><br/><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>as hedging instruments</strong></font><br/></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Location&#160;of&#160;</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>loss<br/></strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>recognized&#160;</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>in&#160;income </strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Amount&#160;of gain</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong><br/></strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>recognized&#160;in&#160;income</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year&#160;ended&#160;</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>December 31, </strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; /* border-bottom-width: 1pt !important; */ /* border-bottom-style: solid !important; */ /* border-bottom-color: #000000 !important;" align="center"></td>
<td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px;" align="center">&#160;</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="4" align="center">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Thousands&#160;of&#160;US&#160;dollars</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
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<tr>
<td style="vertical-align: top; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px; text-align: left;"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;">&#160;</td>
<td style="vertical-align: top; font-family: 'times new roman'; /* border-top: #000000 1pt solid !important; */ padding: 0px; text-align: left;">&#160;</td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;">&#160;</td>
<td style="vertical-align: top; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" colspan="4" align="center"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign&#160;exchange&#160;contracts </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost of revenues </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;" align="right" colspan="4"><font>39</font></td>
<td style="padding-right: 2.85pt; vertical-align: middle; text-align: center; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2015</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the notional amount of forward exchange contracts with respect to cash flow hedge of anticipated transactions amounted to US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>10.5</font>&#160;million (US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1.5</font>&#160;million per month for the next <font>7</font>&#160;months).</font></p>
<p style="margin: 0pt; font-family: 'times new roman';"><br/></p>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">C.&#160;</font></div>
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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Fair value of financial instruments</font></div>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company measures fair value and discloses fair value measurements for financial assets and liabilities. Fair value is an exit price, representing the amount that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between market participants.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company measured cash equivalents, marketable securities and derivative financial instruments at fair value.&#160; Such financial instruments are measured at fair value, on a recurring basis.&#160; The measurement of cash equivalents are classified within Level 1. The fair value of derivatives generally reflects the estimated amounts that the Company would receive or pay to terminate the contracts at the reporting dates, based on the prevailing currency prices and the relevant interest rates. Such measurement is classified within Level 2.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair value of the financial instruments included in the working capital of the Group (cash and cash equivalents, deposit in escrow, accounts receivable, accounts payable and other current assets and liabilities) approximates their carrying value, due to the short-term maturity of such instruments.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">See also Note 1V.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
<p style="margin: 0px 0px 0px 90.75pt; text-align: justify; font-family: 'times new roman'; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company's financial assets measured at fair value on a recurring basis, consisted of the following types of instruments</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as of December 31, 2015 and 2014</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>December 31, </strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Level 1</strong></font></p>
</td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
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<td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
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<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';">Trading securities<br/></p>
</td>
<td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font>2,035</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><br/></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
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<p style="margin: 0pt 0pt 0pt 20.7pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Derivatives designated as hedging instruments </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;">
<p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font><font style="font-size: 10pt;">1,063</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="font-size: 10pt; line-height: 120%; margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>December 31, 2014</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Level 1</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Level 2</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Level 3</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
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<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
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<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';">Trading securities<br/></p>
</td>
<td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font>2,362</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
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<p style="margin: 0pt 0pt 0pt 20.7pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Derivatives designated as hedging instruments </font></p>
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<td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;">
<p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>2,564</font></font> </font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6821359968">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfOperations', window );">Operations</a></td>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>1.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Operations<br/><br/></strong>Ituran Location and Control Ltd. (the &#147;Company&#148;) commenced operations in 1994. The Company and its subsidiaries (the &#147;Group&#148;) are engaged in the provision of Location based services and machine-to-machine Wireless communications products for use in stolen vehicle recovery, fleet management and other applications.</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;The Group operates through subsidiaries in Brazil and Argentina, which generates revenues in their respective local currencies. The local currencies of such countries have been subject to significant fluctuations in recent years and the exchange rate of the Brazilian Real to the US Dollar (the presentation currency of the Group) was decreased significantly during fiscal year 2015.</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The functional currency of the Company and its subsidiaries located in Israel is the New Israeli Shekel (&#147;NIS&#148;), which is the local currency in which those entities operate.&#160; The functional currency of the foreign subsidiaries of the Group is their respective local currency.</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The consolidated financial statements of the Company and all of its subsidiaries were translated into U.S. dollars in accordance with the standards of the Financial Accounting Standards Board ("FASB").&#160; Accordingly, assets and liabilities were translated from local currencies to U.S. dollars using yearend exchange rates, and income and expense items were translated at average exchange rates during the year.</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gains or losses resulting from translation adjustments (which result from translating an entity's financial statements into U.S. dollars if its functional currency is different than the U.S. dollar) are reported in other comprehensive income and are reflected in equity, under &#147;accumulated other comprehensive income (loss)&#148;.<br/><br/>Translation gains and losses resulting from changes in exchange rates used in the translation of inter company balances that are long term investment nature (i.e. which their settlement is not planned or anticipated) are also included in other comprehensive income (loss).<br/></font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balances denominated in, or linked to foreign currency are stated on the basis of the exchange rates prevailing at the balance sheet date.&#160; For foreign currency transactions included in the statement of income, the exchange rates applicable on the relevant transaction dates are used.&#160; Transaction gains or losses arising from changes in the exchange rates used in the translation of such balances are carried to financing income or expenses as applicable.</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The following table presents data regarding the dollar exchange rate of relevant currencies and the Israeli CPI:</font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Exchange rate</strong></font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>of one US dollar</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Israeli CPI</strong><font style="vertical-align: middle;"><strong>(*)</strong></font></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3" align="center">
<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>NIS</strong></font></p>
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<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Real</strong></font></p>
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<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px;" align="center">&#160;</td>
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<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>At December 31</strong>,</font></p>
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<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" colspan="3" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" colspan="3" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center">&#160;</td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2015 </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.902</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.9048</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>112.82&#160;</font>points</font></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2014 </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3.889</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2.6562</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>113.96&#160;</font></font>points</font></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px; background-color: #cceeff;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>&#160;</font></font></font></td>
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<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2013 </font></p>
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<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; text-align: center; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3.471</font></font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2.3426</font></font></font></td>
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<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>114.18&#160;</font></font>points</font></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>&#160;</font></font></font></td>
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<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Increase (decrease) during the year:</strong></font></p>
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<td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2015 </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.33</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">47.01</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1.0)</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2014 </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>12.04</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>13.39</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(0.2)</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2013 </font></p>
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<td style="vertical-align: bottom; padding: 0px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(<font>7.02</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(<font>14.63</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1.8</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
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<td style="width: 3%; vertical-align: top;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: -30.2666664123535px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(*) &#160;&#160;</font></td>
<td style="width: 97%;">
<div><font style="font-family: 'times new roman', times; font-size: 10pt;"> Based on the Index for the month ending on each balance sheet date, on the basis of 2008 average 100.</font></div>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Basis of presentation</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.4pt; orphans: 0; text-align: justify; text-indent: -22.7pt; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>3.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Basis of presentation</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (&#147;US GAAP&#148;).</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of estimates in the preparation of financial statements</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.4pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>4.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Use of estimates in the preparation of financial statements</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods.&#160; Actual results could differ from the estimates.</font></p>
<p style="margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">As applicable to these consolidated financial statements, the most significant estimates and assumptions relate to legal contingencies, revenue recognition and related deferred expenses, goodwill impairment assessment, deferred taxes and tax liabilities and uncertainties.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Principles of consolidation</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>B.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Principles of consolidation</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The consolidated financial statements include the accounts of the Company and all of its subsidiaries.&#160; In these financial statements, the term &#147;subsidiary&#148; refers to a company over which the Company exerts control (ownership interest of more than <font>50</font>%), and the financial statements of which are consolidated with those of the Company.&#160; Significant intercompany transactions and balances are eliminated upon consolidation; profits from intercompany sales, not yet realized outside of the Group, are also eliminated.&#160; Non-controlling interests are presented in equity.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Changes in the Company ownership interest in a subsidiary while the control is retained are accounted for as equity transactions and accordingly no gain or loss is recognized in consolidated net income or comprehensive income. Upon such transaction, the carrying amount of the noncontrolling interest is adjusted to reflect the change in its ownership interest in the subsidiary and any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest was adjusted is recognized in additional paid-in capital.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and cash equivalents</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>C.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Cash </strong><strong>and</strong><strong> cash equivalents</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group considers all highly liquid investments, which include short-term bank deposits that are not restricted as to withdrawal or use, and short-term debentures, with original periods to maturity not exceeding three months, to be cash equivalents.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesPolicy', window );">Marketable securities</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>D.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Marketable securities</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company accounts for investments in marketable securities in accordance with ASC Topic 320-10, <font style="font-style: italic;">"Investments - Debt and Equity Securities"</font> (&#147;ASC Topic 320-10&#148;). Management determines the appropriate classification of its investments in marketable securities at the time of purchase and reassesses such determination at each balance sheet date. </font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The investments in marketable securities covered by ASC Topic 320-10 that were held by the Company during the reported periods were designated by management as trading securities. </font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trading securities are stated at market value. The changes in market value are charged to financing income or expenses.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trading gains for the years 2015 and 2014 amounted to approximately US$ <font>666,000</font> and US$ <font>133,000</font>&#160;respectively. Trading gains for the&#160;year 2013 were&#160;insignificant.</font></p>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_StockholdersEquityTreasuryStockPolicyTextBlock', window );">Treasury stock</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>E.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>T</strong><strong>reasury stock</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Company shares held by the Company and its subsidiary are presented as a reduction of equity, at their cost, under the caption &#147;Treasury Stock&#148;. Gains and losses upon sale of these shares, net of related income taxes, are recorded as additional paid in capital.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy', window );">Allowance for doubtful accounts</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>F.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Allowance for doubtful accounts</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The allowance for doubtful accounts is determined with respect to amounts the Group has determined to be doubtful of collection. In determining the allowance for doubtful accounts, the Company considers, among other things, its past experience with customers, the length of time that the balance is post due, the customer's current ability to pay and available information about the credit risk on such customers.&#160; See also Note&#160;19A.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The allowance in respect of accounts receivable at December 31, 2015 and 2014 was US$ <font>2,063,000</font> and US$&#160;<font>2,391,000</font>, respectively.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryPolicyTextBlock', window );">Inventories</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>G.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Inventories</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inventories are stated at the lower of cost or market.&#160; Cost is determined as follows: raw materials and finished products &#150; mainly on the basis of first-in, first-out (FIFO).</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsPolicy', window );">Investment in affiliated companies</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>H.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Investment in affiliated companies</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investments in companies in which the Group has significant influence (ownership interest of between <font>20</font>% and <font>50</font>%) but less than controlling interests, are accounted for by the equity method.&#160; Income on intercompany sales, not yet realized outside of the Group, was eliminated.&#160; The Company also reviews these investments for impairment whenever events indicate the carrying amount may not be recoverable.</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">In accordance with ASC Topic 323-10-40-1, a change in the Company's proportionate share of an investee's equity, resulting from issuance of shares by the investee to third parties, is accounted for as if the Company had sold a proportionate share of its investment. Any gain or loss resulting from an investee's share issuance is recognized in earnings.</font></font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Management evaluates investments in affiliated companies, for evidence of other-than-temporary declines in value. Such evaluation is dependent on the specific facts and circumstances and includes analysis of relevant financial information (e.g. budgets, business plans, financial statements, etc.). During&#160;2015&#160;and&#160;2014,&#160;no&#160;impairment was identified.</font></font></p>
<p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investments in companies in which the company no longer has significant influence, are classified as "investments in other companies".&#160; See I. below.</font></p>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-marketable investment in other company in which the Company does not have a controlling interest nor significant influence are accounted for at cost, net of write down for any permanent decrease in value.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativesPolicyTextBlock', window );">Derivatives</a></td>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>J.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Derivatives</strong></font></p>
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<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The group applies the provisions of ASC Topic 815, <font style="font-style: italic;">"Derivatives and Hedging"</font>.&#160; In accordance with ASC Topic 815, all the derivative financial instruments are recognized as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value of a derivative financial instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For derivative financial instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">From time to time the Company carries out transactions involving foreign exchange derivative financial instruments (mainly forward exchange contracts) which are designed to hedge the cash flows expected to be paid with respect to forecasted&#160;monthly purchases of inventory, denominated in currencies other than the functional currency of the Company. Such transactions were designated as hedging instruments on the date that the Company entered into such derivative contracts, and qualify as cash flow hedges under ASC Topic 815. </font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The effective portion of the changes in fair value of the derivative instruments designated for hedging purposes are reported as other comprehensive income (loss), net of tax under the caption "unrealized gains (losses) in respect of derivative financial instruments designated for cash flow hedge" and are reclassified to the statements of income when the hedged transaction realizes. During the reporting periods, the gains or losses that were recognized in earnings for hedge ineffectiveness were insignificant. </font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">All other derivatives which do not qualify for hedge accounting, or which have not been designated as hedging instruments, are recognized in the balance sheet at their fair value, with changes in the fair value carried to the statements of income as incurred in financing income (expenses), net.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">See also Note 19B for further information.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Property and equipment</a></td>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.&#160; Leasehold improvements are depreciated on the straight-line method over the shorter of the estimated useful life of the property or the duration of the lease.</font></p>
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 113.4pt; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;Rates of depreciation:</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Operating equipment (mainly <font>20</font>%-<font>33</font>%) </font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>6.5</font>-<font>33</font> </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Office&#160;furniture,&#160;equipment&#160;and&#160;computers </font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>7</font>-<font>33</font> </font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>2.5</font> </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Vehicles </font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>15</font> </font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Duration&#160;of&#160;the&#160;lease&#160;which</font><br/><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">is&#160;less&#160;or&#160;equal&#160;to&#160;useful&#160;life.</font></font></font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock', window );">Impairment of long-lived assets</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>L.</strong><strong>&#160;&#160;&#160;&#160;</strong><strong>Impairment of long-lived assets</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;The Group's long-lived assets (including finite-lived intangible assets)&#160;are reviewed for impairment, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.&#160; Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset.&#160; If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value (see also Note 1N and Note 7).</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income taxes</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>M.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Income taxes</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.8pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group accounts for income taxes in accordance with ASC Topic 740-10,<font style="font-style: italic;"> "Income Taxes"</font>. According to this guidance, deferred income taxes are determined utilizing the asset and liability method based on the estimated future tax effects of differences between the financial accounting and the tax bases of assets and liabilities under the applicable tax law.&#160; Deferred tax balances are computed using the tax rates expected to be in effect at the time when these differences reverse. Valuation allowances in respect of the deferred tax assets are provided for if, based upon the weight of available evidence, it is more likely than not that all or a portion of the deferred income tax assets will not be realized.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">US GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is "more-likely-than-not" to be sustained were to be challenged by a taxing authority.&#160; The assessment of a tax position is based solely on the technical merits of the position, without regard the likelihood that the tax position may be challenged.&#160; If an uncertain tax position meets the "more-likely-than-not" threshold, the largest amount of tax benefit that is greater than 50% likely to be recognized upon ultimate settlement with the taxing authority is recorded.&#160; See also Note&#160;15L.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company recognizes interest as interest expenses (among financing expenses) and penalties, if any, related to unrecognized tax benefits in its provision for income tax.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock', window );">Goodwill and intangible assets</a></td>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>N.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Goodwill and intangible assets</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.&#160;&#160;&#160;&#160;&#160;Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in business combinations accounted for in accordance with the "purchase method" and is allocated to reporting units at acquisition. Goodwill is not amortized but rather tested for impairment at least annually in accordance with the provisions of ASC Topic 350, "Intangibles - Goodwill and Other". The Company performs its goodwill annual impairment test for the reporting units at December 31 of each year, or more often if indicators of impairment are present.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">As required by ASC Topic 350, the Company chooses either to perform a qualitative assessment whether the two-step goodwill impairment test is necessary or proceeds directly to the two-step goodwill impairment test. Such determination is made for each reporting unit on a stand-alone basis.&#160; The qualitative assessment includes various factors such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, earnings multiples, gross margin and cash flows from operating activities and other relevant factors. When the Company chooses to perform a qualitative assessment and determines that it is more likely than not (more than 50 percent likelihood) that the fair value of the reporting unit is less than its carrying value, then the Company proceeds to the two-step goodwill impairment test. If the Company determines Otherwise, no further evaluation is necessary.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">When the Company decides or is required to perform the two-step goodwill impairment test, the Company compares the fair value of the reporting unit to its carrying value ("step 1"). If the fair value of the reporting unit exceeds the carrying value of the reporting unit net assets (including the goodwill allocated to such reporting unit), goodwill is considered not to be impaired, and no further testing is required. If the carrying value exceeds the fair value of the reporting unit, then the implied fair value of goodwill is determined by subtracting the fair value of all the identifiable net assets from the fair value of the reporting unit. An impairment loss is recorded for the excess, if any, of the carrying value of the goodwill allocated to the reporting unit over its implied fair value ("step 2").</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">There are a number of generally accepted methods used for valuing a reporting unit: </font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The &#145;income approach' utilizes discounted forecasted cash flows, the &#145;Market &#150; approach which utilize pricing multiples of business entities with publicly traded securities whose business and financial risks are comparable to those of the reporting unit being valued and the &#145;Asset - based approach'&#160; which establishes a value based on the cost of reproducing or replacing the asset being valued. These methods described may be used alone or in combination with one another.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company applies assumptions that market participants would consider in determining the fair value of each reporting unit and the fair value of the identifiable assets and liabilities of the reporting units, as applicable.</font></p>

<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company performed a qualitative assessment for two reporting units as of December 31, 2015 and 2014, and concluded that the qualitative assessment did not result in a more likely than not indication of impairment, and therefore no further impairment testing was required, with respect to such units.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">For other reporting units (two in 2014, one in 2015), operating in Israel, the Company elected to bypass the qualitative assessment and proceeded directly to performing the first step of the goodwill impairment test.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In order to determine the fair value of such&#160;reporting units, the Company utilized the "income approach". According to the income approach expected future cash flows are discounted to their present value using an appropriate rate of return. Judgments and assumptions related to future cash flows (projected revenues, operating expenses, and capital expenditures), future short-term and long-term growth rates, and weighted average cost of capital, which are based on management's internal assumptions, and believed to be similar to those that would be utilized by market participants under the circumstances and to represent both the specific risks associated with the business, and capital market conditions, are inherent in developing the discounted cash flow model.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">During 2015, 2014 and 2013, the Company recorded a goodwill impairment loss in an amount of US$&#160;<font>674,000</font>, US$&#160;<font>879,000</font> and US$&#160;<font>3,093,000</font>, respectively.&#160; See Note 8.</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.&#160;&#160;&#160;&#160;&#160;Intangible assets with finite lives are amortized using the straight-line basis over their useful lives, to reflect the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up, as follows</font></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> GIS database </font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>10</font> </font></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Brand name </font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>15</font> </font></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Other </font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>3</font>-<font>10</font> </font></p>
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<p style="margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Recoverability of intangible assets is measured as described in Note&#160;1L above.&#160; During 2015, the Company recorded an intangible assets impairment loss in an amount of US$&#160;<font>255,000</font>.&#160; See Note 7.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesPolicyTextBlock', window );">Contingencies</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>O.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Contingencies</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company and its subsidiaries are involved in certain legal proceedings that arise from time to time in the ordinary course of their business and in connection with certain agreements with third parties.&#160; Except for income tax contingencies, the Company records accruals for contingencies to the extent that the management concludes that the occurrence is probable and that the related liabilities are estimable. Legal expenses associated with contingencies are expensed as incurred.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PensionAndOtherPostretirementPlansPolicy', window );">Funds in respect of, and liability for employee rights upon retirement</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>P.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Funds in respect of, and liability for employee rights upon retirement</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company's liability for employee rights upon retirement with respect to its Israeli employees is calculated, pursuant to Israeli severance pay law, based on the most recent salary of each employee multiplied by the number of years of employment, as of the balance sheet date. Employees are entitled to one month's salary for each year of employment, or a portion thereof. The Company makes monthly deposits to insurance policies and severance pay funds. The liability of the Company is fully provided for.</font></p>
<p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The deposited funds include profits or losses accumulated up to the balance sheet date. The deposited funds may be withdrawn upon the fulfillment of the obligation pursuant to Israeli severance pay laws or labor agreements. The value of the deposited funds is based on the cash surrender value of these policies, and includes profits or losses.</font></p>
<p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The liability for employee rights upon retirement in respect of the employees of the non-Israeli subsidiaries of the Company, is calculated on the basis of the labor laws of the country in which the subsidiary is located and is covered by an appropriate accrual.</font></p>
<p style="text-align: justify; font-family: 'times new roman'; margin: 0pt 0pt 11pt 90.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Severance expenses for the years ended December 31, 2015, 2014 and 2013, amounted to US$ <font>1,386,000</font> US$&#160;<font>1,460,000</font> and US$&#160;<font>882,000</font>, respectively.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue recognition</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Q.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Revenue recognition</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Revenues are recognized when delivery has occurred and, where applicable, after installation has been completed, there is persuasive evidence of an arrangement, the fee is fixed or determinable and collection of the related receivable is reasonably assured and no further obligations exist. In cases where delivery has occurred but the required installation has not been performed, the company does not recognize the revenues until the installation is completed.</font></p>
<p style="margin: 0pt 0pt 11pt 90.75pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company's revenues are recognized as follows:</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;Revenues from sales are recognized when title and risk of loss of the product pass to the customer (usually upon delivery).</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;The Company applies the provisions of ASC Topic 605-25, "Revenue Recognition - Multiple-Element Arrangements", as amended. ASC Topic 605-25 provides guidance on how to account for arrangements that involve the delivery or performance of multiple products, services and/or rights to use assets. For such arrangements, each element of the contract is accounted for as a separate unit when it provides the customer value on a stand-alone basis and if an arrangement includes a right of return relative to a delivered item, delivery or performance of the undelivered item or items is considered probable and substantially in the control of the Company. According to ASC 605-25, as amended, when neither "vendor specific objective evidence" of selling price, nor third party price exists, the Company is required to develop a best estimate of the selling price of the deliverables and the entire arrangement consideration is allocated to the deliverables based on the relative selling prices.</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Revenues from SVR services subscription fees and from installation services, sold to customers within a single contractually binding arrangement were accounted for revenue recognition purposes as a single unit of accounting in accordance with ASC Topic 605-25, since the installation services element was determined not to have a value on a stand-alone basis to the customer. Accordingly, the entire contract fee for the two deliverables&#160;is recognized ratably on a straight-line basis over the subscription period.</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">3. &#160; &#160;&#160;Amounts earned by the Brazilian subsidiary for arranging a bundle transaction of SVR services subscription and installation services together with insurance services to be supplied by a third party insurance company, are recognized ratably on a straight-line basis over the subscription period, since the amount allocated to the company, is contingent upon the delivery of the SVR services. As the insurance company is the primary obligor of the insurance component, the company recognizes only the net amounts as revenues, after deduction of amounts related to the insurance component.<br/></font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">4. &#160; &#160; Deferred revenues include unearned amounts received from customers (mostly for the provision of installation and subscription services) but not yet recognized as revenues.&#160; Such deferred revenues are recognized as described in paragraph 2, above.<br/></font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">5. &#160; &#160; &#160;Extended warranty<br/><br/>Revenues from extended warranty which are provided for a monthly fee and are sold separately are recognized over the duration of the warranty periods.<br/></font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StandardProductWarrantyPolicy', window );">Warranty costs</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>R.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Warranty costs</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company provides a standard warranty for its products to end-users at no extra charge. The Company estimates the costs that may be incurred under its warranty obligation and records a liability at the time the related revenues are recognized.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Among the factors affecting the warranty liability are the number of installed units and historical percentages of warranty claims. The Company periodically assesses the adequacy of the recorded warranty liability and adjusts the amount to the extent necessary. To date, warranty costs and the related liabilities have not been material.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpensePolicy', window );">Research and development costs</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>S.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Research and development costs</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 113.4pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;Research and development costs (other than computer software related expenses) are expensed as incurred.</font></p>
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;Software Development Costs</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 113.45pt; text-align: justify; text-indent: -1.1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">ASC Topic 985-20, <font style="font-style: italic;">"Costs of Software to Be Sold, Leased, or Marketed"</font> requires capitalization of certain software development costs subsequent to the establishment of technological feasibility.&#160; Research and development costs incurred in the process of developing product improvements or new products, are generally expensed as incurred, net of grants received from the Government of Israel for development of approved projects. Costs incurred by the Company between the establishment of technological feasibility and the point at which the product is ready for general release are usually insignificant.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvertisingCostsPolicyTextBlock', window );">Advertising costs</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>T.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Advertising costs</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advertising costs are expensed as incurred.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advertising expenses for the years ended December 31, 2015, 2014 and 2013 amounted to US$ <font>6.8</font> million, US$&#160;<font>6.7</font> million and US$&#160;<font>7.6</font> million, respectively.&#160; Advertising expenses are presented among "selling and marketing expenses".</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Earnings per share</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>U.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Earnings per share</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Basic earnings per share are computed by dividing net income attributable to the common shares, by the weighted average number of shares outstanding during the year, net of the weighted average number of treasury stock.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">In computing diluted earnings per share, basic earnings per share are adjusted to reflect the effect of any potential dilutive ordinary shares. During the reporting periods there were no such potential shares.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair value measurements</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>V</strong><strong>.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Fair value measurements</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">The Company measures fair value and discloses fair value measurements for financial and non-financial assets and liabilities. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.</font><br/></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman'; margin-bottom: 0pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">As such, fair value is a market based measurement that is required to be determined based on the assumptions that market participants would use to determine the price of an asset or a liability.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">As a basis for considering such assumptions, the fair value accounting standard establishes the following fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:</font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Level 1 - Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. </font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Level 2 - Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. </font></p>
<p style="margin: 0pt 0pt 11pt 113.5pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Level 3 - Unobservable inputs are used when little or no market data is available. Level 3 inputs are considered as the lowest priority under the fair value hierarchy.</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In determining fair value, companies are required to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as to consider counterparty credit risk in the assessment of fair value.</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Regarding the fair value measurements of financial assets and liabilities and the fair value hierarchy of such measurements, see Note 19C.</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company also measures certain non-financial assets, consisting mainly goodwill and intangible assets at fair value on a nonrecurring basis. These assets are adjusted to fair value when they are considered to be impaired (see 1N and 1L above). As of December 31, 2015, the Company measured the fair value of goodwill with a total carrying amount of US$ <font>0.7</font>&#160;million (before the recognition of an impairment loss) that is allocated to one reporting unit.&#160; As a result of the above impairment test, the Company recorded an impairment loss of goodwill in an&#160;amount of US$ <font>0.7</font>&#160;million, to its implied fair value of &#160;US$&#160;<font>0</font>&#160;million.&#160; The fair value measurement of the non-financial assets is classified as level 3.</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-size: 10pt;">As of December 31, 2014, the Company measured the fair value of goodwill with a total carrying amount of US$ <font>1.5</font> million (before the recognition of an impairment loss) that was allocated to two&#160;reporting units. As a result of the above impairment test, the Company recorded an impairment loss of goodwill in&#160;amount of US$ <font>0.9</font>&#160;million, to its implied fair value of US$ <font>0.7</font> million. The fair value measurement of the non-financial assets is classified as level 3.</font></p>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DeferredChargesAndPrepaidExpensesPolicyTextBlock', window );">Deferred installation expenses and prepaid expenses</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>W</strong><strong>.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Deferred installation expenses&#160;and prepaid expenses</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Direct installation expenses incurred at the inception of specific subscription arrangements in Brazil with specific customers, to enable the Company's subsidiary in Brazil to perform under the terms of the arrangement (i.e. directly attributable to obtaining a specific subscriber), which their costs can be measured reliably, are capitalized and presented as "Deferred installation expenses" within the balances "Other current assets" and "Other non-current assets", as applicable. </font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Such installation activities has determined not to represent separate earnings process for revenue recognition purposes in accordance with the principles of ASC Topic 605-25, "Multiple-Element Arrangements" as they&#160;has been determined&#160;not to have a value on a stand-alone basis to the customer.</font></p>
<p style="margin: 0pt 0pt 11pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The deferred expenses that are capitalized are limited to the higher of value of the amount of nonrefundable deferred revenue, if any or to the amount of the minimum contractual subscription revenue, net of direct costs.</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The deferred expenses are amortized over the estimated&#160;life of the related subscription arrangements by the straight-line method (usually <font>20</font> months). Costs that do not meet the aforementioned criteria, are recognized immediately as expenses.<br/><br/>Prepaid expenses, consist of amounts paid by the Brazilian subsidiary to insurance companies as a prepaid insurance on behalf of its customers as part of bundle transactions of SVR services together with insurance services to be supplied by a third party insurance company. Under such transactions, the customers are required accordingly to pay the Brazilian subsidiary a monthly fee for all the bundled services (see Note 1R regarding the revenue recognition of bundle transactions). The insurance companies are obligated to refund any unearned insurance amounts to the Brazilian subsidiary in the event of cancelation by the customers. The prepaid expenses are amortized over the contractual life of the insurance service with the insurance company (usually 12 months) by the straight-line method. The amortization is netted against the monthly receipts from customers for the bundled services.<br/></font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Stock-based compensation</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>X.</strong><strong>&#160;&#160;&#160;&#160;</strong><strong>Stock-based compensation</strong></font>&#160;</p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br/>The Company measures and recognizes compensation expense for cash bonuses to senior employees, which are based, or partly based, on the price of the Company's shares in accordance with ASC 718 -30, "Compensation-Stock Compensation - Awards Classified as Liabilities" (See Note 17 F regarding "Excess Return Cash Incentives").<br/><br/>The awards are measured at the grant date at their fair value and remeasured at the end of each reporting period through settlement, with changes in the fair value recognized as compensation cost over the requisite service period. Compensation cost for awards that are subject to market conditions are be attributed separately for each vesting tranche of the award (generally calendar year).<br/><br/>The fair value of the award is estimated using the Monte-Carlo-pricing model. The effect of market conditions is reflected in the fair value measurements.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PriorPeriodReclassificationAdjustmentDescription', window );">Reclassification</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Y.</strong><strong>&#160;&#160;&#160;&#160;&#160;</strong><strong>Reclassification</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Certain comparative figures have been reclassified to conform to the current year presentation.&#160; Such reclassifications did not have any significant impact on the Company's equity, net income or cash flows.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recently issued accounting pronouncements</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Z.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Recently issued accounting pronouncements</strong></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>1.</strong><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strong><strong>Accounting </strong><strong>pronouncements</strong><strong> not yet effective</strong></font></p>
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 6pt 135.1pt; text-align: justify; text-indent: -22.55pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160; &#160; &#160; &#160; &#160; A<b><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;">ccounting Standard Update 2014-09, "Revenue from Contracts with Customers"</font></b> </strong></font></p>
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 0pt 113.4pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In May 2014, the FASB issued Accounting Standard Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09").</font></p>
<p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">ASU 2014-09 outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 also requires entities to disclose sufficient information, both quantitative and qualitative, to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.</font></p>
<p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">An entity should apply the amendments in this ASU using one of the following two methods: 1. Retrospectively to each prior reporting period presented with a possibility to elect certain practical expedients, or, 2. Retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. If an entity elects the latter transition method, it also should provide certain additional disclosures.</font></p>
<p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-size: 10pt;">An entity should apply the amendments in this ASU using one of the following two methods: 1. Retrospectively to each prior reporting period presented with a possibility to elect certain practical expedients, or, 2. Retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. If an entity elects the latter transition method, it also should provide certain additional disclosures.</font></p>
<p style="margin: 0pt 0pt 11pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In accordance with a recent amendment to ASU 2014-09, introduced by Accounting Standards Update 2015-11, "Revenue from Contracts with Customers - Deferral of the Effective Date", for a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period (the first quarter of fiscal year 2018 for the Company). Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period.</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company is in the process of assessing the impact, if any, of ASU 2014-09 on its consolidated financial statements.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounting Standard Update 2015-11, "Simplifying the Measurement of Inventory"</font></strong></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In July, 2015, The FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330) ("ASU 2015-11").</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">ASU 2015-11 outlines that inventory within the scope of its guidance be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and the retail inventory method (RIM) are not impacted by the new guidance. Prior to the issuance of ASU 2015-11, inventory was measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin).</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">For a public entity, the amendments in ASU 2015-11 are effective, in a prospective manner, for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period (the first quarter of fiscal year 2017 for the Company). Early adoption is permitted as of the beginning of an interim or annual reporting period.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company is in the process of assessing the impact, if any, of ASU 2015-11 on its consolidated financial statements.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounting Standards Update 2015-17, "Income Taxes: Balance Sheet Classification of Deferred Taxes"</font></strong></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In November 2015, the FASB has issued Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which changes how deferred taxes are classified on organizations' balance sheet.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The ASU eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, all deferred tax assets and liabilities will be required to be classified as noncurrent.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The amendments apply to all organizations that present a classified balance sheet. For public companies, the amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods (i.e., in the first quarter of 2017 for calendar year-end companies).</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;">Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period.</font></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheet). If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company does not believe this ASU will have a significant impact on its consolidated financial statements.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounting Standards Update 2016-02, "Leases"</font></strong></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">In February, 2016, the FASB issued its new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842).</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1. A lease liability, which is a lessee&#145;s obligation to make lease payments arising from a lease, measured on a discounted basis; and, 2. A right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e., January 1, 2019, for a calendar year Company). Early application is permitted for all public business entities upon issuance.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;">Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach.</font></font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 135.1pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-GB; mso-bidi-language: HE;">The Company is in the process of assessing the impact, if any, of ASU 2016-02 on its consolidated financial statements.</font> </font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for deferral and amortization of significant deferred charges and prepaid expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for treasury stock in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for advertising costs. For those costs that cannot be capitalized, discloses whether such costs are expensed as incurred or the first period in which the advertising takes place. For direct response advertising costs that are capitalized, describes those assets and the accounting policy used, including a description of the qualifying activity, the types of costs capitalized and the related amortization period. An entity also may disclose its accounting policy for cooperative advertising arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 20<br> -Section 55<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51677389&amp;loc=d3e8384-108330<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=51662920&amp;loc=d3e8275-108329<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdvertisingCostsPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BasisOfAccountingPolicyPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 305<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Financial Reporting Release (FRR)<br> -Number 203<br> -Paragraph 02-03<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 1<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 450<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6491354&amp;loc=d3e6052-115624<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 450<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491354&amp;loc=d3e6049-115624<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=51674963&amp;loc=d3e12565-110249<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=d3e5614-111684<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.3A-02)<br> -URI http://asc.fasb.org/extlink&amp;oid=27015204&amp;loc=d3e355033-122828<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph k<br> -Article 1<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02, 03<br> -Article 3A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidationPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostMethodInvestmentsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the cost method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. An entity also may describe how such investments are assessed for impairment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 325<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6872867&amp;loc=d3e40691-111596<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6379859&amp;loc=d3e20599-111556<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostMethodInvestmentsPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for its derivative instruments and hedging activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=d3e41620-113959<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(n))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=SL5579240-113959<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=SL5579245-113959<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=d3e41675-113959<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=d3e41638-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerSharePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerSharePolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. The accounting policy may include information such as: (1) initially recording an investment in the stock of an investee at cost; (2) adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of acquisition; and (3) adjustments to reflect the investor's share of changes in the investee's capital (dividends). This disclosure may also include a detailed description of the policy for determining the amount of equity method losses recognized after an investment has been reduced to zero as a result of previous losses, reasons for not using the equity method when the investor company owns 20 percent or more of the voting stock of the investee's company (including identification of the significant investee), reasons for using the equity method when the ownership percentage is less than 20 percent, and discussion of recognition of equity method losses when an investor's total investment in an investee includes, in addition to an investment in common stock, other investments such as preferred stock and loans to the investee. An entity also may describe how such investments are assessed for impairment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentsPolicy</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16265-109275<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the impairment and disposal of long-lived assets including goodwill and other intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32840-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6423966&amp;loc=d3e40913-109327<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32809-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32247-109318<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32280-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxPolicyTextBlock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28360613&amp;loc=d3e4492-108314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=28360613&amp;loc=d3e4556-108314<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Financial Reporting Release (FRR)<br> -Number 206<br> -Paragraph b<br> -Subparagraph i, ii<br> -Chapter 2<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 6<br> -Subparagraph a<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryPolicyTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketableSecuritiesPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for investments in debt and equity securities that have readily determinable fair values (marketable securities). At a minimum, the disclosure might address accounting policies for investments classified as trading, available for sale, or held to maturity and may include how the entity determines whether impairments of available for sale or held to maturity investments are other than temporary, how the fair values of the entity's securities are determined, and the entity's accounting treatment for transfers between investment categories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section S50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6381980&amp;loc=d3e87707-122711<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 320<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6957658&amp;loc=d3e62652-112803<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 5<br> -Section M<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 2, 12<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MarketableSecuritiesPolicy</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6003-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2A<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=SL51803626-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NatureOfOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PensionAndOtherPostretirementPlansPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for pension and other postretirement benefit plans. This accounting policy may address (1) the types of plans sponsored by the entity, and the benefits provided by each plan (2) groups that participate in (or are covered by) each plan (3) how plan assets, liabilities and expenses are measured, including the use of any actuaries and (4) significant assumptions used by the entity to value plan assets and liabilities and how such assumptions are derived.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 70<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49170846&amp;loc=d3e28014-114942<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 60<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6414199&amp;loc=d3e39622-114963<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 80<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=49170332&amp;loc=d3e29149-114947<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6412939&amp;loc=d3e15145-114933<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=58740216&amp;loc=d3e1928-114920<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PensionAndOtherPostretirementPlansPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PriorPeriodReclassificationAdjustmentDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for reclassifications that affects the comparability of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PriorPeriodReclassificationAdjustmentDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for determining the allowance for doubtful accounts for trade and other accounts receivable balances, and when impairments, charge-offs or recoveries are recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5144-111524<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 4<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpensePolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Research and Development<br> -URI http://asc.fasb.org/extlink&amp;oid=6523717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpensePolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueRecognitionPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18823-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18726-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.B.Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section B<br> -Paragraph Question 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueRecognitionPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StandardProductWarrantyPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for standard warranties including the methodology for measuring the liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=51674963&amp;loc=d3e12565-110249<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StandardProductWarrantyPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UseOfEstimates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6061-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6143-108592<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6132-108592<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805925408">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="7" align="center">
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Israeli CPI</strong><font style="vertical-align: middle;"><strong>(*)</strong></font></font></p>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"></td>
<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3" align="center">
<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>NIS</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3" align="center">
<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Real</strong></font></p>
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<td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px;" align="center">&#160;</td>
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<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>At December 31</strong>,</font></p>
</td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" colspan="3" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" colspan="3" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center">&#160;</td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2015 </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.902</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.9048</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>112.82&#160;</font>points</font></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2014 </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3.889</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2.6562</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>113.96&#160;</font></font>points</font></td>
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<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2013 </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; text-align: center; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3.471</font></font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2.3426</font></font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>114.18&#160;</font></font>points</font></td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>&#160;</font></font></font></td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Increase (decrease) during the year:</strong></font></p>
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<td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 63%;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2015 </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.33</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">47.01</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1.0)</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2014 </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>12.04</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>13.39</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(0.2)</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 2013 </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(<font>7.02</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(<font>14.63</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1.8</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
</tr>

</table>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 113.5pt; text-align: justify; text-indent: -22.75pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<div>
<div class="CursorPointer" align="right">
<table width="86%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.1px;">

<tr>
<td style="width: 3%; vertical-align: top;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: -30.2666664123535px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(*) &#160;&#160;</font></td>
<td style="width: 97%;">
<div><font style="font-family: 'times new roman', times; font-size: 10pt;"> Based on the Index for the month ending on each balance sheet date, on the basis of 2008 average 100.</font></div>
</td>
</tr>

</table>
</div>
</div>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_PropertyPlantAndEquipmentDepreciationRatesTableTextBlock', window );">Schedule of Depreciation Rates</a></td>
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<div style="/* margin-left: 110pt;" align="center">
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>%</strong></font></p>
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<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 34%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Operating equipment (mainly <font>20</font>%-<font>33</font>%) </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 28%; background-color: #cceeff;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>6.5</font>-<font>33</font> </font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Office&#160;furniture,&#160;equipment&#160;and&#160;computers </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>7</font>-<font>33</font> </font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Buildings </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>2.5</font> </font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Vehicles </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>15</font> </font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: top; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Leasehold improvements </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Duration&#160;of&#160;the&#160;lease&#160;which</font><br/><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">is&#160;less&#160;or&#160;equal&#160;to&#160;useful&#160;life.</font></font></font></p>
</td>
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</table>
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</div>
</div><span></span>
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<p style="font-size: 10pt; margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font><br/></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Years</strong></font></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> GIS database </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>10</font> </font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Brand name </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>15</font> </font></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Other </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>3</font>-<font>10</font> </font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of information pertaining to property, plant and equipment depreciation rates.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of information pertaining to the useful lives of intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom;font-family: 'Times New Roman';text-indent: 20px;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="6">
<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">US dollars</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; font-family: 'Times New Roman'; text-indent: 20px;" colspan="6">
<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">December 31,</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(in &#160;thousands)</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Prepaid expenses and others </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>10,960</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 9,779 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Government institutions </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,910</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 2,694 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Deferred installation expenses </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,403</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 2,485 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Deferred income taxes (*) </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,752</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 3,649 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Advances to suppliers </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>84</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 324 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Employees </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>389</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 343 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Forward Exchange Contracts</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,063</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 1,580 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,876</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 1,464 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>22,437</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 22,318 </font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><br/></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: center; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 20px;">&#160;</td>
</tr>

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<table width="92%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.1px;">

<tr>
<td style="width: 5%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(*)</font></td>
<td style="width: 95%;">
<div>See Note 15.</div>
</td>
</tr>

</table>
</div>
<font style="font-family: 'times new roman', times; font-size: 10pt;"></font></div><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the carrying amounts of other current assets.</p></div>
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<td><strong> Name:</strong></td>
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<td>na</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805906192">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVENTORIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>US&#160;dollars</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-top: #000000 1pt solid !important; font-family: 'Times New Roman';" colspan="6">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>December 31,</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<tr>
<td style="padding: 0px 3px 0px 0px;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
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<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-bottom-color: #000000 !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;BORDER-BOTTOM: black 2px solid;font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
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<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Finished products </font></p>
</td>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>8,833</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 8,845 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Raw materials </font></p>
</td>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,948</font></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 3,319 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>12,781</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 12,164 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 2<br> -Paragraph 6<br> -Subparagraph a,b,c<br> -Article 5<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENTS IN AFFILIATED AND OTHER COMPANY (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<table cellpadding="0" cellspacing="0" width="88%" style="font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;">

<tr>
<td valign="bottom" width="76%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td>
<td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%" style="border-bottom: black 2px solid;">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">US dollars</font></div>
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<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">&#160;</font></td>
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<tr>
<td valign="bottom" width="76%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">&#160;</font></td>
<td colspan="6" valign="bottom" width="22%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">December 31,</font></div>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">&#160;</font></td>
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<td align="left" valign="bottom" width="76%" style="border-bottom: black 2px solid;">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">(in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="border-bottom: black 2px solid;">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">2015</font></div>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">&#160;</font></td>
<td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="border-bottom: black 2px solid;">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">2014</font></div>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td align="left" valign="bottom" width="76%" style="background-color: #cceeff;">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Investment in Bringg (see 1 below)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>3,082</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>1,016</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
</tr>
<tr>
<td align="left" valign="bottom" width="76%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;">IRT (see 2 below)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>1,662</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>-</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; background-color: #cceeff;">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Other</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>(39</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td>
<td align="left" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>-</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" width="76%" style="padding-bottom: 4px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160; </font></td>
<td align="left" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="border-bottom: black 4px double; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="9%" style="border-bottom: black 4px double; text-align: right;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font>4,705</font></font></td>
<td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
<td valign="bottom" width="1%" style="border-bottom: black 4px double; text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br></p></div>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="border-top-color: #000000 !important; border-top-style: solid !important; border-top-width: 1pt !important; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';" colspan="6">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>December 31,</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom-style: solid !important; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="border-bottom-color: #000000 !important; border-bottom-style: solid !important; border-bottom: black 2px solid; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom-style: solid !important; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="border-bottom-color: #000000 !important; border-bottom-style: solid !important; border-bottom: black 2px solid; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; &#160; &#160; </font></p>
</td>
<td style="padding: 0px; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; &#160; &#160; </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; &#160; &#160; </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
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<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Forward Exchange Contracts</font></p>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>-</font></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font> 984 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
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<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Government institutions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>-</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font> 73 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred installation expenses </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>488</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font> 459 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deposits </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>678</font></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font> 575 </font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1,166</font></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 76px;">
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1px;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9px;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1px;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9px;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left">&#160;</td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Operating equipment (*) </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font>43,740</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font>46,947</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Office furniture, equipment and computers </font></p>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>24,790</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>23,858</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Land </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>1,022</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>1,022</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Buildings </font></p>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>1,845</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>1,855</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Vehicles </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>3,810</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>3,412</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leasehold improvements </font></p>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>3,616</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>3,088</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>78,823</font></td>
<td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>80,182</font></td>
<td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Less &#150; accumulated depreciation and amortization (**) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>(47,309</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>(48,274</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td>
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<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt;">Total property and equipment, net</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font>31,514</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font>31,908</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font>
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<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: TOP;">(*)&#160;</font></p>
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<td style="padding: 0px; width: 1%;"></td>
<td style="padding: 0px; width: 97%;">
<div><font style="font-family: 'Times New Roman'; font-size: 10pt;">As December 31, 2015 and 2014, an amount of US$ </font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">26</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;million and US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">26</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;million is subject to operating lease transactions, respectively.</font></div>
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<font style="font-family: 'Times New Roman'; font-size: 10pt;"></font> <font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div style="margin-left: 90pt;">
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<tr>
<td style="padding: 0px; text-indent: 0px; width: 2%; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(**)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font></p>
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<td style="padding: 0px; width: 1%;"></td>
<td style="padding: 0px; width: 97%;">
<div><font style="font-family: 'Times New Roman'; font-size: 10pt;">As at December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2015</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2014</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, an amount of US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">10.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;million and US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">10.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;million is subject to operating lease transactions, respectively.</font></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS, NET (Tables)<br></strong></div></th>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="14">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>US dollars</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-top: #000000 1pt solid !important; font-family: 'Times New Roman';" colspan="10">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> December&#160;31,</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>December&#160;31,</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'times new roman'; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Original&#160;</strong><strong>amount</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Accumulated amortization&#160;</strong><strong>and<br/>impairment charges</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Unamortized balance</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';border-top-color: #000000 !important;border-top-width: 1pt !important;border-top-style: solid !important;BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="2">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Unamortized balance</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 52%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> GIS database </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,876</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,876</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 295 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><br/></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Brand name </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,177</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,177</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 132 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5,472</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5,446</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>26</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 25 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>10,525</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>10,499</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>GOODWILL (Tables)<br></strong></div></th>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Location&#160;</strong><strong>b</strong><strong>ased </strong><strong>s</strong><strong>ervices</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Wireless<br/></strong><strong>c</strong><strong>ommunications</strong></font></p>
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>p</strong><strong>roducts</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
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<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Balance as of January 1, 2014 (*)</font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
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<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"></td>
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<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Changes during 2014:</strong></font></p>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Impairment (see B. below) </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(879</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(879</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
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<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(186</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(327</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(513</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
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<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Balance as of December 31, 2014</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,544</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,497</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,041</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><strong><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Changes during 2015:</font></strong></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Impairment (See B. below)</font><br/></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(674</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(674</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Translation differences</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(5</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(6</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(11</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Balance as of December 31, 2015</font><br/></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,539</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,817</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,356</font></font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
</tr>

</table>
</div>
</div>
</div>
<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">

<tr>
<td style="width: 90.75pt;"><br/></td>
<td style="width: 27pt; vertical-align: top;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: -30.2667px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(*)</font><br/></td>
<td>
<div><font style="font-size: 10pt;">The accumulated amount of impairment loss as of <font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">December 31, 2013, December 31, 2014 and December 31, 2015&#160;</font>was US$ <font>5,545,000</font>, US$&#160;<font>6,424,000</font> and US$&#160;<font>7,098,000</font>, respectively.</font></div>
</td>
</tr>

</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6815199376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER CURRENT LIABILITIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="text">&#160;<span></span>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>US dollars</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-top: #000000 1pt solid !important; font-family: 'Times New Roman';" colspan="6">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>December 31,</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
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<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding: 0px; vertical-align: top; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 76%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Accrued expenses</font></p>
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<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>7,439</font></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 7,919 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Accrued payroll and related taxes</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,255</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 5,692 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Government institutions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5,742</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 6,009 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Related party </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 98 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px 3px 0px 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Accrued dividend&#160; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,128</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font> 4,639 </font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px 0px 0px 3px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;">
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information.  Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6637540128">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER (INCOME) EXPENSES, NET (Tables)<br></strong></div></th>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
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<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">922</font></font></td>
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<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,620</font></font></td>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(951)</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
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<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(145</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px 0px 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(66</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px 0px 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(60</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="vertical-align: top; width: 4%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; orphans: auto; text-align: justify; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(1)</font></td>
<td style="vertical-align: top; width: 96%;">
<div><font style="font-family: 'times new roman', times; font-size: 10pt;">On December 31, 2015, the Company sold its entire holding in the subsidiary Mapa Internet Ltd. for a total consideration of NIS&#160;<font>2.3</font> million (approximately US$&#160;<font>600,000</font>).<br/>Management does not believe that the sale of Mapa internet Ltd represents a strategic shift for the company. As a result, the above transaction has not been reflected in the accompanying consolidated financial statements as discontinued operations<br/></font></div>
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<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.75pt; text-indent: -22.7pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="width: 4%; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2)</font></td>
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<div><font style="font-family: 'times new roman', times; font-size: 10pt;">See Notes 7, 8 and 1N.</font></div>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"><font style="font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center"><font style="font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
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<td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
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<td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" align="center"></td>
<td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" align="center">&#160;</td>
<td style="vertical-align: top; text-align: justify; font-family: 'times new roman'; padding: 0px;" align="center">&#160;</td>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font>(64)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font>309</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Gains&#160;in&#160;respect&#160;of&#160;marketable&#160;securities </font></p>
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<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>666</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>133</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>-</font></td>
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</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest&#160;expenses&#160;in&#160;respect&#160;of&#160;long-term&#160;loans </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>-</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>-</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(4</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
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<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest&#160;income&#160;in&#160;respect&#160;of&#160;deposits</font></p>
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<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>773</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>982</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>1,998</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Exchange&#160;rate&#160;differences&#160;and&#160;others,&#160;net </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="right"><font>(186)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="right"><font>280</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid;" align="right"><font>(555</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
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<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>1,189</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>1,704</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>238</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6803346528">
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<p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></strong></p>
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<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"><strong>&#160;</strong></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160; &#160; US dollars</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
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<p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></strong></p>
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<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"><strong>&#160;</strong></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> Year ended December 31,</strong></font><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
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<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left; border-bottom: black 2px solid;"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">(in thousands)</font></strong></p>
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<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: center;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: center;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"><br/></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2013 &#160;&#160;</strong></font></td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; text-align: center; width: 20px;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
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<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Income taxes (tax benefit):</font></p>
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<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;" align="center">&#160;</td>
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<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current taxes: </font></p>
</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center">&#160;</td>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In Israel </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font>6,279</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font><font>7,564</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 9%; background-color: #cceeff;" align="right"><font><font>6,060</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
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</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>6,089</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>7,630</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>8,194</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>12,368</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>15,194</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>14,254</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 10px;">
<p style="font-family: 'times new roman'; margin: 0pt 0pt 0pt 3pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred taxes:</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In Israel </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(121</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(471</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(<font>503</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Outside Israel </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>206</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>(<font>432</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>(1,309</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>85</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>(<font>903</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>(1,812</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 0px;">
<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;Taxes in respect of prior years:</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In Israel </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>369</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>-</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>-</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><br/></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 29.85pt; text-indent: -7.1pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Outside Israel </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>-</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>(45</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>5</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><br/></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>369</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font>(45</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font>5</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><br/></td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>12,822</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font>14,246</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;" align="right"><font><font>12,447</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
</tr>

</table>
</div>
</div>
</div>
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</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock', window );">Schedule of Income Tax Reconciliation</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div style="display: block;">
<div style="display: block;">
<div align="right">
<table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70px;">
<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-top: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right" colspan="8"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">US dollars</font></strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70px;">
<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-top: 0pt;"><br/></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"><br/></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"><br/></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;" align="right" colspan="8"><strong>Year ended December 31,</strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"><br/></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; text-align: left; margin-top: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;<strong>(in thousands)</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><strong>2015&#160;</strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center;" align="left"><strong>&#160;</strong></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; text-align: center;"><strong>&#160;</strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center;" align="left"><strong>&#160;</strong></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><strong>2014&#160;</strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center;" align="left"><strong>&#160;</strong></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; text-align: center;"><strong>&#160;</strong></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><strong>2013&#160;</strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Pretax income </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"><font>41,833</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"><font><font>47,574</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right"><font><font>38,002</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Statutory tax rate </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>26.5</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">%</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>26.5</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">%</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>25</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">%</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tax computed at the ordinary tax rate </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>11,086</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>12,607</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>9,500</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">Nondeductible expenses (income)</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>526</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>10</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>1,365</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Losses in respect of which no deferred taxes were generated (including changes in valuation allowance)</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>831</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>(304</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>137</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deductible financial expenses recorded to&#160;other comprehensive income</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>(439</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>(<font>365</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>(<font>312</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tax adjustment in respect of different tax rates </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>1,411</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>1,662</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>1,877</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Taxes in respect of withholding at the source from royalties and dividends </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>78</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>615</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>817</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Adjustment in respect of tax rate deriving from &#147;approved enterprises&#148; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(405</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(<font>558</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>(<font>467</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>(266</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>579</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>(470</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font>12,822</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font>14,246</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font>12,447</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>

</table>
</div>
</div>
</div>
</div>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock', window );">Summary of Deferred Taxes</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div style="display: block;">
<table width="100%" cellpadding="0" border="0" cellspacing="0">

<tr>
<td style="width: 8%;"><br/></td>
<td style="width: 3%;"><br/></td>
<td style="width: 89%;"><strong style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; /* background-color: #fffff0;"><font style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;">Composition:</font></strong></td>
</tr>

</table>
<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div align="right">
<table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-bottom: 0pt; margin-top: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3">
<p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">US dollars</font></strong></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;" colspan="3">
<p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Year ended</strong></font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>December 31,</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 0pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;2015</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-bottom: 0pt; margin-top: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 3pt 0pt; font-family: 'times new roman'; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Deferred taxes included in other current assets:</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 3pt 0pt 3pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 3pt 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 3pt 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 3pt 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 3pt 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 77%;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for employee related obligations </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 10%;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt;">145</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 10%;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>130</font></font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; width: 1%;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for legal obligation and other </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt;">2,607</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>3,519</font></font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt;">2,752</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>3,649</font></font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; text-align: right;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>

</table>
</div>

<p style="margin: 0pt; orphans: 0; widows: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">

<tr>
<td style="width: 8%;"><br/></td>
<td style="width: 3%;"><br/></td>
<td style="width: 89%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Composition:</strong></font></td>
</tr>

</table>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; font-family: 'times new roman';"><br/></p>
<div align="right">
<table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px;">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right" colspan="3"><strong>US dollars</strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px;">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;" align="right" colspan="3"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">Year ended</font><br/><font style="font-family: 'Times New Roman'; font-size: 10pt;">December 31,</font></strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><strong>2015&#160;</strong><strong>&#160;</strong></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; text-align: center;"><strong>&#160;</strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"><strong>2014 &#160;</strong></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">Long-term deferred income taxes:</font></strong></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80%;">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for employee related obligations </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"><font>718</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"><font><font>678</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Carry forward tax losses and foreign tax credit</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>4,321</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>4,321</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Temporary differences, net </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font>1,237</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><font>1,010</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>6,276</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>6,009</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Valuation allowance </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>(3,997</font></td>
<td style="vertical-align: bottom; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">)&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>(<font>3,273</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font>2,279</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font>2,736</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>

</table>
</div>
<p style="margin: 0pt 0pt 0pt 90.7pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
<p style="font-size: 10pt; /* line-height: 150%; */ margin: 0pt 0pt 0pt 90.7pt; font-family: 'times new roman';"><br/></p>
<div align="right">
<table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="center" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>US dollars</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"></td>
<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended</strong></font><br/><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>December 31,</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><br/></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-bottom: black 2px solid;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 20px;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 80%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred income taxes included in long-term investments and other assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"><font>2,279</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"><font><font>2,886</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 9.95pt; text-indent: -9.95pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred income taxes included in long-term liabilities </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>-</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><br/></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid;" align="right"><font>(<font>150</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font>2,279</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font>2,736</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
</tr>

</table>
</div>
</div>
</div>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock', window );">Schedule of Income Before Income Taxes</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div align="right">
<table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>US dollars</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; width: 20px;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31,</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; border-bottom: black 2px solid; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2013</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman'; width: 68%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> The Company and its Israeli subsidiaries </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68px; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt;">23,987</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>26,021</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>17,296</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10px; background-color: #cceeff;">
<p style="margin: 6pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0px; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-Israeli subsidiaries </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt;">17,846</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>21,553</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-bottom: black 2px solid;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>20,706</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman'; width: 20px; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt;">41,833</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>47,574</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>38,002</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>

</table>
</div>
</div>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock', window );">Changes in Unrecognized Tax Benefits</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div align="right">
<table style="border-collapse: collapse; width: 86%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 88%;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 12px; text-align: center; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right"><font><strong>US dollars</strong>&#160;&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 88px; text-indent: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; font-family: 'times new roman'; text-align: left;"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">(in thousands)</font></strong></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 88%;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance at January 1, 2014</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 0%;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 12%;" align="right"><font><font>472</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translations differences related to the current year </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" align="right"><font><font>(51</font></font></td>
<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance at December 31, 2014</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>421</font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translations differences related to the current year </font></p>
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<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
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<td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">)&#160;</font></td>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance at December 31, 2015 </font></p>
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<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the change in unrecognized tax benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 55<br> -Paragraph 217<br> -URI http://asc.fasb.org/extlink&amp;oid=51663037&amp;loc=d3e36027-109320<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6806147408">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE (Tables)<br></strong></div></th>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>US dollars</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31,</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2013</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">24,971</font></font></p>
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<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>30,429</font></font> </font></p>
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<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>23,762</font></font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfWeightedAverageNumberOfSharesTableTextBlock', window );">Schedule of Weighted Average Shares Used in Earnings Per Share</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div align="right">
<table style="border-collapse: collapse; margin-left: 0.1px;" cellspacing="0" cellpadding="0" width="92%">

<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Number of shares</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31,</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2013</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 0pt; /* text-indent: -11.35pt; */ font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Weighted average number of shares used in the computation of basic and diluted earnings per share </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">20,968</font></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,968</font> </font></p>
</td>
<td style="padding-left: 2.85pt; /* padding-right: 2.85pt; */ vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt;/* padding-right: 2.85pt; */vertical-align: bottom;white-space: nowrap;font-family: 'Times New Roman';text-align: right;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,968</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>

</table>
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</div><span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the calculations of the numerator in earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805858560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>RELATED PARTIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ScheduleOfTargetBasedCashIncentivesTableTextBlock', window );">Schedule of Target-based Cash Incentives</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="margin-left: 130pt;">
<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 24,001</font> - <font>27,500</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font>%</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 27,501</font>-<font>31,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>45</font>%</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 31,001</font>-<font>35,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>75</font>%</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 35,001</font>-<font>39,000</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>110</font>%<br/></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; Above <font>39,001</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>150</font>%</font></p>
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</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of Target-based Cash Incentives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6806084624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SEGMENT REPORTING (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingAbstract', window );"><strong>SEGMENT REPORTING [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock', window );">Schedule of Reportable Operating Segments</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div align="right">
<table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><strong><font style="font-size: 10pt;">US dollars</font></strong></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><strong><font style="font-size: 10pt;">&#160;</font></strong></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><strong><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(in thousands)</font></font></strong></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Location&#160;based<br/>services</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Wireless<br/>communications<br/>products</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Total</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"></td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"></td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;"></td>
<td align="center" style="vertical-align: top; font-weight: normal; padding: 0px;">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<h1 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31, 2015</strong></font></h1>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;" align="center">&#160;</td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center"></td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" align="center">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Revenues </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"><font>127,683</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 2%;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"><font>47,945</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 2%;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%;" align="right"><font>175,628</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Operating income</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>38,328</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>2,316</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>40,644</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>62,236</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>10,463</font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>72,699</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>1,539</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>1,817</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>3,356</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Expenditures for assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>14,478</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>393</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>14,871</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>8,636</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>152</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>8,788</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Impairment of goodwill and intangible assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>-</font></td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>929</font></td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>929</font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<h1 style="font-size: 10pt; margin: 0pt 2.55pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31, 2014</strong></font></h1>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; text-align: justify; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Revenues </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>133,692</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>48,435</font></font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>182,127</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Operating income (loss)</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>42,603</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>3,267</font></font></td>
<td style="vertical-align: bottom; /* padding: 0px 5px; */ text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>45,870</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>63,795</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>11,094</font></font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>74,889</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font><font>1,544</font></font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>2,497</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>4,041</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Expenditures for assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font><font>12,574</font></font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>598</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>13,172</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font><font>8,920</font></font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>148</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>9,068</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Impairment of goodwill and intangible assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>34</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>888</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>922</font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<h1 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31, 2013</strong></font></h1>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Revenues </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>126,951</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>43,216</font></font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>170,167</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -17.8px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #cceeff;">Operating income</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>38,470</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>(540</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px 0px 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>37,930</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>66,300</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>10,564</font></font></td>
<td style="vertical-align: bottom; padding: 0px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>76,864</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>1,730</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>3,703</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>5,433</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Expenditures for assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>12,312</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>264</font></font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>12,576</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>9,360</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>358</font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>9,718</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -13.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -17.8px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;">Impairment of goodwill and intangible assets</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font><font>2,816</font></font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font><font>1,804</font></font></font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font><font>4,620</font></font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>

</table>
</div>
</div>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ReconciliationFromSegmentsToConsolidatedTableTextBlock', window );">Reconciliation of Reporting Information from Segments to Consolidated Totals</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div align="right">
<div>
<table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><strong><font style="font-size: 10pt;">US dollars</font></strong></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><strong><font style="font-size: 10pt;">Year ended December 31,</font></strong></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';" align="center">&#160;</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="vertical-align: bottom;padding: 0px;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2013</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap;" align="center">&#160;</td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center">&#160;</td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center">&#160;</td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" align="center">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Total revenues of reportable segment and consolidated revenues</strong></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;" align="right"><font>175,628</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 2%; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;" align="right"><font><font>182,127</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;width: 10%;background-color: #cceeff;" align="right"><font><font>170,167</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Operating income</strong></font></p>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Total operating income for reportable segments </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>40,644</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>45,870</font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>37,930</font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Unallocated amounts: </font></p>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other income (expenses) income </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>-</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>-</font></td>
<td style="/* padding: 0px; */ font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>(166</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: left;" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;">)&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financing income, net </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font>1,189</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font><font>1,704</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font><font>238</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated income before taxes on income </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font>41,833</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font><font>47,574</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font><font>38,002</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<h4 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Assets</strong></font></h4>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total assets for reportable segments (*) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>76,055</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-size: 10pt; font-family: 'Times New Roman'; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>78,930</font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>82,297</font></font></td>
<td style="padding: 0px; font-size: 10pt; font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other unallocated amounts: </font></p>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>46,119</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>57,159</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>61,530</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Investments in affiliated and other companies </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>4,783</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>1,095</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>1,511</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property and equipment, net </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>8,730</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>7,786</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font><font>8,644</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other unallocated amounts </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;" align="right"><font>6,316</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;" align="right"><font><font>7,367</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;" align="right"><font><font>6,560</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated total assets (at year end) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;" align="right"><font>142,003</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;" align="right"><font><font>152,337</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;" align="right"><font><font>160,542</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<h4 style="font-size: 10pt; margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Other significant items</strong></font></h4>
</td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total expenditures for assets of reportable segments </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>14,871</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>13,172</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>12,576</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Unallocated amounts </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font>3,676</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font><font>2,021</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font><font>1,387</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated total expenditures for assets </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font>18,547</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font><font>15,193</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font><font>13,963</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">&#160;</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total depreciation, amortization and impairment for reportable segments </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>9,717</font></td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>9,990</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font><font>14,338</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Unallocated amounts </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font>2,245</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font><font>2,229</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;BORDER-BOTTOM: black 2px solid;white-space: nowrap;background-color: #cceeff;" align="right"><font><font>1,858</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"><font>&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 22.7pt; text-indent: -14.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated total depreciation and amortization </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font>11,962</font></td>
<td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font><font>12,219</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
<td style="padding: 0px;font-family: 'Times New Roman';font-size: 10pt;vertical-align: bottom;white-space: nowrap;border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;" align="right"><font><font>16,196</font></font></td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"><font>&#160;</font></td>
</tr>

</table>
</div>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0;">&#160;</p>
</div>
<div align="right">
<table width="100%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 90pt;">

<tr>
<td style="width: 5%; vertical-align: top;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*)</font></td>
<td style="width: 94%;">
<div><font style="font-family: 'Times New Roman'; font-size: 10pt;">Including</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">goodwill</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.<br/></font></div>
</td>
</tr>

</table>
</div>
</div>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock', window );">Schedule of Revenues and Long-Lived Assets by Geographical Areas</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div class="CursorPointer" align="right">
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<table style="border-collapse: collapse; width: 89%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Revenues</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31,</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2013</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 64%; background-color: #cceeff;">
<h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Israel</font></h1>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">&#160;</font></h1>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">88,556</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>90,061</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>83,331</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> United States </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">7,811</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>7,568</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>4,876</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brazil </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">58,403</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>66,462</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>63,454</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentina </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">17,324</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>13,792</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>15,190</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">3,534</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>4,244</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>3,316</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Total</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">175,628</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>182,127</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>170,167</font> </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
</tr>

</table>
</div>
</div>
<div style="text-indent: 0pt; display: block;"><br/></div>
<div class="CursorPointer" align="right">
<div align="right">
<table style="border-collapse: collapse; width: 89%; margin-left: 0px;" cellspacing="0" cellpadding="0">

<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;" colspan="5">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Property and equipment, net</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';" colspan="5">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>December 31,</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
<td style="padding-left: 2.85pt;padding-right: 2.85pt;vertical-align: bottom;font-family: 'Times New Roman';BORDER-BOTTOM: black 2px solid;border-bottom-style: solid !important;border-bottom-color: #000000 !important;">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2013</strong></font></h4>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></h4>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
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<tr style="background-color: #cceeff;">
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<h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Israel</font></h1>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<h1 style="margin: 0pt; page-break-after: avoid; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">&#160;</font></h1>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">9,934</font></font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>8,563</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>9,051</font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> United States </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">73</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>120</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>155</font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brazil </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">17,228</font></font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>17,801</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>19,178</font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
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<tr>
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentina </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">4,279</font></font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>5,424</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px;BORDER-BOTTOM: black 2px solid;text-align: right;white-space: nowrap;font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>4,162</font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
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<tr style="background-color: #cceeff;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Total</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">31,514</font></font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>31,908</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding: 0px;vertical-align: bottom;text-align: right;white-space: nowrap;font-family: 'Times New Roman';border-top-width: 1pt !important;border-top-style: solid !important;border-top-color: #000000 !important;BORDER-BOTTOM: black 4px double;border-bottom-style: double !important;border-bottom-color: #000000 !important;background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>32,546</font> </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">-</font></div>
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<div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">Property and equipment were classified based on major geographic areas in which the Company operates.</font></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Balance&#160;sheet<br/>location</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Fair<br/></strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>value</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Derivatives&#160;designated&#160;as&#160;hedging&#160;instruments: </font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign&#160;exchange&#160;contracts </font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14%;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other current Assets </font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1,063</font></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-size: 10pt;"><strong>Liability derivatives</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><strong><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2014</font></strong></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 20px; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="3">
<p style="margin: 0pt; ;font-family: 'times new roman';"><strong><font style="font-size: 10pt;">Thousands of US dollars</font></strong></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Balance&#160;sheet<br/>location</strong></font></p>
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<td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Fair</strong></font><br/><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>value</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; text-align: center; font-family: 'Times New Roman';">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Derivatives&#160;designated&#160;as&#160;hedging&#160;instruments: </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
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<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 68%;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign&#160;exchange&#160;contracts </font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14%;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;">Other current Assets</font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160;</font></font></p>
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<td style="padding-left: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14%;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font><font>1,580</font></font></font></p>
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<td style="padding: 0px; vertical-align: middle; font-family: 'Times New Roman'; width: 1%;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160;</font></font></p>
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<tr style="background-color: #cceeff;">
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;">&#160;Other no current Assets</font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160;</font></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt;"><font>984</font></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160;</font></font></p>
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<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -14pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1px;">
<p style="margin: 0pt 0pt 0pt 11.35pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 2px;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160;</font></font></p>
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<td style="padding-left: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 14px; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt;"><font>2,564</font></font></p>
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<td style="padding: 0px; vertical-align: middle; font-family: 'Times New Roman'; width: 1px;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&#160;</font></font></p>
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<p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">Amounts reclassified to statement of income:</font></div>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 20px;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Derivatives&#160;designated<br/></strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>as&#160;hedging&#160;instruments</strong></font><br/></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Location&#160;of&#160;loss<br/>recognized&#160;in&#160;income</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; /* padding-left: 2.85pt; *//* padding-right: 2.85pt; */border-bottom: black 2px solid; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Amount&#160;of&#160;gain<br/>recognized&#160;in&#160;income</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year ended December 31, </strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Thousands&#160;of&#160;US&#160;dollars</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; &#160; &#160; </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="/* border-top-color: #000000; */ /* border-top-style: solid; */ /* border-top-width: 1pt; */ padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; &#160; &#160; </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; &#160; &#160; </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign&#160;exchange&#160;contracts </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost of revenues </font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: center; font-family: 'Times New Roman'; width: 12%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1,616</font></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt 68.05pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Derivatives designated</strong></font><br/><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>as hedging instruments</strong></font><br/></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; border-bottom: black 2px solid; padding: 0px; font-family: 'Times New Roman';" align="center">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Location&#160;of&#160;</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>loss<br/></strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>recognized&#160;</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>in&#160;income </strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Amount&#160;of gain</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong><br/></strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>recognized&#160;in&#160;income</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Year&#160;ended&#160;</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>December 31, </strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2014</strong></font></p>
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<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; /* border-bottom-width: 1pt !important; */ /* border-bottom-style: solid !important; */ /* border-bottom-color: #000000 !important;" align="center"></td>
<td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px;" align="center">&#160;</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="4" align="center">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Thousands&#160;of&#160;US&#160;dollars</strong></font></p>
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<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="vertical-align: top; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px; text-align: left;"></td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;">&#160;</td>
<td style="vertical-align: top; font-family: 'times new roman'; /* border-top: #000000 1pt solid !important; */ padding: 0px; text-align: left;">&#160;</td>
<td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;">&#160;</td>
<td style="vertical-align: top; font-family: 'times new roman'; border-top: #000000 1pt solid !important; padding: 0px;" colspan="4" align="center"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; text-align: left; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 72%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign&#160;exchange&#160;contracts </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost of revenues </font></p>
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<td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;" align="right" colspan="4"><font>39</font></td>
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<p style="margin: 0pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>December 31, </strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>2015</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
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<td style="/* padding-left: 2.85pt; */padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
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<td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Level 1</strong></font></p>
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<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Level 2</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Level 3</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';">Trading securities<br/></p>
</td>
<td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font>2,035</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><br/></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 55%;">
<p style="margin: 0pt 0pt 0pt 20.7pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Derivatives designated as hedging instruments </font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;">
<p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font><font style="font-size: 10pt;">1,063</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
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</div>
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<p style="font-size: 10pt; line-height: 120%; margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
<div style="display: block;">
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'times new roman';">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="5">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>December 31, 2014</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
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<td style="/* padding-left: 2.85pt; */padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(in thousands)</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Level 1</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Level 2</strong></font></p>
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<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; border-bottom: black 2px solid; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>Level 3</strong></font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman';">
<p style="margin: 0pt; text-align: center; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p>
</td>
</tr>
<tr>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: top; font-family: 'times new roman'; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';">Trading securities<br/></p>
</td>
<td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; background-color: #cceeff;">
<p style="font-size: 10pt; margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font>2,362</font></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: bottom; font-size: 10pt; text-align: center; font-family: 'times new roman'; background-color: #cceeff;">&#160;</td>
</tr>
<tr>
<td style="/* padding-left: 2.85pt; */ padding-right: 2.85pt; vertical-align: bottom; font-family: 'Times New Roman'; width: 55%;">
<p style="margin: 0pt 0pt 0pt 20.7pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Derivatives designated as hedging instruments </font></p>
</td>
<td style="/* padding-left: 2.85pt; */ /* padding-right: 2.85pt; */ vertical-align: bottom; font-family: 'Times New Roman'; width: 1%;">
<p style="margin: 0pt 0pt 0pt 0pt; text-indent: -11.35pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font>2,564</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 13%; border-bottom: black 4px double; border-bottom-style: double !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 1%;">
<p style="margin: 0pt; ;font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p>
</td>
</tr>

</table>
</div>
</div>
</div>
</div><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).  Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19190-110258<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=d3e41641-113959<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4B<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=SL5624163-113959<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=d3e41678-113959<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=d3e41638-113959<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1B<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=SL5580258-113959<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=SL5579245-113959<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=SL5624171-113959<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 25<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6886632&amp;loc=d3e76258-113986<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=SL5579240-113959<br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=d3e41620-113959<br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(n)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_ScheduleOfDerivativeInstrumentsTextBlock</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6807326960">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesGainLoss', window );">Trading gains</a></td>
<td class="nump">$ 666,000<span></span>
</td>
<td class="nump">$ 133,000<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivable', window );">Allowance for doubtful accounts receivable</a></td>
<td class="nump">2,063,000<span></span>
</td>
<td class="nump">2,391,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived', window );">Intangible asset impairment loss</a></td>
<td class="nump">255,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="nump">3,356,000<span></span>
</td>
<td class="nump">4,041,000<span></span>
</td>
<td class="nump">$ 5,433,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment loss</a></td>
<td class="nump">674,000<span></span>
</td>
<td class="nump">879,000<span></span>
</td>
<td class="nump">3,093,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SeveranceCosts1', window );">Severance expenses</a></td>
<td class="nump">1,386,000<span></span>
</td>
<td class="nump">1,460,000<span></span>
</td>
<td class="nump">882,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvertisingExpense', window );">Advertising expenses</a></td>
<td class="nump">$ 6,800,000<span></span>
</td>
<td class="nump">6,700,000<span></span>
</td>
<td class="nump">$ 7,600,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ContractualLifeOfDeferredExpenses', window );">Deferred expenses amortization period</a></td>
<td class="text">20 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfInvestments', window );">Investment impairment loss</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive shares</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage, equity method</a></td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage, equity method</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=itrn_CertainReportingUnitsMember', window );">Certain Reporting Units [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="nump">$ 700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment loss</a></td>
<td class="nump">700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillFairValueDisclosure', window );">Goodwill, fair value</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=itrn_CertainReportingUnitMember', window );">Certain Reporting Unit One [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillFairValueDisclosure', window );">Goodwill, fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The accumulated amount of impairment loss as of December 31, 2013, December 31, 2014 and December 31, 2015 was US$ 5,545,000, US$ 6,424,000 and US$ 7,098,000, respectively.</td>
</tr></table></td></tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_ContractualLifeOfDeferredExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The contractual life of deferred expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Summary Of Significant Accounting Policies [Line Items]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdvertisingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount charged to advertising expense for the period, which are expenses incurred with the objective of increasing revenue for a specified brand, product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 720<br> -SubTopic 35<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420018&amp;loc=d3e36677-107848<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdvertisingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5074-111524<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Antidilution<br> -URI http://asc.fasb.org/extlink&amp;oid=6505113<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Diluted Earnings Per Share<br> -URI http://asc.fasb.org/extlink&amp;oid=6510752<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Contingent Stock Agreement<br> -URI http://asc.fasb.org/extlink&amp;oid=6508534<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19190-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13854-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13777-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of a finite-lived intangible asset to fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16373-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfIntangibleAssetsFinitelived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 35<br> -Paragraph 34<br> -URI http://asc.fasb.org/extlink&amp;oid=27723805&amp;loc=d3e25351-111560<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketableSecuritiesGainLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(c)-(e)<br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27357-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27405-111563<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MarketableSecuritiesGainLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SeveranceCosts1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expenses for special or contractual termination benefits provided to current employees involuntarily terminated under a benefit arrangement associated exit or disposal activities pursuant to an authorized plan. Excludes expenses related to one-time termination benefits, a discontinued operation or an asset retirement obligation.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6820870224">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Relevant Exchange Rates) (Details)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>&#8362; / $ </div>
<div>BRL / $</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DollarExchangeRateOfRelevantCurrenciesAxis=country_IL', window );">Israel [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DollarExchangeRateOfRelevantCurrenciesLineItems', window );"><strong>Dollar Exchange Rate of Relevant Currencies [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3.902<span></span>
</td>
<td class="nump">3.889<span></span>
</td>
<td class="nump">3.471<span></span>
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.33%<span></span>
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<td class="nump">12.04%<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DollarExchangeRateOfRelevantCurrenciesAxis=country_BR', window );">Brazil [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DollarExchangeRateOfRelevantCurrenciesLineItems', window );"><strong>Dollar Exchange Rate of Relevant Currencies [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyExchangeRateTranslation1', window );">Exchange rate of one US dollar</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3.9048<span></span>
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<td class="nump">2.6562<span></span>
</td>
<td class="nump">2.3426<span></span>
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<td class="nump">47.01%<span></span>
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<td class="nump">13.39%<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DollarExchangeRateOfRelevantCurrenciesAxis=itrn_IsraeliConsumerPriceIndexMember', window );">Israeli CPI [Member]</a></td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DollarExchangeRateOfRelevantCurrenciesLineItems', window );"><strong>Dollar Exchange Rate of Relevant Currencies [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyExchangeRateTranslation1', window );">Exchange rate of one US dollar</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">112.82<span></span>
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<td class="nump">113.96<span></span>
</td>
<td class="nump">114.18<span></span>
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<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(1.00%)<span></span>
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<td class="num">(0.20%)<span></span>
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<td class="nump">1.80%<span></span>
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<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Based on the Index for the month ending on each balance sheet date, on the basis of 2008 average 100.</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dollar Exchange Rate Of Relevant Currencies [Line Items]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage increase (decrease) in exchange rate during the year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Foreign exchange rate used to translate amounts denominated in functional currency to reporting currency.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6897108&amp;loc=SL6897125-166521<br></p></div>
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<td></td>
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</div>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6807189232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Depreciation Rates) (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_EquipmentMember', window );">Operating Equipment [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RateOfDepreciation', window );">Rate of depreciation</a></td>
<td class="nump">6.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_EquipmentMember', window );">Operating Equipment [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RateOfDepreciation', window );">Rate of depreciation</a></td>
<td class="nump">33.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OfficeEquipmentMember', window );">Office Furniture, Equipment, And Computers [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RateOfDepreciation', window );">Rate of depreciation</a></td>
<td class="nump">7.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OfficeEquipmentMember', window );">Office Furniture, Equipment, And Computers [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RateOfDepreciation', window );">Rate of depreciation</a></td>
<td class="nump">33.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember', window );">Buildings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RateOfDepreciation', window );">Rate of depreciation</a></td>
<td class="nump">2.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember', window );">Vehicles [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RateOfDepreciation', window );">Rate of depreciation</a></td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember', window );">Leasehold Improvements [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAdditionalDisclosures', window );">Description of depreciation method</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Duration&#160;of&#160;the&#160;lease&#160;which</font><br/><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">is&#160;less&#160;or&#160;equal&#160;to&#160;useful&#160;life.</font></div><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AdditionalRangeDescriptionAxis=itrn_MajorityMember', window );">Majority [Member] | Operating Equipment [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RateOfDepreciation', window );">Rate of depreciation</a></td>
<td class="nump">20.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AdditionalRangeDescriptionAxis=itrn_MajorityMember', window );">Majority [Member] | Operating Equipment [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RateOfDepreciation', window );">Rate of depreciation</a></td>
<td class="nump">33.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RateOfDepreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The depreciation rate for property plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RateOfDepreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAdditionalDisclosures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional information disclosed pertaining to property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAdditionalDisclosures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_EquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_EquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OfficeEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OfficeEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_AdditionalRangeDescriptionAxis=itrn_MajorityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_AdditionalRangeDescriptionAxis=itrn_MajorityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>66
<FILENAME>R48.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805976496">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Intangible Assets Useful Lives) (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_DatabasesMember', window );">GIS Database [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Intangible assets finite lived, useful life</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=itrn_BrandNameMember', window );">Brand Name [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Intangible assets finite lived, useful life</a></td>
<td class="text">15 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember', window );">Others [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Intangible assets finite lived, useful life</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember', window );">Others [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Intangible assets finite lived, useful life</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_DatabasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_DatabasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=itrn_BrandNameMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=itrn_BrandNameMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>67
<FILENAME>R49.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6807539920">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>OTHER CURRENT ASSETS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract', window );"><strong>OTHER CURRENT ASSETS [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid expenses and others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 10,960<span></span>
</td>
<td class="nump">$ 9,779<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_GovernmentInstitutionsCurrent', window );">Government institutions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,910<span></span>
</td>
<td class="nump">2,694<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherDeferredCostsNet', window );">Deferred installation expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,403<span></span>
</td>
<td class="nump">2,485<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Deferred income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">2,752<span></span>
</td>
<td class="nump">3,649<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AdvancesToSuppliersCurrent', window );">Advances to suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">84<span></span>
</td>
<td class="nump">324<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromEmployeesCurrent', window );">Employees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">389<span></span>
</td>
<td class="nump">343<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Forward Exchange Contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,063<span></span>
</td>
<td class="nump">1,580<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsMiscellaneousCurrent', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,876<span></span>
</td>
<td class="nump">1,464<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other current assets, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 22,437<span></span>
</td>
<td class="nump">$ 22,318<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">See Note 15.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_AdvancesToSuppliersCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amounts due from suppliers, which are usually due within 1 year (or 1 business cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_AdvancesToSuppliersCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_GovernmentInstitutionsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to government institutions that provide economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_GovernmentInstitutionsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetCurrent</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13495-108611<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Assets<br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13433-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromEmployeesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amounts due from an Entity employee, not to include stockholders or officers, which are usually due within 1 year (or 1 business cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39599-107864<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueFromEmployeesCurrent</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Balance Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsCurrent</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other miscellaneous assets expected to be realized or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsMiscellaneousCurrent</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherDeferredCostsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net amount of other deferred costs capitalized at the end of the reporting period. Does not include deferred finance costs or deferred acquisition costs of insurance companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherDeferredCostsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6787-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=51662447&amp;loc=d3e5879-108316<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Assets<br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseCurrent</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805808336">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>INVENTORIES (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryDisclosureAbstract', window );"><strong>INVENTORIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryFinishedGoods', window );">Finished products</a></td>
<td class="nump">$ 8,833<span></span>
</td>
<td class="nump">$ 8,845<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryRawMaterials', window );">Raw materials</a></td>
<td class="nump">3,948<span></span>
</td>
<td class="nump">3,319<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventory, net</a></td>
<td class="nump">$ 12,781<span></span>
</td>
<td class="nump">$ 12,164<span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryDisclosureAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before valuation and LIFO reserves of completed merchandise or goods expected to be sold within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryFinishedGoods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=51655945&amp;loc=d3e3927-108312<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryRawMaterials">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before valuation and LIFO reserves of raw materials expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryRawMaterials</td>
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<td>debit</td>
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<html>
<head>
<title></title>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6807542608">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>INVESTMENTS IN AFFILIATED AND OTHER COMPANY (Schedule of Investment in Affiliated Companies) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure', window );">Investment in affiliated companies</a></td>
<td class="nump">$ 4,705<span></span>
</td>
<td class="nump">$ 1,016<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_BRINGGDeliveryTechnologiesLtdMember', window );">BRINGG [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure', window );">Investment in affiliated companies</a></td>
<td class="nump">3,082<span></span>
</td>
<td class="nump">$ 1,016<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember', window );">IRT [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure', window );">Investment in affiliated companies</a></td>
<td class="nump">1,662<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_OtherInvesteeMember', window );">Other [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure', window );">Investment in affiliated companies</a></td>
<td class="num">$ (39)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the fair value portion of investments in an entity not consolidated. Includes, but is not limited to, investments in an entity that is affiliated with the reporting entity by means of direct or indirect ownership, an entity in which the reporting entity shares control of the entity with another party or group, an entity which the company has significant influence, but does not have control and subsidiaries that are not required to be consolidated and are accounted for using the equity or cost method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_InvestmentsInAffiliatesSubsidiariesAndJointVenturesFairValueDisclosure</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_BRINGGDeliveryTechnologiesLtdMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_OtherInvesteeMember</td>
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<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6807301440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENTS IN AFFILIATED AND OTHER COMPANY (Narrative) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">1 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Jul. 31, 2015</div></th>
<th class="th"><div>Jan. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Feb. 28, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Investments in other company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 78<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 79<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_LocationetMember', window );">Locationet [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage, equity method</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.64%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_BRINGGDeliveryTechnologiesLtdMember', window );">BRINGG Delivery Technologies Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage, equity method</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41.18%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireEquityMethodInvestments', window );">Payments to equity interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,000<span></span>
</td>
<td class="nump">$ 1,100<span></span>
</td>
<td class="nump">$ 1,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember', window );">IRT [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage, equity method</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireEquityMethodInvestments', window );">Payments to equity interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AgreementTerm', window );">Agreement term</a></td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember', window );">IRT [Member] | Libor [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis', window );">Description of variable rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">Libor</div><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Basis spread on variable rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_AgreementTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the term of agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_AgreementTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentDescriptionOfVariableRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_LocationetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_LocationetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_BRINGGDeliveryTechnologiesLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_BRINGGDeliveryTechnologiesLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=itrn_IturanRoadTrackMonitoramentoDeVeiculosLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>71
<FILENAME>R53.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6807788944">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>OTHER NON-CURRENT ASSETS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsNoncurrentAbstract', window );"><strong>OTHER NON-CURRENT ASSETS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssetsNoncurrent', window );">Forward Exchange Contracts</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 984<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_GovernmentInstitutionsNoncurrent', window );">Government institutions</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">73<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DeferredInstallationExpensesNoncurrent', window );">Deferred installation expenses</a></td>
<td class="nump">$ 488<span></span>
</td>
<td class="nump">459<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepositAssets', window );">Deposits</a></td>
<td class="nump">678<span></span>
</td>
<td class="nump">575<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other non-current assets</a></td>
<td class="nump">$ 1,166<span></span>
</td>
<td class="nump">$ 2,091<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_DeferredInstallationExpensesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of noncurrent assets relating to deferred installation expenses. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_DeferredInstallationExpensesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_GovernmentInstitutionsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount noncurrent assets realting to government institutions. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_GovernmentInstitutionsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepositAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of the asset transferred to a third party to serve as a deposit, which typically serves as security against failure by the transferor to perform under terms of an agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8,17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepositAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13433-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13495-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6806188448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>PROPERTY AND EQUIPMENT, NET [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="nump">$ 10.9<span></span>
</td>
<td class="nump">$ 11.2<span></span>
</td>
<td class="nump">$ 11.1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAdditions', window );">Additional equipment purchased</a></td>
<td class="nump">$ 18.7<span></span>
</td>
<td class="nump">$ 15.0<span></span>
</td>
<td class="nump">$ 14.2<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAdditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of acquisition of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAdditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6806860912">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>PROPERTY AND EQUIPMENT, NET (Schedule of Property And Equipment, Net) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 78,823<span></span>
</td>
<td class="nump">$ 80,182<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Less - accumulated depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(47,309)<span></span>
</td>
<td class="num">(48,274)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Total property and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31,514<span></span>
</td>
<td class="nump">31,908<span></span>
</td>
<td class="nump">$ 32,546<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions', window );">Operating equipment, amount subject to lease transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26,000<span></span>
</td>
<td class="nump">26,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AccumulatedDepreciationAndAmortizationSubjectToLeaseTransactions', window );">Accumulated depreciation and amortization subject to lease transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,400<span></span>
</td>
<td class="nump">10,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_EquipmentMember', window );">Operating Equipment [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">43,740<span></span>
</td>
<td class="nump">46,947<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OfficeEquipmentMember', window );">Office Furniture, Equipment, And Computers [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,790<span></span>
</td>
<td class="nump">23,858<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandMember', window );">Land [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,022<span></span>
</td>
<td class="nump">1,022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember', window );">Buildings [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,845<span></span>
</td>
<td class="nump">1,855<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember', window );">Vehicles [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,810<span></span>
</td>
<td class="nump">3,412<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember', window );">Leasehold Improvements [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 3,616<span></span>
</td>
<td class="nump">$ 3,088<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As at December 31, 2015 and 2014, an amount of US$ 10.4 million and US$ 10.4 million is subject to operating lease transactions, respectively.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">As December 31, 2015 and 2014, an amount of US$ 26 million and US$ 26 million is subject to operating lease transactions, respectively.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_AccumulatedDepreciationAndAmortizationSubjectToLeaseTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated depreciation and amortization subject to lease transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_AccumulatedDepreciationAndAmortizationSubjectToLeaseTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_OperatingEquipmentAmountSubjectToLeaseTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Th value of operating equipment subject to lease transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_OperatingEquipmentAmountSubjectToLeaseTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.14)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 13<br> -Subparagraph a<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 8<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_EquipmentMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OfficeEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6807832528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS, NET (Narrative) (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsNetAbstract', window );"><strong>INTANGIBLE ASSETS, NET [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AmortizationAndImpairmentOfIntangibleAssets', window );">Amortization and impairment of intangible assets</a></td>
<td class="nump">$ 430,000<span></span>
</td>
<td class="nump">$ 231,000<span></span>
</td>
<td class="nump">$ 367,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths', window );">Estimated aggregate amortization of intangible assets - 2016</a></td>
<td class="nump">26,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FiniteLivedIntangibleAssetsAmortizationExpenseAfterNextTwelveMonths', window );">Estimated aggregate amortization of intangible assets - Therafter</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived', window );">Impairment of intangible assets</a></td>
<td class="nump">255,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_DatabasesMember', window );">GIS Database [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived', window );">Impairment of intangible assets</a></td>
<td class="nump">236,000<span></span>
</td>
<td class="nump">33,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=itrn_BrandNameMember', window );">Brand Name [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived', window );">Impairment of intangible assets</a></td>
<td class="nump">19,000<span></span>
</td>
<td class="nump">9,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember', window );">Location Based Services and Wireless Communications Products [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived', window );">Impairment of intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 43,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=itrn_WirelessCommunicationsProductsMember', window );">Wireless Communications Products [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived', window );">Impairment of intangible assets</a></td>
<td class="nump">$ 255,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_AmortizationAndImpairmentOfIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amoutn of amortization and impairment of intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_AmortizationAndImpairmentOfIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_FiniteLivedIntangibleAssetsAmortizationExpenseAfterNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized after the first fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_FiniteLivedIntangibleAssetsAmortizationExpenseAfterNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of a finite-lived intangible asset to fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16373-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfIntangibleAssetsFinitelived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_DatabasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_DatabasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=itrn_BrandNameMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=itrn_LocationBasedServicesAndWirelessCommunicationsProductsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=itrn_WirelessCommunicationsProductsMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<head>
<title></title>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6806902112">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>INTANGIBLE ASSETS, NET (Schedule of Intangible Assets, Net) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Original amount</a></td>
<td class="nump">$ 10,525<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges', window );">Accumulated amortization and impairment charges</a></td>
<td class="nump">10,499<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsNet', window );">Unamortized balance</a></td>
<td class="nump">26<span></span>
</td>
<td class="nump">$ 452<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_DatabasesMember', window );">GIS Database [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Original amount</a></td>
<td class="nump">3,876<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges', window );">Accumulated amortization and impairment charges</a></td>
<td class="nump">$ 3,876<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsNet', window );">Unamortized balance</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">295<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_TradeNamesMember', window );">Brand Name [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Original amount</a></td>
<td class="nump">$ 1,177<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges', window );">Accumulated amortization and impairment charges</a></td>
<td class="nump">$ 1,177<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsNet', window );">Unamortized balance</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">132<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember', window );">Others [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Original amount</a></td>
<td class="nump">$ 5,472<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges', window );">Accumulated amortization and impairment charges</a></td>
<td class="nump">5,446<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsNet', window );">Unamortized balance</a></td>
<td class="nump">$ 26<span></span>
</td>
<td class="nump">$ 25<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated amount of amortization of assets excluding financial assets and goodwill, lacking physical substance with a finite life and the amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of a finite-lived intangible asset to fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairmentCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_DatabasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_TradeNamesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6806890768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>GOODWILL (Narrative) (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment loss</a></td>
<td class="nump">$ 674,000<span></span>
</td>
<td class="nump">$ 879,000<span></span>
</td>
<td class="nump">$ 3,093,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairedAccumulatedImpairmentLoss', window );">Accumulated impairment loss</a></td>
<td class="nump">7,098,000<span></span>
</td>
<td class="nump">6,424,000<span></span>
</td>
<td class="nump">$ 5,545,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=itrn_CertainReportingUnitsMember', window );">Certain Reporting Units [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment loss</a></td>
<td class="nump">$ 700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FairValueAssumptionsTermUsedForProjectedNetCashFlows', window );">Term used for projected net cash flows</a></td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsDiscountRate', window );">Discount rate</a></td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsLongTermRevenueGrowthRate', window );">Growth rate</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=itrn_CertainReportingUnitMember', window );">Certain Reporting Unit One [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FairValueAssumptionsTermUsedForProjectedNetCashFlows', window );">Term used for projected net cash flows</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsDiscountRate', window );">Discount rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsLongTermRevenueGrowthRate', window );">Growth rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_FairValueAssumptionsTermUsedForProjectedNetCashFlows">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value assumptions period used for projected net cash flows.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_FairValueAssumptionsTermUsedForProjectedNetCashFlows</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueInputsDiscountRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest rate used to find the present value of an amount to be paid or received in the future as an input to measure fair value.  For example, but not limited to, weighted average cost of capital (WACC), cost of capital, cost of equity and cost of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueInputsDiscountRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueInputsLongTermRevenueGrowthRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of assumed long-term growth in revenues, used as an input to measure fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueInputsLongTermRevenueGrowthRate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated impairment loss for an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a,h)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillImpairedAccumulatedImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13854-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13777-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>GOODWILL (Schedule Of Goodwill) (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="5">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2014</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill, beginning balance</a></td>
<td class="nump">$ 4,041,000<span></span>
</td>
<td class="nump">$ 5,433,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairment</a></td>
<td class="num">(674,000)<span></span>
</td>
<td class="num">(879,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (3,093,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillTranslationAdjustments', window );">Translation differences</a></td>
<td class="num">(11,000)<span></span>
</td>
<td class="num">(513,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill, ending balance</a></td>
<td class="nump">3,356,000<span></span>
</td>
<td class="nump">4,041,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,433,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=itrn_LocationBasedServicesMember', window );">Location Based Services [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill, beginning balance</a></td>
<td class="nump">$ 1,544,000<span></span>
</td>
<td class="nump">$ 1,730,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairment</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillTranslationAdjustments', window );">Translation differences</a></td>
<td class="num">$ (5,000)<span></span>
</td>
<td class="num">$ (186,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill, ending balance</a></td>
<td class="nump">1,539,000<span></span>
</td>
<td class="nump">1,544,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,730,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=itrn_WirelessCommunicationsProductsMember', window );">Wireless Communications Products [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill, beginning balance</a></td>
<td class="nump">2,497,000<span></span>
</td>
<td class="nump">3,703,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairment</a></td>
<td class="num">(674,000)<span></span>
</td>
<td class="num">(879,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillTranslationAdjustments', window );">Translation differences</a></td>
<td class="num">(6,000)<span></span>
</td>
<td class="num">(327,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill, ending balance</a></td>
<td class="nump">$ 1,817,000<span></span>
</td>
<td class="nump">$ 2,497,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 3,703,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The accumulated amount of impairment loss as of December 31, 2013, December 31, 2014 and December 31, 2015 was US$ 5,545,000, US$ 6,424,000 and US$ 7,098,000, respectively.</td>
</tr></table></td></tr>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13854-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13777-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) from foreign currency translation adjustments of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillTranslationAdjustments</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=itrn_LocationBasedServicesMember</td>
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<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=itrn_WirelessCommunicationsProductsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=itrn_WirelessCommunicationsProductsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<html>
<head>
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<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6810638784">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CREDIT FROM BANKING INSTITUTIONS (Narrative) (Details)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>CREDIT FROM BANKING INSTITUTIONS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity', window );">Unutilized short-term lines of credit</a></td>
<td class="nump">$ 0.5<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<DOCUMENT>
<TYPE>XML
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6820730112">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>OTHER CURRENT LIABILITIES (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesDisclosureAbstract', window );"><strong>OTHER CURRENT LIABILITIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses</a></td>
<td class="nump">$ 7,439<span></span>
</td>
<td class="nump">$ 7,919<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeRelatedLiabilitiesCurrent', window );">Accrued payroll and related taxes</a></td>
<td class="nump">4,255<span></span>
</td>
<td class="nump">5,692<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_CurrentLiabilityGovernmentInstitutions', window );">Government institutions</a></td>
<td class="nump">5,742<span></span>
</td>
<td class="nump">6,009<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Related party</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">98<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrent', window );">Accrued dividend</a></td>
<td class="nump">3,128<span></span>
</td>
<td class="nump">4,639<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSundryLiabilitiesCurrent', window );">Others</a></td>
<td class="nump">1,184<span></span>
</td>
<td class="nump">896<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesCurrent', window );">Total</a></td>
<td class="nump">$ 21,750<span></span>
</td>
<td class="nump">$ 25,253<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_CurrentLiabilityGovernmentInstitutions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining governments institutions, due within one year or within the normal operating cycle if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_CurrentLiabilityGovernmentInstitutions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeRelatedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeRelatedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount of current liabilities (due within one year or within the normal operating cycle if longer) not separately disclosed in the balance sheet. Includes costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6904-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilitiesDisclosureAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherSundryLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Obligations not otherwise itemized or categorized in the footnotes to the financial statements that are due within one year or operating cycle, if longer, from the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=28361426&amp;loc=d3e1243-112600<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_OtherSundryLiabilitiesCurrent</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6808519360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONTINGENT LIABILITIES (Sao Paulo State Revenue Services) (Details) - Sao Paulo State Revenue Services [Member]<br> $ in Millions</strong></div></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jul. 13, 2010 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 13, 2010 </div>
<div>BRL</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>BRL</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Contingent Liabilities, Liens and Guarantees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxExaminationPossibleStateValueAddedTaxRate', window );">Possible state value added tax rate</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxExaminationInteresTaxDeficiencyAmount', window );">Income tax deficiency notice, amount</a></td>
<td class="nump">$ 22.1<span></span>
</td>
<td class="nump">BRL 36,499,984<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExaminationPenaltiesExpense', window );">Tax deficiency, penalties</a></td>
<td class="nump">40.0<span></span>
</td>
<td class="nump">66,143,446<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExaminationInterestExpense', window );">Tax deficiency, interest</a></td>
<td class="nump">$ 18.2<span></span>
</td>
<td class="nump">BRL 30,282,420<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AggregateSumClaimedPursuantToTaxDeficiency', window );">Aggregate sum claimed pursuant to tax deficiency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 82.7<span></span>
</td>
<td class="nump">BRL 220,000,000<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate sum claimed pursuant to tax deficiency, penalties, and interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_AggregateSumClaimedPursuantToTaxDeficiency</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax deficiceny arising from income tax examinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The possible added tax rate arising from income tax examinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of estimated interest recognized in the period arising from income tax examinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of estimated penalties recognized in the period arising from income tax examinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<head>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6807405632">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONTINGENT LIABILITIES (Brazilian Internal Revenue Service) (Details)<br></strong></div></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jun. 24, 2010 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 24, 2010 </div>
<div>BRL</div>
</th>
<th class="th">
<div>Oct. 01, 2005 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>BRL</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Contingent Liabilities, Liens and Guarantees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxExaminationOffsettingAmount', window );">Offsetting amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxesAdditionalInformationAxis=itrn_TaxAssessmentMember', window );">Tax Assessment [Member] | Brazilian Internal Revenue Service [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Contingent Liabilities, Liens and Guarantees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExaminationEstimateOfPossibleLoss', window );">Amount of possible loss</a></td>
<td class="nump">$ 3,120,000<span></span>
</td>
<td class="nump">BRL 5,567,032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyDamagesSoughtValue', window );">Estimated amount of aggregate sum claimed pursuant to the tax assessment (principal amount, interest and penalties)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 2,890,000<span></span>
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<td class="nump">BRL 11,300,000<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_IncomeTaxExaminationOffsettingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents offsetting amount which is receivable held by Dutch legal entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_IncomeTaxExaminationOffsettingAmount</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExaminationEstimateOfPossibleLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Estimated amount of loss resulting from an adverse tax position.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (d)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExaminationEstimateOfPossibleLoss</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingenciesLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyDamagesSoughtValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value (monetary amount) of the award the plaintiff seeks in the legal matter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyDamagesSoughtValue</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_IncomeTaxesAdditionalInformationAxis=itrn_TaxAssessmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_IncomeTaxesAdditionalInformationAxis=itrn_TaxAssessmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxAuthorityAxis=itrn_BrazilianInternalRevenueServiceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6820695264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONTINGENT LIABILITIES (Brazilian Federal Communication Agency - Anatel) (Details)<br></strong></div></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Oct. 10, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 10, 2015 </div>
<div>BRL</div>
</th>
<th class="th">
<div>Jul. 22, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 22, 2015 </div>
<div>BRL</div>
</th>
<th class="th">
<div>Jul. 13, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 13, 2015 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Mar. 05, 2012 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 05, 2012 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>BRL</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Contingent Liabilities, Liens and Guarantees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyDamagesPaidValue', window );">Amount of compensation to plaintiff</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,900<span></span>
</td>
<td class="nump">&#8362; 30,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=us-gaap_UnfavorableRegulatoryActionMember', window );">Unfavorable Regulatory Action [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Contingent Liabilities, Liens and Guarantees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyDamagesSoughtValue', window );">Total amount claimed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 77,000,000<span></span>
</td>
<td class="nump">&#8362; 300,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=itrn_UnfavorableRegulatoryActionFUSTContributionMember', window );">Unfavorable Regulatory Action - FUST contribution [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Contingent Liabilities, Liens and Guarantees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LossContingenciesAdditionalTaxAssessment', window );">Additional tax assessment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 760,000<span></span>
</td>
<td class="nump">BRL 2,888,677<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LossContingenciesAggregateTaxAssessment', window );">Aggregate tax assessment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,600,000<span></span>
</td>
<td class="nump">BRL 9,800,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=itrn_UnfavorableRegulatoryActionFUSTContributionMember', window );">Unfavorable Regulatory Action - FUST contribution [Member] | Tax assessments for the years 2007 and 2008 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Contingent Liabilities, Liens and Guarantees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LossContingenciesPreviousTaxAssessment', window );">Previous tax assessment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
<td class="nump">3,936,339<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=itrn_UnfavorableRegulatoryActionFUSTContributionMember', window );">Unfavorable Regulatory Action - FUST contribution [Member] | Tax assessment for the year 2010 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Contingent Liabilities, Liens and Guarantees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LossContingenciesPreviousTaxAssessment', window );">Previous tax assessment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">700,000<span></span>
</td>
<td class="nump">2,950,417<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=itrn_UnfavorableRegulatoryActionFUNTELLContributionMember', window );">Unfavorable Regulatory Action - FUNTELL contribution [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Contingent Liabilities, Liens and Guarantees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LossContingenciesAdditionalTaxAssessment', window );">Additional tax assessment</a></td>
<td class="nump">$ 253,000<span></span>
</td>
<td class="nump">BRL 1,007,453<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LossContingenciesAggregateTaxAssessment', window );">Aggregate tax assessment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">920,000<span></span>
</td>
<td class="nump">3,600,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=itrn_UnfavorableRegulatoryActionFUNTELLContributionMember', window );">Unfavorable Regulatory Action - FUNTELL contribution [Member] | Tax assessment for the year 2010 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Contingent Liabilities, Liens and Guarantees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LossContingenciesPreviousTaxAssessment', window );">Previous tax assessment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">260,000<span></span>
</td>
<td class="nump">1,033,363<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=itrn_UnfavorableRegulatoryActionFUNTELLContributionMember', window );">Unfavorable Regulatory Action - FUNTELL contribution [Member] | Tax assessment for the year 2007 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Contingent Liabilities, Liens and Guarantees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LossContingenciesPreviousTaxAssessment', window );">Previous tax assessment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">195,000<span></span>
</td>
<td class="nump">778,598<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=itrn_UnfavorableRegulatoryActionFUNTELLContributionMember', window );">Unfavorable Regulatory Action - FUNTELL contribution [Member] | Tax assessment for the year 2008 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Contingent Liabilities, Liens and Guarantees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LossContingenciesPreviousTaxAssessment', window );">Previous tax assessment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 193,000<span></span>
</td>
<td class="nump">BRL 770,580<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_LossContingenciesAdditionalTaxAssessment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount of additional tax assessment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_LossContingenciesAdditionalTaxAssessment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_LossContingenciesAggregateTaxAssessment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount of aggregate tax assessment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_LossContingenciesAggregateTaxAssessment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_LossContingenciesPreviousTaxAssessment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount of previous tax assessment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_LossContingenciesPreviousTaxAssessment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingenciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingenciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyDamagesPaidValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of damages paid to the plaintiff in the legal matter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyDamagesPaidValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyDamagesSoughtValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value (monetary amount) of the award the plaintiff seeks in the legal matter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyDamagesSoughtValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=us-gaap_UnfavorableRegulatoryActionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingenciesByNatureOfContingencyAxis=us-gaap_UnfavorableRegulatoryActionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=itrn_UnfavorableRegulatoryActionFUSTContributionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingenciesByNatureOfContingencyAxis=itrn_UnfavorableRegulatoryActionFUSTContributionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxPeriodAxis=itrn_TaxYear2007And2008Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TaxPeriodAxis=itrn_TaxYear2007And2008Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxPeriodAxis=us-gaap_TaxYear2010Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TaxPeriodAxis=us-gaap_TaxYear2010Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=itrn_UnfavorableRegulatoryActionFUNTELLContributionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingenciesByNatureOfContingencyAxis=itrn_UnfavorableRegulatoryActionFUNTELLContributionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxPeriodAxis=us-gaap_TaxYear2007Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TaxPeriodAxis=us-gaap_TaxYear2007Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxPeriodAxis=us-gaap_TaxYear2008Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TaxPeriodAxis=us-gaap_TaxYear2008Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>83
<FILENAME>R65.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6806555184">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONTINGENT LIABILITIES (Commitments) (Details) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jan. 31, 2008</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>CONTINGENT LIABILITIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent', window );">Minimum future rentals under operating leases - 2016</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears', window );">Minimum future rentals under operating leases - 2017</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears', window );">Minimum future rentals under operating leases - 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears', window );">Minimum future rentals under operating leases - 2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears', window );">Minimum future rentals under operating leases - 2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeaseAndRentalExpense', window );">Leasing fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.5<span></span>
</td>
<td class="nump">$ 2.5<span></span>
</td>
<td class="nump">$ 2.5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LongTermPurchaseCommitmentTermOfAgreement', window );">Term of Frame Product and Service Purchase Agreement</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod', window );">Term of any renewal period for Frame Product and Service Purchase Agreement</a></td>
<td class="text">12 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount', window );">Aggregate amount obligated to purchase from Telematics</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary', window );">Amount obligated to purchase from Telematics - 2016</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary', window );">Amount obligated to purchase from Telematics - 2017</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary', window );">Amount obligated to purchase from Telematics - 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_LongTermPurchaseCommitmentTermOfAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period of time for a long-term purchase commitment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_LongTermPurchaseCommitmentTermOfAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period of time pertaining to the renewal period of a long-term purchase commitment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_LongTermPurchaseCommitmentTermOfAnyRenewalPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeaseAndRentalExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeaseAndRentalExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br></p></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the fixed and determinable portion of the unrecorded unconditional purchase obligation maturing in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25336-109308<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the fixed and determinable portion of the unrecorded unconditional purchase obligation maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25336-109308<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the fixed and determinable portion of the unrecorded unconditional purchase obligation maturing in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25336-109308<br></p></div>
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<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the unrecorded obligation to transfer funds in the future for fixed or minimum amounts or quantities of goods or services at fixed or minimum prices (for example, as in take-or-pay contracts or throughput contracts).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25336-109308<br></p></div>
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<th class="th" colspan="2">1 Months Ended</th>
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<div>USD ($)</div>
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<div>USD ($)</div>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>STOCKHOLDERS' EQUITY [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,507,314<span></span>
</td>
<td class="nump">2,507,314<span></span>
</td>
<td class="nump">2,507,314<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_TreasuryStockAsPercentageOfOutstandingStock', window );">Percentage of outstanding stock in treasury stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.70%<span></span>
</td>
<td class="nump">10.70%<span></span>
</td>
<td class="nump">10.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DividendRateAsPercentageOfNetProfits', window );">Dividend rate as a percentage of net profits</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Dividend paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,500<span></span>
</td>
<td class="nump">&#8362; 25.4<span></span>
</td>
<td class="nump">$ 13,171<span></span>
</td>
<td class="nump">$ 15,697<span></span>
</td>
<td class="nump">$ 13,502<span></span>
</td>
<td class="nump">$ 36,100<span></span>
</td>
<td class="nump">&#8362; 135.4<span></span>
</td>
<td class="nump">$ 16,500<span></span>
</td>
<td class="nump">&#8362; 63.4<span></span>
</td>
<td class="nump">$ 20,500<span></span>
</td>
<td class="nump">&#8362; 72.4<span></span>
</td>
<td class="nump">$ 17,200<span></span>
</td>
<td class="nump">&#8362; 61.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableAmountPerShare', window );">Cash dividend declared, value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.31<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableDateToBePaidMonthAndYear', window );">Dividends payable date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2016-04<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_DividendRateAsPercentageOfNetProfits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The dividend rate as a percentage of net profits</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_DividendRateAsPercentageOfNetProfits</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>num:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_TreasuryStockAsPercentageOfOutstandingStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Treasury stock as a percentage of outstanding stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_TreasuryStockAsPercentageOfOutstandingStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStockCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStockCash</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableAmountPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The per share amount of a dividend declared, but not paid, as of the financial reporting date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableAmountPerShare</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableDateToBePaidMonthAndYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the declared dividend will be paid, in CCYY-MM format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableDateToBePaidMonthAndYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearMonthItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityNoteAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28,29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockShares</td>
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<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6804452096">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>STOCKHOLDERS' EQUITY (Schedule of Common Stock) (Details) - &#8362; / shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>STOCKHOLDERS' EQUITY [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares, par value</a></td>
<td class="nump">&#8362; 0.3333<span></span>
</td>
<td class="nump">&#8362; 0.3333<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Ordinary shares, registered</a></td>
<td class="nump">60,000,000<span></span>
</td>
<td class="nump">60,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Ordinary shares, issued and fully paid</a></td>
<td class="nump">23,475,431<span></span>
</td>
<td class="nump">23,475,431<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityNoteAbstract</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6807472672">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>OTHER (INCOME) EXPENSES, NET (Details)<br> &#8362; in Millions</strong></div></th>
<th class="th" colspan="6">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2014 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncomeAndExpensesAbstract', window );"><strong>OTHER (INCOME) EXPENSES, NET [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary', window );">Adjustment of purchase price of subsidiary sold</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (101,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 200,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetImpairment', window );">Impairment of goodwill and intangible assets (2)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">929,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 922,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 4,620,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfBusiness', window );">Gain on sale of subsidiary (1)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(951,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_SundryIncomeExpenseNet', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(145,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (66,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (60,000)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOperatingIncomeExpenseNet', window );">Other expenses, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(268,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 856,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 4,760,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates', window );">Cash received from sale of subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 600,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#8362; 2.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
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<tr><td colspan="8"></td></tr>
<tr><td colspan="8"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">On December 31, 2015, the Company sold its entire holding in the subsidiary Mapa Internet Ltd. for a total consideration of NIS 2.3 million (approximately US$ 600,000).Management does not believe that the sale of Mapa internet Ltd represents a strategic shift for the company. As a result, the above transaction has not been reflected in the accompanying consolidated financial statements as discontinued operations</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">See Notes 7, 8 and 1N.</td>
</tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The adjustment to a purchase price from the sale of a subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_AdjustmentToPurchasePriceFromSaleOfSubsidiary</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other operating income and expenses, the components of which are not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_SundryIncomeExpenseNet</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfBusiness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) from sale or disposal of an organization or integrated set of activities (for example, but not limited to, a partnership or corporation) engaged in providing a product or service in a commercial, industrial, or professional environment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfBusiness</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillAndIntangibleAssetImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total loss recognized during the period from the impairment of goodwill plus the loss recognized in the period resulting from the impairment of the carrying amount of intangible assets, other than goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncomeAndExpensesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherOperatingIncomeExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of other operating income and expenses, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherOperatingIncomeExpenseNet</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from the sale of a business segment or subsidiary or sale of an entity that is related to it but not strictly controlled during the period (for example, an unconsolidated subsidiary, affiliate, joint venture or equity method investment).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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</table>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>87
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805907296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCING INCOME, NET (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncomeDisclosureNonoperatingAbstract', window );"><strong>FINANCING INCOME, NET [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_InterestIncomeExpenseShortTermBorrowings', window );">Short-term interest expenses, commissions and other</a></td>
<td class="num">$ (64)<span></span>
</td>
<td class="nump">$ 309<span></span>
</td>
<td class="num">$ (1,201)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesGainLoss', window );">Gains in respect of marketable securities</a></td>
<td class="nump">$ 666<span></span>
</td>
<td class="nump">$ 133<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseLongTermDebt', window );">Interest expenses in respect of long-term loans</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (4)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeDepositsWithFinancialInstitutions', window );">Interest income in respect of deposits</a></td>
<td class="nump">$ 773<span></span>
</td>
<td class="nump">$ 982<span></span>
</td>
<td class="nump">1,998<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FinancingIncomeExpenseExchangeRateAndOthers', window );">Exchange rate differences and others, net</a></td>
<td class="num">(186)<span></span>
</td>
<td class="nump">280<span></span>
</td>
<td class="num">(555)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Financing income, net</a></td>
<td class="nump">$ 1,189<span></span>
</td>
<td class="nump">$ 1,704<span></span>
</td>
<td class="nump">$ 238<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_FinancingIncomeExpenseExchangeRateAndOthers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exchange rate differences pertaining to financing income, net.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_FinancingIncomeExpenseExchangeRateAndOthers</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_InterestIncomeExpenseShortTermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate interest income (expense) incurred on short-term borrowings during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_InterestIncomeExpenseShortTermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate amount of interest paid or due on all long-term debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseLongTermDebt</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeDepositsWithFinancialInstitutions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest income derived from funds deposited with both domestic and foreign financial institutions including funds in money market and other accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeDepositsWithFinancialInstitutions</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketableSecuritiesGainLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(c)-(e)<br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27357-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27405-111563<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MarketableSecuritiesGainLoss</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncomeDisclosureNonoperatingAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncomeDisclosureNonoperatingAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6808801040">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAX (Narrative) (Details)<br> &#8362; in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="2"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
<th class="th">
<div>Aug. 04, 2014 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Aug. 04, 2014 </div>
<div>ILS (&#8362;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxesLineItems', window );"><strong>Income Taxes [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate', window );">Minimum percentage of annual income which is derived from export considered for application of reduced corporate tax rate</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Tax rate applicable to the Company</a></td>
<td class="nump">26.50%<span></span>
</td>
<td class="nump">26.50%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_EffectiveIncomeTaxRateFederalStatutoryIncomeTaxRateReductionForNextFiscalYear', window );">Reduction in tax rate applicable from 2016 and thereafter</a></td>
<td class="nump">1.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_EffectiveIncomeTaxRateFederalStatutoryIncomeTaxRateForNextFiscalYear', window );">Tax rate applicable from 2016 and thereafter</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxAuthorityAxis=country_IL', window );">Israel [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxesLineItems', window );"><strong>Income Taxes [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExaminationIncreaseDecreaseInLiabilityFromPriorYear', window );">Income tax liability for prior year tax assessments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.5<span></span>
</td>
<td class="nump">&#8362; 36<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Carry forward tax losses</a></td>
<td class="nump">$ 1.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxAuthorityAxis=country_US', window );">United States [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxesLineItems', window );"><strong>Income Taxes [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Carry forward tax losses</a></td>
<td class="nump">$ 3.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwardsExpirationDate', window );">Carry forward tax losses, expiration</a></td>
<td class="text">Dec. 31,  2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FutureCorporateTaxRateAxis=itrn_CorporateTaxRateYearTwentyTwelveMember', window );">2012 [Member] | Scenario, Actual [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxesLineItems', window );"><strong>Income Taxes [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Tax rate applicable to the Company</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_TaxRateOnCapitalGains', window );">Tax rate on capital gains</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_TaxRateApplicableToBetterment', window );">Tax rate applicable to betterment</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FutureCorporateTaxRateAxis=itrn_CorporateTaxRateYearTwentyTwelveMember', window );">2012 [Member] | Preferred Company [Member] | Investment Law, for enterprises located in zone A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxesLineItems', window );"><strong>Income Taxes [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Tax rate applicable to the Company</a></td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FutureCorporateTaxRateAxis=itrn_CorporateTaxRateYearTwentyThirteenMember', window );">2013 [Member] | Preferred Company [Member] | Investment Law, for enterprises located in zone A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxesLineItems', window );"><strong>Income Taxes [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Tax rate applicable to the Company</a></td>
<td class="nump">12.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FutureCorporateTaxRateAxis=itrn_CorporateTaxRateYearTwentyFourteenMember', window );">2014 [Member] | Preferred Company [Member] | Investment Law, for enterprises located in zone A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxesLineItems', window );"><strong>Income Taxes [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Tax rate applicable to the Company</a></td>
<td class="nump">9.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_FutureCorporateTaxRateAxis=itrn_CorporateTaxRateYearTwentyFourteenMember', window );">2014 [Member] | Preferred Company [Member] | Investment Law, for enterprises located elsewhere [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxesLineItems', window );"><strong>Income Taxes [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Tax rate applicable to the Company</a></td>
<td class="nump">16.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_EffectiveIncomeTaxRateFederalStatutoryIncomeTaxRateForNextFiscalYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax rate applicable from next fiscal year and thereafter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_EffectiveIncomeTaxRateFederalStatutoryIncomeTaxRateForNextFiscalYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_EffectiveIncomeTaxRateFederalStatutoryIncomeTaxRateReductionForNextFiscalYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reduction in tax rate applicable from next fiscal year and thereafter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_EffectiveIncomeTaxRateFederalStatutoryIncomeTaxRateReductionForNextFiscalYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_IncomeTaxesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Income Taxes [Line Items]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_IncomeTaxesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the minimum percentage of annual income, which is derived from export considered for application of reduced corporate tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_MinimumPercentageOfAnnualIncomeWhichIsDerivedFromExportConsideredForApplicationOfReducedCorporateTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_TaxRateApplicableToBetterment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of tax rate applicable to betterment in real terms.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_TaxRateApplicableToBetterment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_TaxRateOnCapitalGains">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of tax rate on capital gains in real terms.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_TaxRateOnCapitalGains</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExaminationIncreaseDecreaseInLiabilityFromPriorYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount the liability recorded for the income tax examination increased or decreased in the current year/accounting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExaminationIncreaseDecreaseInLiabilityFromPriorYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLossCarryforwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLossCarryforwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLossCarryforwardsExpirationDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiration date of each operating loss carryforward included in operating loss carryforward, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLossCarryforwardsExpirationDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxAuthorityAxis=country_IL">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxAuthorityAxis=country_IL</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxAuthorityAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxAuthorityAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_FutureCorporateTaxRateAxis=itrn_CorporateTaxRateYearTwentyTwelveMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_FutureCorporateTaxRateAxis=itrn_CorporateTaxRateYearTwentyTwelveMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementScenarioAxis=us-gaap_ScenarioActualMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementScenarioAxis=us-gaap_ScenarioActualMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_IncomeTaxesAdditionalInformationAxis=itrn_PreferredCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_IncomeTaxesAdditionalInformationAxis=itrn_PreferredCompanyMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementScenarioAxis=itrn_ScenarioOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementScenarioAxis=itrn_ScenarioOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_FutureCorporateTaxRateAxis=itrn_CorporateTaxRateYearTwentyThirteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_FutureCorporateTaxRateAxis=itrn_CorporateTaxRateYearTwentyThirteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_FutureCorporateTaxRateAxis=itrn_CorporateTaxRateYearTwentyFourteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_FutureCorporateTaxRateAxis=itrn_CorporateTaxRateYearTwentyFourteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementScenarioAxis=itrn_ScenarioThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementScenarioAxis=itrn_ScenarioThreeMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<DOCUMENT>
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<SEQUENCE>89
<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805857264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAX (Schedule of Components of Income Taxes) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>INCOME TAX [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentFederalTaxExpenseBenefit', window );">Current taxes: In Israel</a></td>
<td class="nump">$ 6,279<span></span>
</td>
<td class="nump">$ 7,564<span></span>
</td>
<td class="nump">$ 6,060<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentForeignTaxExpenseBenefit', window );">Current taxes: Outside Israel</a></td>
<td class="nump">6,089<span></span>
</td>
<td class="nump">7,630<span></span>
</td>
<td class="nump">8,194<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefit', window );">Current taxes</a></td>
<td class="nump">12,368<span></span>
</td>
<td class="nump">15,194<span></span>
</td>
<td class="nump">14,254<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFederalIncomeTaxExpenseBenefit', window );">Deferred taxes: In Israel</a></td>
<td class="num">(121)<span></span>
</td>
<td class="num">(471)<span></span>
</td>
<td class="num">(503)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredForeignIncomeTaxExpenseBenefit', window );">Deferred taxes: Outside Israel</a></td>
<td class="nump">206<span></span>
</td>
<td class="num">(432)<span></span>
</td>
<td class="num">(1,309)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred tax expense (benefit)</a></td>
<td class="nump">85<span></span>
</td>
<td class="num">$ (903)<span></span>
</td>
<td class="num">$ (1,812)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxReconciliationPriorYearDomesticIncomeTaxes', window );">Taxes in respect of prior years: In Israel</a></td>
<td class="nump">$ 369<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes', window );">Taxes in respect of prior years: Outside Israel</a></td>
<td class="text"> <span></span>
</td>
<td class="num">$ (45)<span></span>
</td>
<td class="nump">$ 5<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationPriorYearIncomeTaxes', window );">Taxes in respect of prior years</a></td>
<td class="nump">$ 369<span></span>
</td>
<td class="num">(45)<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense (benefit)</a></td>
<td class="nump">$ 12,822<span></span>
</td>
<td class="nump">$ 14,246<span></span>
</td>
<td class="nump">$ 12,447<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_IncomeTaxReconciliationPriorYearDomesticIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reconciliation of domestic taxes in respect of prior years income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_IncomeTaxReconciliationPriorYearDomesticIncomeTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reconciliation of foreign taxes in respect of prior years income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_IncomeTaxReconciliationPriorYearForeignIncomeTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentFederalTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Paragraph Question 1-7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentFederalTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentForeignTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current foreign income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentForeignTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFederalIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFederalIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredForeignIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred foreign income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredForeignIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationPriorYearIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to revisions of previously reported income tax expense (benefit).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationPriorYearIncomeTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6806645904">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAX (Schedule of Income Tax Reconciliation) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>INCOME TAX [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Pretax income</a></td>
<td class="nump">$ 41,833<span></span>
</td>
<td class="nump">$ 47,574<span></span>
</td>
<td class="nump">$ 38,002<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Statutory tax rate</a></td>
<td class="nump">26.50%<span></span>
</td>
<td class="nump">26.50%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate', window );">Tax computed at the ordinary tax rate</a></td>
<td class="nump">$ 11,086<span></span>
</td>
<td class="nump">$ 12,607<span></span>
</td>
<td class="nump">$ 9,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationNondeductibleExpense', window );">Nondeductible expenses (income)</a></td>
<td class="nump">526<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="nump">1,365<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxReconciliationNondeductibleExpenseLossesThatDidNotGenerateDeferredTaxes', window );">Losses in respect of which no deferred taxes were generated (including changes in valuation allowance)</a></td>
<td class="nump">831<span></span>
</td>
<td class="num">(304)<span></span>
</td>
<td class="nump">137<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxReconciliationDeductionsFinancialExpenses', window );">Deductible financial expenses recorded to other comprehensive income</a></td>
<td class="num">(439)<span></span>
</td>
<td class="num">(365)<span></span>
</td>
<td class="num">(312)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential', window );">Tax adjustment in respect of different tax rates</a></td>
<td class="nump">1,411<span></span>
</td>
<td class="nump">1,662<span></span>
</td>
<td class="nump">1,877<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_IncomeTaxReconciliationWithholdingsAtSource', window );">Taxes in respect of withholding at the source from royalties and dividends</a></td>
<td class="nump">78<span></span>
</td>
<td class="nump">615<span></span>
</td>
<td class="nump">817<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate', window );">Adjustment in respect of tax rate deriving from "approved enterprises"</a></td>
<td class="num">(405)<span></span>
</td>
<td class="num">(558)<span></span>
</td>
<td class="num">(467)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationOtherAdjustments', window );">Others</a></td>
<td class="num">(266)<span></span>
</td>
<td class="nump">579<span></span>
</td>
<td class="num">(470)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense (benefit)</a></td>
<td class="nump">$ 12,822<span></span>
</td>
<td class="nump">$ 14,246<span></span>
</td>
<td class="nump">$ 12,447<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_IncomeTaxReconciliationDeductionsFinancialExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deductible financial expenses recorded to additional paid-in capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_IncomeTaxReconciliationDeductionsFinancialExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_IncomeTaxReconciliationNondeductibleExpenseLossesThatDidNotGenerateDeferredTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of losses that did not generate deferred taxes which are conisdered a non-deductible expense in a reconciliation of income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_IncomeTaxReconciliationNondeductibleExpenseLossesThatDidNotGenerateDeferredTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_IncomeTaxReconciliationWithholdingsAtSource">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Taxes in respect of withholding at the source from royalties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_IncomeTaxReconciliationWithholdingsAtSource</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51673353&amp;loc=d3e41242-110953<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 10<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations, attributable to increase (decrease) in the income tax rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32059-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to foreign income tax expense (benefit).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 08<br> -Paragraph h<br> -Subparagraph 1<br> -Article 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 08<br> -Paragraph h<br> -Subparagraph 2<br> -Article 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationNondeductibleExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to nondeductible expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationNondeductibleExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationOtherAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationOtherAdjustments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<head>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6806136032">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>INCOME TAX (Summary of Deferred Taxes) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>INCOME TAX [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCurrent', window );">Provision for employee related obligations, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 145<span></span>
</td>
<td class="nump">$ 130<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLegalSettlementsCurrent', window );">Provision for legal obligation, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,607<span></span>
</td>
<td class="nump">3,519<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Deferred taxes included in other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">2,752<span></span>
</td>
<td class="nump">3,649<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsNoncurrent', window );">Provision for employee related obligations, non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">718<span></span>
</td>
<td class="nump">678<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DeferredTaxAssetsOperatingLossCarryforwardsNoncurrent', window );">Carry forward tax losses and foreign tax credit, non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,321<span></span>
</td>
<td class="nump">4,321<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DeferredTaxAssetsTemporaryDifferencesNetNoncurrent', window );">Temporary differences, net, non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,237<span></span>
</td>
<td class="nump">1,010<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DeferredTaxAssetsGrossAndDeferredTaxLiabilitiesNoncurrent', window );">Gross deferred income taxes, non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,276<span></span>
</td>
<td class="nump">6,009<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsValuationAllowanceNoncurrent', window );">Valuation allowance, non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,997)<span></span>
</td>
<td class="num">(3,273)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsLiabilitiesNetNoncurrent', window );">Deferred income taxes, non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,279<span></span>
</td>
<td class="nump">$ 2,736<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">See Note 15.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_DeferredTaxAssetsGrossAndDeferredTaxLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred Tax Assets, Gross And Deferred Tax Liabilities, NonCurrent</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_DeferredTaxAssetsGrossAndDeferredTaxLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_DeferredTaxAssetsOperatingLossCarryforwardsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_DeferredTaxAssetsOperatingLossCarryforwardsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provision for employee related obligations included in deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The provision for non-current employee related obligations inluded in non-current deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLegalSettlementsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Provision for current legal obligations included in deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLegalSettlementsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_DeferredTaxAssetsTemporaryDifferencesNetNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_DeferredTaxAssetsTemporaryDifferencesNetNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsLiabilitiesNetNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, netted by jurisdiction and classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsLiabilitiesNetNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsValuationAllowanceNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsValuationAllowanceNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6804382048">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>INCOME TAX (Schedule of Deferred Taxes Balance Sheet Location) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetNoncurrentClassificationAbstract', window );"><strong>Deferred Tax Assets, Net of Valuation Allowance, Noncurrent Classification [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetNoncurrent', window );">Deferred income taxes included in long-term investments and other assets</a></td>
<td class="nump">$ 2,279<span></span>
</td>
<td class="nump">$ 2,886<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesGrossNoncurrent', window );">Deferred income taxes included in long-term liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(150)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsLiabilitiesNetNoncurrent', window );">Deferred income taxes, non-current</a></td>
<td class="nump">$ 2,279<span></span>
</td>
<td class="nump">$ 2,736<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsLiabilitiesNetNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, netted by jurisdiction and classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsLiabilitiesNetNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetNoncurrent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetNoncurrentClassificationAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesGrossNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross amount of noncurrent deferred tax liabilities, which result from applying the applicable tax rate to taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesGrossNoncurrent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td>instant</td>
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<DOCUMENT>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805918224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAX (Schedule of Income Before Income Taxes) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>INCOME TAX [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic', window );">The Company and its Israeli subsidiaries</a></td>
<td class="nump">$ 23,987<span></span>
</td>
<td class="nump">$ 26,021<span></span>
</td>
<td class="nump">$ 17,296<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign', window );">Non-Israeli subsidiaries</a></td>
<td class="nump">17,846<span></span>
</td>
<td class="nump">21,553<span></span>
</td>
<td class="nump">20,706<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before income tax</a></td>
<td class="nump">$ 41,833<span></span>
</td>
<td class="nump">$ 47,574<span></span>
</td>
<td class="nump">$ 38,002<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51673353&amp;loc=d3e41242-110953<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 10<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of earnings or loss from continuing operations before income taxes that is attributable to foreign operations, which is defined as Income or Loss generated from operations located outside the entity's country of domicile.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<DOCUMENT>
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<head>
<title></title>
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<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6805847040">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAX (Changes in Unrecognized Tax Benefits) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>INCOME TAX [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Balance</a></td>
<td class="nump">$ 421<span></span>
</td>
<td class="nump">$ 472<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions', window );">Decrease related tax positions of prior years</a></td>
<td class="num">(419)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation', window );">Translations differences related to the current year</a></td>
<td class="num">$ (2)<span></span>
</td>
<td class="num">(51)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Balance</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 421<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
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<tr>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Unrecognized Tax Benefit<br> -URI http://asc.fasb.org/extlink&amp;oid=6527854<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in unrecognized tax benefits resulting from foreign currency translation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in unrecognized tax benefits resulting from tax positions taken in prior period tax returns.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15A<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions</td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</DOCUMENT>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6638160704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE (Schedule of Net Income Used in Earnings Per Share) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>EARNINGS PER SHARE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest', window );">Net income attributable to stockholder's used for the computation of basic and diluted earnings per share</a></td>
<td class="nump">$ 24,971<span></span>
</td>
<td class="nump">$ 30,429<span></span>
</td>
<td class="nump">$ 23,762<span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6821732144">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE (Schedule of Weighted Average Shares Used in Earnings Per Share) (Details) - shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>EARNINGS PER SHARE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average number of shares used in the computation of basic and diluted earnings per share</a></td>
<td class="nump">20,968<span></span>
</td>
<td class="nump">20,968<span></span>
</td>
<td class="nump">20,968<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R79.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6821977056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTIES (Details)<br></strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>ILS (&#8362;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_TzivtitInsuranceMember', window );">Tzivtit Insurance [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyExpensesFromThirdParty', window );">Related party commission from insurance company</a></td>
<td class="nump">$ 79,000<span></span>
</td>
<td class="nump">&#8362; 309,000<span></span>
</td>
<td class="nump">$ 52,000<span></span>
</td>
<td class="nump">$ 80,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_SheratzkyHoldingsMember', window );">A. Sheratzky Holdings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Aggregate amounts paid</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">793,000<span></span>
</td>
<td class="nump">3,470,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis=itrn_BasicInsurancePoliciesMember', window );">Basic Insurance Policies [Member] | Tzivtit Insurance [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralInsuranceExpense', window );">Payments for insurance policies</a></td>
<td class="nump">304,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">324,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis=us-gaap_DirectorsAndOfficersLiabilityInsuranceMember', window );">Directors And Officers Insurance Policies [Member] | Tzivtit Insurance [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralInsuranceExpense', window );">Payments for insurance policies</a></td>
<td class="nump">168,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">189,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyByIndividualAxis=itrn_IzzySheratzkyMember', window );">Izzy Sheratzky [Member] | A. Sheratzky Holdings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionMonthlyExpense', window );">Monthly cost</a></td>
<td class="nump">$ 25,000<span></span>
</td>
<td class="nump">&#8362; 98,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement', window );">Percentage of pretax income available based on employment agreement</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionTermOfAgreement', window );">Term of agreement</a></td>
<td class="text">2 years<span></span>
</td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionTermOfAutomaticExtension', window );">Term of automatic extension</a></td>
<td class="text">2 years<span></span>
</td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement', window );">Notice required to terminate agreement</a></td>
<td class="text">180 days<span></span>
</td>
<td class="text">180 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_TheresholdTermAgreementForDomesticLaw', window );">Threshold term agreement for Israeli law</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyByIndividualAxis=itrn_IzzySheratzkyMember', window );">Izzy Sheratzky [Member] | A. Sheratzky Holdings [Member] | President and Director [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionMonthlyExpense', window );">Monthly cost</a></td>
<td class="nump">$ 57,700<span></span>
</td>
<td class="nump">&#8362; 225,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionTermOfAgreement', window );">Term of agreement</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement', window );">Notice required to terminate agreement</a></td>
<td class="text">180 days<span></span>
</td>
<td class="text">180 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionTermOfVacationAndSickDays', window );">Vacation and sick days</a></td>
<td class="text">25 days<span></span>
</td>
<td class="text">25 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionPaymentToRelatedParty', window );">Payment to related party for services</a></td>
<td class="nump">$ 2,249,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,387,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyByIndividualAxis=itrn_EyalSheratzkyMember', window );">Eyal Sheratzky [Member] | A. Sheratzky Holdings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionMonthlyExpense', window );">Monthly cost</a></td>
<td class="nump">12,500<span></span>
</td>
<td class="nump">&#8362; 48,892<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyByIndividualAxis=itrn_EyalSheratzkyMember', window );">Eyal Sheratzky [Member] | ORAS Capital Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionMonthlyExpense', window );">Monthly cost</a></td>
<td class="nump">$ 45,000<span></span>
</td>
<td class="nump">&#8362; 175,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionTermOfAgreement', window );">Term of agreement</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement', window );">Notice required to terminate agreement</a></td>
<td class="text">180 days<span></span>
</td>
<td class="text">180 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionTermOfVacationAndSickDays', window );">Vacation and sick days</a></td>
<td class="text">25 days<span></span>
</td>
<td class="text">25 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionPaymentToRelatedParty', window );">Payment to related party for services</a></td>
<td class="nump">$ 1,565,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,552,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyByIndividualAxis=itrn_NirSheratzkyMember', window );">Nir Sheratzky [Member] | A. Sheratzky Holdings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionMonthlyExpense', window );">Monthly cost</a></td>
<td class="nump">12,600<span></span>
</td>
<td class="nump">&#8362; 49,307<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyByIndividualAxis=itrn_NirSheratzkyMember', window );">Nir Sheratzky [Member] | Galnir Management and Investments Ltd. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionMonthlyExpense', window );">Monthly cost</a></td>
<td class="nump">$ 45,000<span></span>
</td>
<td class="nump">&#8362; 175,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionTermOfAgreement', window );">Term of agreement</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement', window );">Notice required to terminate agreement</a></td>
<td class="text">180 days<span></span>
</td>
<td class="text">180 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionTermOfVacationAndSickDays', window );">Vacation and sick days</a></td>
<td class="text">25 days<span></span>
</td>
<td class="text">25 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionPaymentToRelatedParty', window );">Payment to related party for services</a></td>
<td class="nump">$ 1,802,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,418,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyByIndividualAxis=itrn_EyalSheratzkyAndNirSheratzkyMember', window );">Eyal Sheratzky And Nir Sheratzky[Member] | A. Sheratzky Holdings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement', window );">Percentage of pretax income available based on employment agreement</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionTermOfAgreement', window );">Term of agreement</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyByIndividualAxis=itrn_YehudaKahaneMember', window );">Yehuda Kahane [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionMonthlyExpense', window );">Monthly cost</a></td>
<td class="nump">$ 3,900<span></span>
</td>
<td class="nump">&#8362; 15,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Aggregate amounts paid</a></td>
<td class="nump">57,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">62,000<span></span>
</td>
<td class="nump">59,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyByIndividualAxis=itrn_GilSheratzkyMember', window );">Gil Sheratzky [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Aggregate amounts paid</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">29,000<span></span>
</td>
<td class="nump">145,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyByIndividualAxis=itrn_GilSheratzkyMember', window );">Gil Sheratzky [Member] | E-Com Global Electronic Commerce Lt. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionMonthlyExpense', window );">Monthly cost</a></td>
<td class="nump">$ 6,400<span></span>
</td>
<td class="nump">&#8362; 25,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement', window );">Percentage of increase in profit available based on agreement</a></td>
<td class="nump">2.00%<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionTermOfAgreement', window );">Term of agreement</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyByIndividualAxis=itrn_GilSheratzkyMember', window );">Gil Sheratzky [Member] | ZERO-TO-ONE S.B.L. INVESTMENTS LTD. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionMonthlyExpense', window );">Monthly cost</a></td>
<td class="nump">$ 32,000<span></span>
</td>
<td class="nump">&#8362; 125,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionTermOfAgreement', window );">Term of agreement</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement', window );">Notice required to terminate agreement</a></td>
<td class="text">2 months<span></span>
</td>
<td class="text">2 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionTermOfVacationAndSickDays', window );">Vacation and sick days</a></td>
<td class="text">25 days<span></span>
</td>
<td class="text">25 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionPaymentToRelatedParty', window );">Payment to related party for services</a></td>
<td class="nump">$ 1,175,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">948,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyByIndividualAxis=itrn_MrAvnerKurzMember', window );">Mr. Avner Kurz [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Aggregate amounts paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 80,000<span></span>
</td>
<td class="nump">$ 81,105<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyByIndividualAxis=itrn_MrAvnerKurzMember', window );">Mr. Avner Kurz [Member] | Ituran Sistemas de Monitoramento Ltda [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionMonthlyExpense', window );">Monthly cost</a></td>
<td class="nump">$ 8,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionTermOfAutomaticExtension', window );">Term of automatic extension</a></td>
<td class="text">2 years<span></span>
</td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement', window );">Notice required to terminate agreement</a></td>
<td class="text">180 days<span></span>
</td>
<td class="text">180 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member] | Eyal Sheratzky [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement', window );">Percentage of pretax income available based on employment agreement</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of increase in subsidiary profit available based on agreement, paid as bonus.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_PercentageOfIncreaseInProfitsAvaliableInAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of pretax income avaliable per employment agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_PercentageOfPretaxIncomeAvaliableInEmploymentAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyExpensesFromThirdParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of related party expenses from third party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyExpensesFromThirdParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyTransactionMonthlyExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of related party transaction monthly expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyTransactionMonthlyExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of days notice required to terminate agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyTransactionNoticeRequiredToTerminateAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyTransactionPaymentToRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payment during the period (excluding transactions that are eliminated in consolidated or combined financial statements) with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyTransactionPaymentToRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyTransactionTermOfAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The related party agreement term 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyTransactionTermOfAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyTransactionTermOfAutomaticExtension">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The related party agreement automatic extension term 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyTransactionTermOfAutomaticExtension</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyTransactionTermOfVacationAndSickDays">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The related party vacation and sick days in PnYnMnDTnHnMnS format, for example, P1Y5M13D represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyTransactionTermOfVacationAndSickDays</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_TheresholdTermAgreementForDomesticLaw">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The thresehold term agreement for Israeli law.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_TheresholdTermAgreementForDomesticLaw</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralInsuranceExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expense in the period incurred with respect to protection provided by insurance entities against risks other than risks associated with production (which are allocated to cost of sales).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralInsuranceExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_TzivtitInsuranceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_TzivtitInsuranceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_SheratzkyHoldingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_SheratzkyHoldingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis=itrn_BasicInsurancePoliciesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis=itrn_BasicInsurancePoliciesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis=us-gaap_DirectorsAndOfficersLiabilityInsuranceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis=us-gaap_DirectorsAndOfficersLiabilityInsuranceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyByIndividualAxis=itrn_IzzySheratzkyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyByIndividualAxis=itrn_IzzySheratzkyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=itrn_PresidentAndDirectorMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=itrn_PresidentAndDirectorMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyByIndividualAxis=itrn_EyalSheratzkyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyByIndividualAxis=itrn_EyalSheratzkyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_ORASCapitalLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_ORASCapitalLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyByIndividualAxis=itrn_NirSheratzkyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyByIndividualAxis=itrn_NirSheratzkyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_GalnirManagementAndInvestmentsLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_GalnirManagementAndInvestmentsLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyByIndividualAxis=itrn_EyalSheratzkyAndNirSheratzkyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyByIndividualAxis=itrn_EyalSheratzkyAndNirSheratzkyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyByIndividualAxis=itrn_YehudaKahaneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyByIndividualAxis=itrn_YehudaKahaneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyByIndividualAxis=itrn_GilSheratzkyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyByIndividualAxis=itrn_GilSheratzkyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_EComGlobalElectronicCommerceLtMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_EComGlobalElectronicCommerceLtMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_ZeroToOneSBLInvestmentsLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_ZeroToOneSBLInvestmentsLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyByIndividualAxis=itrn_MrAvnerKurzMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyByIndividualAxis=itrn_MrAvnerKurzMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_IturanSistemasDeMonitoramentoLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=itrn_IturanSistemasDeMonitoramentoLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>98
<FILENAME>R80.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6808581824">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTIES (Schedule of Target-based Cash Incentives) (Details) - Executive Offices Holders [Member]<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargets', window );">Profit-Before-Tax Targets</a></td>
<td class="nump">$ 24,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LevelOfIncentivePercentage', window );">Level of incentive</a></td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeOneMember', window );">Profit Before Tax Targets Range One [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LevelOfIncentivePercentage', window );">Level of incentive</a></td>
<td class="nump">20.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeOneMember', window );">Profit Before Tax Targets Range One [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargets', window );">Profit-Before-Tax Targets</a></td>
<td class="nump">$ 24,001<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeOneMember', window );">Profit Before Tax Targets Range One [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargets', window );">Profit-Before-Tax Targets</a></td>
<td class="nump">$ 27,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeTwoMember', window );">Profit Before Tax Targets Range Two [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LevelOfIncentivePercentage', window );">Level of incentive</a></td>
<td class="nump">45.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeTwoMember', window );">Profit Before Tax Targets Range Two [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargets', window );">Profit-Before-Tax Targets</a></td>
<td class="nump">$ 27,501<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeTwoMember', window );">Profit Before Tax Targets Range Two [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargets', window );">Profit-Before-Tax Targets</a></td>
<td class="nump">$ 31,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeThreeMember', window );">Profit Before Tax Targets Range Three [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LevelOfIncentivePercentage', window );">Level of incentive</a></td>
<td class="nump">75.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeThreeMember', window );">Profit Before Tax Targets Range Three [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargets', window );">Profit-Before-Tax Targets</a></td>
<td class="nump">$ 31,001<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeThreeMember', window );">Profit Before Tax Targets Range Three [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargets', window );">Profit-Before-Tax Targets</a></td>
<td class="nump">$ 35,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeFourMember', window );">Profit Before Tax Targets Range Four [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LevelOfIncentivePercentage', window );">Level of incentive</a></td>
<td class="nump">110.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeFourMember', window );">Profit Before Tax Targets Range Four [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargets', window );">Profit-Before-Tax Targets</a></td>
<td class="nump">$ 35,001<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeFourMember', window );">Profit Before Tax Targets Range Four [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargets', window );">Profit-Before-Tax Targets</a></td>
<td class="nump">$ 39,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeFiveMember', window );">Profit Before Tax Targets Range Five [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LevelOfIncentivePercentage', window );">Level of incentive</a></td>
<td class="nump">150.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeFiveMember', window );">Profit Before Tax Targets Range Five [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargets', window );">Profit-Before-Tax Targets</a></td>
<td class="nump">$ 39,001<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_LevelOfIncentivePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the level of incentive as a percentage of executive office holder's annual cost of pay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_LevelOfIncentivePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_ProfitBeforeTaxTargets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The range of profits that must be achieved for to award a cash incentive to the Executive Office Holders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_ProfitBeforeTaxTargets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_ExecutiveOfficerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_ExecutiveOfficerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeThreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeFourMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeFourMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeFiveMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_ProfitBeforeTaxTargetsAxis=itrn_ProfitBeforeTaxTargetsRangeFiveMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6806200912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTIES (Narrative - Cash Incentives) (Details) - Executive Offices Holders [Member]<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_CashIncentiveAwardTerms', window );">Cash incentive award, terms</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><font><font style="font-size: 10pt;">since the date of its approval (an "Examined Period"), as compared to the TA 100 Index's Yield over such Examined Period; and to the extent that the Company's Stock Yield exceeds the TA 100 Index's Yield for such period, each of the Executive Office Holders shall receive an amount equal to </font>50<font style="font-size: 10pt;">% of his monthly Cost of Pay for each </font>1<font style="font-size: 10pt;">% of excess return (in percentage points' terms), or a relative amount in the event of a partial excess return.</font></font></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn', window );">Percentage of monthly Cost of Pay for each 1% of excess return</a></td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria', window );">Excess return percentage</a></td>
<td class="nump">1.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Shares granted | shares</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment', window );">Maximum payment term after the termination of service/employment</a></td>
<td class="text">30 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage', window );">EBITDA''s Threshold (as a percent)</a></td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants', window );">Prior notice period for amount of grants under special circumstances</a></td>
<td class="text">60 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts', window );">Maximum return period for compensation amounts</a></td>
<td class="text">60 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_ExecutiveOfficerMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_LevelOfIncentivePercentage', window );">Level of incentive</a></td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ProfitBeforeTaxTargets', window );">Profit before tax targets | $</a></td>
<td class="nump">$ 24<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_CashIncentiveAwardTerms">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The terms of the cash incentive awards per the service agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_CashIncentiveAwardTerms</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents information pertaining to percentage of earnings before interest, taxes, depreciation and amortization threshold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_EarningsBeforeInterestTaxesDepreciationAndAmortizationThresholdPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_LevelOfIncentivePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the level of incentive as a percentage of executive office holder's annual cost of pay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_LevelOfIncentivePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_ProfitBeforeTaxTargets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The range of profits that must be achieved for to award a cash incentive to the Executive Office Holders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_ProfitBeforeTaxTargets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the maximum payment term after the termination of service/employment  in PnYnMnDTnHnMnS format, for example, P1Y5M13D represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyTransactionMaximumPaymentTermAfterTerminationOfServiceOrEmployment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the maximum return period for compensation amounts in PnYnMnDTnHnMnS format, for example, P1Y5M13D represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyTransactionMaximumReturnPeriodForCompensationAmounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents information pertaining to percentage of monthly cost of pay that each of the Executive Office Holders shall receive for each specific excess return.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyTransactionPercentageOfMonthlyExpenseForEachSpecificExcessReturn</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents information pertaining to prior notice period for amount of grants under special circumstances.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyTransactionPriorNoticePeriodForAmountOfGrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents information pertaining to excess return percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_RelatedPartyTransactionSpecificExcessReturnPercentageCriteria</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross number of share options (or share units) granted during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_ExecutiveOfficerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_ExecutiveOfficerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>100
<FILENAME>R82.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6806869088">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>SEGMENT REPORTING (Schedule of Segment Reporting Infomation by Segment) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 175,628<span></span>
</td>
<td class="nump">$ 182,127<span></span>
</td>
<td class="nump">$ 170,167<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">40,644<span></span>
</td>
<td class="nump">45,870<span></span>
</td>
<td class="nump">37,930<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ReportableSegmentAssets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">72,699<span></span>
</td>
<td class="nump">74,889<span></span>
</td>
<td class="nump">76,864<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,356<span></span>
</td>
<td class="nump">4,041<span></span>
</td>
<td class="nump">5,433<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AssetExpenditures', window );">Expenditures for assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14,871<span></span>
</td>
<td class="nump">13,172<span></span>
</td>
<td class="nump">12,576<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,788<span></span>
</td>
<td class="nump">9,068<span></span>
</td>
<td class="nump">9,718<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetImpairment', window );">Impairment of goodwill and intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">929<span></span>
</td>
<td class="nump">922<span></span>
</td>
<td class="nump">4,620<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=itrn_LocationBasedServicesMember', window );">Location Based Services [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">127,683<span></span>
</td>
<td class="nump">133,692<span></span>
</td>
<td class="nump">126,951<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">38,328<span></span>
</td>
<td class="nump">42,603<span></span>
</td>
<td class="nump">38,470<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ReportableSegmentAssets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">62,236<span></span>
</td>
<td class="nump">63,795<span></span>
</td>
<td class="nump">66,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,539<span></span>
</td>
<td class="nump">1,544<span></span>
</td>
<td class="nump">1,730<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AssetExpenditures', window );">Expenditures for assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14,478<span></span>
</td>
<td class="nump">12,574<span></span>
</td>
<td class="nump">12,312<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 8,636<span></span>
</td>
<td class="nump">8,920<span></span>
</td>
<td class="nump">9,360<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetImpairment', window );">Impairment of goodwill and intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">34<span></span>
</td>
<td class="nump">2,816<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=itrn_WirelessCommunicationsProductsMember', window );">Wireless Communications Products [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 47,945<span></span>
</td>
<td class="nump">48,435<span></span>
</td>
<td class="nump">43,216<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,316<span></span>
</td>
<td class="nump">3,267<span></span>
</td>
<td class="num">(540)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ReportableSegmentAssets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,463<span></span>
</td>
<td class="nump">11,094<span></span>
</td>
<td class="nump">10,564<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,817<span></span>
</td>
<td class="nump">2,497<span></span>
</td>
<td class="nump">3,703<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AssetExpenditures', window );">Expenditures for assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">393<span></span>
</td>
<td class="nump">598<span></span>
</td>
<td class="nump">264<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">152<span></span>
</td>
<td class="nump">148<span></span>
</td>
<td class="nump">358<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetImpairment', window );">Impairment of goodwill and intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 929<span></span>
</td>
<td class="nump">$ 888<span></span>
</td>
<td class="nump">$ 1,804<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The accumulated amount of impairment loss as of December 31, 2013, December 31, 2014 and December 31, 2015 was US$ 5,545,000, US$ 6,424,000 and US$ 7,098,000, respectively.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">See Notes 7, 8 and 1N.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_AssetExpenditures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenditures for assets including capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_AssetExpenditures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_ReportableSegmentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all reportable segment assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_ReportableSegmentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillAndIntangibleAssetImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total loss recognized during the period from the impairment of goodwill plus the loss recognized in the period resulting from the impairment of the carrying amount of intangible assets, other than goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillAndIntangibleAssetImpairment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=itrn_LocationBasedServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=itrn_LocationBasedServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=itrn_WirelessCommunicationsProductsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=itrn_WirelessCommunicationsProductsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R83.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6808524832">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>SEGMENT REPORTING (Reconciliation of Reporting Information from Segments to Consolidated Totals) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenues of reportable segment and consolidated revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 175,628<span></span>
</td>
<td class="nump">$ 182,127<span></span>
</td>
<td class="nump">$ 170,167<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLossAbstract', window );"><strong>Operating Income</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Total operating income for reportable segments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 40,644<span></span>
</td>
<td class="nump">$ 45,870<span></span>
</td>
<td class="nump">37,930<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Financing income, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(166)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOperatingIncomeExpenseNet', window );">Other income (expenses)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 268<span></span>
</td>
<td class="num">$ (856)<span></span>
</td>
<td class="num">(4,760)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Consolidated income before taxes on income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">41,833<span></span>
</td>
<td class="nump">47,574<span></span>
</td>
<td class="nump">38,002<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">91,705<span></span>
</td>
<td class="nump">103,222<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31,514<span></span>
</td>
<td class="nump">31,908<span></span>
</td>
<td class="nump">32,546<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">142,003<span></span>
</td>
<td class="nump">152,337<span></span>
</td>
<td class="nump">160,542<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_OtherSignificantItemsAbstract', window );"><strong>Other significant items</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AssetExpenditures', window );">Expenditures for assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14,871<span></span>
</td>
<td class="nump">13,172<span></span>
</td>
<td class="nump">12,576<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts', window );">Asset expenditures, reportable segments and unallocated amounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,547<span></span>
</td>
<td class="nump">15,193<span></span>
</td>
<td class="nump">13,963<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation, amortization and impairment for reportable segments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,788<span></span>
</td>
<td class="nump">9,068<span></span>
</td>
<td class="nump">9,718<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,962<span></span>
</td>
<td class="nump">12,219<span></span>
</td>
<td class="nump">16,196<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=itrn_ReportableSegmentMember', window );">Reportable Segment [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLossAbstract', window );"><strong>Operating Income</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Total operating income for reportable segments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">40,644<span></span>
</td>
<td class="nump">45,870<span></span>
</td>
<td class="nump">37,930<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">76,055<span></span>
</td>
<td class="nump">78,930<span></span>
</td>
<td class="nump">82,297<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_OtherSignificantItemsAbstract', window );"><strong>Other significant items</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_AssetExpenditures', window );">Expenditures for assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14,871<span></span>
</td>
<td class="nump">13,172<span></span>
</td>
<td class="nump">12,576<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation, amortization and impairment for reportable segments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,717<span></span>
</td>
<td class="nump">9,990<span></span>
</td>
<td class="nump">14,338<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=us-gaap_MaterialReconcilingItemsMember', window );">Unallocated Amounts [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLossAbstract', window );"><strong>Operating Income</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Financing income, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,189<span></span>
</td>
<td class="nump">$ 1,704<span></span>
</td>
<td class="nump">238<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOperatingIncomeExpenseNet', window );">Other income (expenses)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(166)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 46,119<span></span>
</td>
<td class="nump">$ 57,159<span></span>
</td>
<td class="nump">61,530<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_InvestmentInAffiliatedAndOtherCompanies', window );">Investments in affiliated and other companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,783<span></span>
</td>
<td class="nump">1,095<span></span>
</td>
<td class="nump">1,511<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,730<span></span>
</td>
<td class="nump">7,786<span></span>
</td>
<td class="nump">8,644<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsMiscellaneous', window );">Other unallocated amounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,316<span></span>
</td>
<td class="nump">7,367<span></span>
</td>
<td class="nump">6,560<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_OtherSignificantItemsAbstract', window );"><strong>Other significant items</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_ExpendituresForAssetsUnallocatedAmounts', window );">Expenditure for assets unallocated amounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,676<span></span>
</td>
<td class="nump">2,021<span></span>
</td>
<td class="nump">1,387<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts', window );">Depreciation and amortization, unallocated amounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,245<span></span>
</td>
<td class="nump">$ 2,229<span></span>
</td>
<td class="nump">$ 1,858<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Including goodwill.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_AssetExpenditures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenditures for assets including capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_AssetExpenditures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenditures for assets including capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets incuding unallocated amounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_AssetExpendituresReportableSegmentsAndUnallocatedAmounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets including unallocated amounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_DepreciationAndAmortizationReportableSegmentsIncludingUnallocatedAmounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Depreciation and amortization, reportable segments, unallocated amounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_DepreciationAndAmortizationReportableSegmentsUnallocatedAmounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_ExpendituresForAssetsUnallocatedAmounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of expenditure for assets unallocated amounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_ExpendituresForAssetsUnallocatedAmounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_InvestmentInAffiliatedAndOtherCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of investments in affiliated and other companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_InvestmentInAffiliatedAndOtherCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_OtherSignificantItemsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_OtherSignificantItemsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 12<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51673353&amp;loc=d3e41242-110953<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 10<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsMiscellaneous">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other miscellaneous assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsMiscellaneous</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherOperatingIncomeExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of other operating income and expenses, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherOperatingIncomeExpenseNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 13<br> -Subparagraph a<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 8<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingInformationLineItems</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=itrn_ReportableSegmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=itrn_ReportableSegmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=us-gaap_MaterialReconcilingItemsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6809667440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SEGMENT REPORTING (Schedule of Revenue and Long-Lived Assets by Geographical Areas) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems', window );"><strong>Revenues from External Customers and Long-Lived Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 175,628<span></span>
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<td class="nump">$ 182,127<span></span>
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<td class="nump">$ 170,167<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">31,514<span></span>
</td>
<td class="nump">31,908<span></span>
</td>
<td class="nump">32,546<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_IL', window );">Israel [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems', window );"><strong>Revenues from External Customers and Long-Lived Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">88,556<span></span>
</td>
<td class="nump">90,061<span></span>
</td>
<td class="nump">83,331<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">9,934<span></span>
</td>
<td class="nump">8,563<span></span>
</td>
<td class="nump">9,051<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_US', window );">United States [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems', window );"><strong>Revenues from External Customers and Long-Lived Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">7,811<span></span>
</td>
<td class="nump">7,568<span></span>
</td>
<td class="nump">4,876<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">73<span></span>
</td>
<td class="nump">120<span></span>
</td>
<td class="nump">155<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_BR', window );">Brazil [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems', window );"><strong>Revenues from External Customers and Long-Lived Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">58,403<span></span>
</td>
<td class="nump">66,462<span></span>
</td>
<td class="nump">63,454<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">17,228<span></span>
</td>
<td class="nump">17,801<span></span>
</td>
<td class="nump">19,178<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=country_AR', window );">Argentina [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems', window );"><strong>Revenues from External Customers and Long-Lived Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">17,324<span></span>
</td>
<td class="nump">13,792<span></span>
</td>
<td class="nump">15,190<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">4,279<span></span>
</td>
<td class="nump">5,424<span></span>
</td>
<td class="nump">4,162<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=itrn_OtherForeignCountriesMember', window );">Others [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems', window );"><strong>Revenues from External Customers and Long-Lived Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">$ 3,534<span></span>
</td>
<td class="nump">$ 4,244<span></span>
</td>
<td class="nump">$ 3,316<span></span>
</td>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 13<br> -Subparagraph a<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 8<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems</td>
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6815272384">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT (Narrative) (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>item</div>
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<th class="th">
<div>Dec. 31, 2014 </div>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Level 1 [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossLineItems', window );"><strong>Derivative Instruments, Gain (Loss) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">$ 2,035<span></span>
</td>
<td class="nump">$ 2,362<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Level 2 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TradingSecurities', window );">Trading securities</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Level 3 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossLineItems', window );"><strong>Derivative Instruments, Gain (Loss) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TradingSecurities', window );">Trading securities</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeContractMember', window );">Foreign Exchange Contract [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossLineItems', window );"><strong>Derivative Instruments, Gain (Loss) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Derivative notional amount</a></td>
<td class="nump">$ 10,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeTermOfContract', window );">Derivative, term of contract</a></td>
<td class="text">7 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_itrn_DerivativeMonthlyNotionalAmount', window );">Monthly notional amount</a></td>
<td class="nump">$ 1,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_DesignatedAsHedgingInstrumentMember', window );">Designated as Hedging Instrument [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossLineItems', window );"><strong>Derivative Instruments, Gain (Loss) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Derivative asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,564<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_DesignatedAsHedgingInstrumentMember', window );">Designated as Hedging Instrument [Member] | Level 1 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossLineItems', window );"><strong>Derivative Instruments, Gain (Loss) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Derivative asset</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_DesignatedAsHedgingInstrumentMember', window );">Designated as Hedging Instrument [Member] | Level 2 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossLineItems', window );"><strong>Derivative Instruments, Gain (Loss) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Derivative asset</a></td>
<td class="nump">$ 1,063<span></span>
</td>
<td class="nump">$ 2,564<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_DesignatedAsHedgingInstrumentMember', window );">Designated as Hedging Instrument [Member] | Level 3 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossLineItems', window );"><strong>Derivative Instruments, Gain (Loss) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Derivative asset</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_DesignatedAsHedgingInstrumentMember', window );">Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Foreign Exchange Contract [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossLineItems', window );"><strong>Derivative Instruments, Gain (Loss) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Derivative asset</a></td>
<td class="nump">$ 1,063<span></span>
</td>
<td class="nump">$ 1,580<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_DesignatedAsHedgingInstrumentMember', window );">Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Foreign Exchange Contract [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossLineItems', window );"><strong>Derivative Instruments, Gain (Loss) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Derivative asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">984<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember', window );">Cost of Sales [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossLineItems', window );"><strong>Derivative Instruments, Gain (Loss) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeGainLossOnDerivativeNet', window );">Gain recognized in income on derivatives</a></td>
<td class="nump">$ 1,616<span></span>
</td>
<td class="nump">$ 39<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_DerivativeNotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate notional amount specified by the derivative(s). Expressed as an absolute value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 12<br> -Section 13<br> -Sentence Column B<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_DerivativeNotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>invest_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_itrn_DerivativeMonthlyNotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Monthly notional amount specified by the derivative(s). Expressed as an absolute value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">itrn_DerivativeMonthlyNotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>itrn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13433-108611<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13495-108611<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 55<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=51825145&amp;loc=SL20226008-175313<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeGainLossOnDerivativeNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in the fair value of derivatives recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=SL5618551-113959<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -Subparagraph (a),(c),(d),(e)<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=SL5624171-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeGainLossOnDerivativeNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsGainLossLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentsGainLossLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeNumberOfInstrumentsHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of derivative instruments of a particular group held by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1B<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=SL5580258-113959<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=56946850&amp;loc=SL5579245-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeNumberOfInstrumentsHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period the derivative contract is outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investments in debt and equity securities and other forms of securities that provide ownership interests classified as trading.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26626-111562<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26610-111562<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Trading Securities<br> -URI http://asc.fasb.org/extlink&amp;oid=6526789<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TradingSecurities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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/**
 * Rivet Software Inc.
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var Show = {};
Show.LastAR = null,

Show.hideAR = function(){
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<TYPE>XML
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<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
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/* DefRef Styles */
..report table.authRefData{
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..report table.authRefData a {
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>108
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
